which would b better?

[abuzzinnbumblinhoneybee]

we have quite substantial debt $26000 credit cards and roughly $25000 on our car left. my dp earns about 920 a wk after tax. what would be our chances of geting a home loan ( up to about 300k ) and asking the home loan people to add the debt above as a consolidation. we live close toa capital city ( and i'ld expect the house to rise quickly in value) or would it just be easier / or cheaper to find someone to do a debt consolidation loan. by the way our credit cards are with Ge so they are killing us.

[andie_pandie]

Hi there Mommy Bee

With regards to adding the existing debt onto a home loan, you will not be able to do this until you have equity in the property.

Depending on the area of purchase some banks lend up to 100% of the value of the property but will go no higher than this. There are a couple of banks that will go a little higher for fees however that is it.

I do agree that it would be hard to maintain a mortgage as well as the current debt that you have and sometimes particularly with this market it can seem like it may never happen. But it will, hang in there.