Hi Super Franky,
You can take out a personal loan and later
consolidate your debts. This will help you make affordable repayments and manage your debt effectively.
Let's say you take out a $40,000 personal loan with a term of 5 years at an interest rate of 14%. This means you'll have to pay around $15,843 in interest over the 5 year loan term. However, you can later refinance your home loan and consolidate your personal loan as well as any other debts into a single payment payable at your home loan interest rate.
This way, even if you refinance two years later, you can still save around $4,123 by consolidating your 14% personal loan into, say, your 5% home loan! It can definitely help you manage your debts and save while you are at it.
In some cases, we can get your home loan approved with a major lender but it is likely that we may need to use a specialist lender at a slightly higher interest rate. It all depends on the overall strength of your financial position.
Also note that you may be eligible for
waived LMI. However, you will need to have a clean credit history and should not be borrowing more than 85% of the property price.
You can know more about this by checking out our website. We can also be reached on
1300 889 743 or you can fill in our
free assessment form.
Cheers,
Otto