Quick Question

[tired*mummy]

Hi...
Just wondering, we are starting to think about getting a home loan but we have a car loan which has around $9,500 left on it. Can we get a home loan that will let us add our car loan?

[andie_pandie]

Hi there, unfortunately you need equity in a property before you can add on any debt consolidation. You can get 100% home loans, however there is criteria around the eligibility of these loans.

If you find that the car loan is too high then you may be able to refinance it over a longer term to make the repayments smaller, however this will add more interest to your debt so you need to consider options carefully.

Another option is to try to get the debt down asap and if you can pay more into it then once this debt is down to a more comfortable level then look at a home loan.

You are always welcome to PM if you would like to discuss further. Sorry to not get back to you straight away, I am in a remote location for the week.