Debt consolidation is a simple way to reduce your current monthly debts.

Debt consolidation involves using the equity in your existing property to pay off your high interest debts such as car loans, personal loans or credit cards.  This is often done to secure a lower interest rate, or for the convenience of servicing only one loan rather than many.

Lenders will request to see 3 to 6 months statements on all debts to be consolidated. This is to verify that the conduct on the debts to be consolidated have been of a satisfactory nature. Missed payments, overdrawn loans and dishonors without a reasonable explanation will be viewed in a negative way by the lenders and could impact on your ability to borrow.