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ISCOVER
Staff Reporter
Consumers are taking advantage of lower interest rates and competitive home loan packages offered by lenders to consolidate their debts.
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According to new research by Loan Market Group, there was a five per cent increase in transactions involving debt consolidation over the past year.
“We are finding that consumers are getting savvier in this lower interest rate environment and taking advantage of packages offered by lenders to tackle their overall debt situation,” Loan Market spokesperson Paul Smith said.
“Consolidating your debts into one manageable loan can be a smart way to not only get your finances in order, potentially at a cheaper rate, but to also reduce the amount of personal finance paperwork you deal with on a monthly basis.
“Many home loan packages will now allow you to pay in your salary direct and generally manipulate your debt to minimise the interest you pay. Before signing up for your mortgage, take a look at your entire financial position and take advantage of any opportunity to consolidate debt and minimise interest.”
