| By consolidating your debts you may be able to reduce the amount you pay each month in repayments. |
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| Home loan interest rates are generally lower than the interest rates charged on your credit cards or personal loans, so by paying these out with your mortgage, your repayments will reduce. | |||||
| The following is an example of how to reduce the interest rate and total repayment of common household debt: | |||||
| TYPE OF LOAN | AMOUNT OUTSTANDING | INTEREST RATE | MONTHLY REPAYMENT | ||
| HOME LOAN | $210,000.00 | 6.90% | $1,384.00 | ||
| CAR LOAN/LEASE | $24,000.00 | 9.00% | $498.00 | ||
| CREDIT CARD 1 | $15,000.00 | 17.00% | $373.00 | ||
| CREDIT CARD 2 | $6,000.00 | 15.00% | $143.00 | ||
| PERSONAL LOAN | $18,000.00 | 12.00% | $474.00 | ||
| TOTAL | $273,000.00 | $2,765.00 | |||
| CONSOLIDATED | AMOUNT OUTSTANDING | INTEREST RATE | NEW MONTHLY REPAYMENT | ||
| HOME LOAN | $273,000.00 | 6.90% | $1,798.00 | ||
| SAVINGS PER MONTH | $967.00 | ||||
| Is it time for you to review your finances??? For an obligation free health check give us a call at Rova Partners. We will analyse your current loan facilities and work with you to save you money. | |||||
