Combining morgatage and personal loans?

[Zada]

Hi Andy pandie

Just a quick question, We have had our house loan for about 8 weeks. We also have a car loan and a boat loan. Im thinking of adding the 2 loans onto the house loan aswell as our credit card debt. Would it be too early to even be asking?
Also would it be better to refinance everything through a bank or to stay with who we are with?
Thanks

[andie_pandie]

Hi Zada

Thanks for your question. If you are looking at debt consolidation then you need to have a reasonable amount of equity already in the property.

What this means is generally including the debt to be refinanced most banks like you to have a Loan to Valuation Ratio of between 85-90% hence between 10-15% equity including the refinanced debt before they will consider it.

As I do not know how much you borrowed against the value of your property I am unable to determine if you have enough equity at the present moment, not to say that in the future this may indeed be possible.

Also when it comes to refinancing to another bank this early you will be up for penalties to get out of the other bank. You need to weigh up what you will save if you do choose to move and see if it is worthwhile, sometimes it is other times it is not.

If you would like to discuss your personal situation in more depth please feel free to PM me.

Regards Andrea




Hi Andy pandie

Just a quick question, We have had our house loan for about 8 weeks. We also have a car loan and a boat loan. Im thinking of adding the 2 loans onto the house loan aswell as our credit card debt. Would it be too early to even be asking?
Also would it be better to refinance everything through a bank or to stay with who we are with?
Thanks