Debt Consolidation Advisor
Is Debt Consolidation the Right Choice for You?
In today’s world, managing multiple debts can become overwhelming, leading to financial stress. If you’re struggling with credit cards, loans, or other financial commitments, a debt consolidation loan might be the solution to simplify your payments and regain control of your finances.
What is a Debt Consolidation Loan?
A debt consolidation loan is a way to refinance your existing debt. You apply for a loan equal to the total amount you owe, and once approved, you use that money to pay off your current debts. You then pay off the new loan over time, ideally at a lower interest rate.
Types of Debt Consolidation Loans:
- Personal Loans: Ideal for consolidating smaller debts. These loans often come with flexible terms and no early repayment penalties.
- Home Loan Top-ups: If you have a home loan, consider topping it up to cover your existing debts, benefiting from lower interest rates compared to personal loans.
getting in touch
We have local experts available to help you with all things finance related. They’ll make complicated easy and provide you with the information and advice you need to make the right decisions with your money.
Key Considerations:
- Do Your Math: Ensure you understand how a debt consolidation loan will affect your finances. While it may reduce the number of payments you make, you need to ensure that you can comfortably afford the new repayment amount.
- Discipline is Key: Once you consolidate, avoid accruing new debts. Taking on more loans can lead to financial strain.
- Understand Fees: Check for any processing fees associated with the new loan. Knowing the full cost upfront will help you avoid unexpected expenses.
- Early Repayment Costs: Some lenders charge fees for early repayment of existing loans. Ensure you understand these fees to make informed decisions about your consolidation.
- Risks of Debt Consolidation: While debt consolidation can be beneficial, it comes with risks. These include potential credit damage, fees, interest rates that may not be low enough, and the risk of losing collateral if secured loans are used. If not managed carefully, you could end up with more debt than you originally had.
Why Choose a Broker for Debt Consolidation?
Working with a debt consolidation broker can simplify the process. Brokers have access to multiple lenders and can help you find the best rates and terms tailored to your financial situation. They also provide guidance through the application process, ensuring you understand your options.
FAQs
Can you get a broker for a personal loan? Yes, a broker can assist you in finding the best personal loan options tailored to your needs, making the process easier and more efficient.
What is a loan advisor? A loan advisor is a professional who provides guidance on loan options, helping you find a solution that fits your financial situation and goals.
What is a personal loan specialist? A personal loan specialist focuses on personal loans, providing expertise and advice on various products to help clients secure the best financing options available.
Can I negotiate my personal loan? Yes, negotiating your personal loan terms is possible. A broker can help you with this process, advocating on your behalf to achieve favorable terms.
Being prepared to meet your broker
TURNING POINT FINANCE
5/8 Laidlaw Way, East Tamaki, Auckland
09 930 7620
We’ll need to ask you a number of questions about your financial position, so it’s best to bring as much information as you can to this first meeting, such as:
- pay slip or proof of income
- current bank statements
- your passport or driver’s licence (ID) or birth certificate
- tax returns or tax assessment notice
- copies of recent statements for other credit facilities such as credit cards or other loans
- Sit down with you and get a thorough understanding of your circumstances, needs and goals.
- Based on your individual situation, compare a range of home loans from our wide choice of lenders – including the major banks – to help you work out the options that suit you without you having to do any of the legwork.
- Give you a clear comparison between different home loans.
- Calculate how much you can borrow and your likely monthly repayments so you know the price range you can afford to buy in.
- Explain all the costs associated with a loan.
- Prepare the paperwork, lodge the application and take care of all the running around.
- Help you complete and lodge an application for the First Home Owners Grant (if applicable).
- Negotiate the right deal for your needs with the lenders. Lenders receive a significant amount of business through the broker channel so it’s in their best interest to work closely with brokers.
- Explain the home buying process end-to-end.
- Liaise with your lender to get an indicative approval and provide any additional information if required.
- Provide property details, such as contracts, to your lender once you’ve found your property and follow up with the lender until final approval is provided.
- Advise you on the information and documentation your solicitor or conveyancer needs to provide to complete the transaction.
From first home buyers who are just starting out, to seasoned property investors who want to save time and legwork, a mortgage broker can provide valuable guidance and support no matter where you are in your home buying journey.
Find out when you should see a broker based on where you are on the home buying journey here.
Your TP Finance broker will:
Evaluate your needs
Your Mortgage Choice broker will work with you to get a detailed picture of what you need from a home loan.
Calculate borrowing power
Your mortgage broker will calculate how much you can borrow so that you know the price range you can afford.
Compare your options
Your broker will compare and contrast hundreds of home loan products from over 20 lenders, including the big four banks.
Give expert advice
The banks are competing hard for your business. Your broker will provide expert advice to help you choose the home loan deal that's right for you.
Do all the legwork
Your broker will do all the paperwork and follow through the entire process with the lender from start to finish, making it as hassle-free as possible for you.
Pre-approval
Your broker may even be able to get you pre-approval on your home loan so that you can make an offer on a property or bid at auction with confidence.
All at no cost to you!
Your broker will do all of this at no charge to you because the lenders pay us a commission when the mortgage is settled. This doesn't affect the deal you get from the lender.
We pay your broker the same rate
At TP Finance , the only thing that matters to us is the home loan that's right for you. So we pay your broker the same rate no matter which home loan you choose from our wide choice of lenders.
Why use a TP Finance broker?
Over the years, our passion for offering choice and advice has been extended to other areas of personal and business finance, including our industry leading financial planning service
Access hundreds of loans from our wide choice of lenders, including the big 4 banks. We shop around for you and your broker can negotiate a competitive rate.
We can offer our home loan service at no charge to you because the lenders pay us a commission when the mortgage is settled. This doesn’t affect the deal you get from the lender.
The banks are competing hard for your business. Let us help you choose the right deal with expert advice at no cost to you.
Hectic lifestyles don’t leave time for long daytime meetings at the bank. We offer appointments at the time and place that suits you, including after work.
From comparing home loan options to preparing the paperwork and supporting you through to settlement, your mortgage broker does all the running around.
Your TP Finance broker will:
Evaluate your needs
Your Mortgage Choice broker will work with you to get a detailed picture of what you need from a home loan.
Calculate borrowing power
Your mortgage broker will calculate how much you can borrow so that you know the price range you can afford.
Compare your options
Your broker will compare and contrast hundreds of home loan products from over 20 lenders, including the big four banks.
Give expert advice
The banks are competing hard for your business. Your broker will provide expert advice to help you choose the home loan deal that’s right for you.
Do all the legwork
Your broker will do all the paperwork and follow through the entire process with the lender from start to finish, making it as hassle-free as possible for you.
Pre-approval
Your broker may even be able to get you pre-approval on your home loan so that you can make an offer on a property or bid at auction with confidence.
All at no cost to you!
Your broker will do all of this at no charge to you because the lenders pay us a commission when the mortgage is settled. This doesn’t affect the deal you get from the lender.
We pay your broker the same rate
At TP Finance , the only thing that matters to us is the home loan that’s right for you. So we pay your broker the same rate no matter which home loan you choose from our wide choice of lenders.
