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Frank R.
Frank R.
Geelong, VIC

We owe $25,000 on credit cards and finding is hard to make the repayments, we are a month behind and we want to see if we can refinance the cards into our home loan. The home loan is ok as we have made it the priority. The loan is $360,000 and the property is about $520-530,00 – is this possible?

2 years ago


Hi Frank,
Yes, it is possible.

If I took this deal to a lender & asked them to roll the credit card into your home loan with late payments they would simply say no. But there are other ways of doing this. If you need assistance you can call me to discuss.

Peter Dall
0414 583 233

Hi Frank,

As Peter said, you can roll credit card debt into a home loan. Based on the estimate of the value of your home you would stay under 80% lending which is great but you must be up to date and stay up to date.
You will need to have your full financial position assessed and your broker will have to make sure that the loan is not unsuitable to you.
If you would like help with this, I have a number of clients in Geelong, Colac and Ballarat and I would happy to come and meet with you.
Best regards

Hi Frank,

This is definitely possible we did this ourselves a year ago. Paid off two cars, a credit card and a personal loan.

As Scott has mentioned you want to keep it under the 80% so that there is no lenders mortgage insurance to pay.

Scott looks like a great option for you if he can travel out to your location and meet face to face.

Good luck with organizing your refinance.


Hi Frank,

A common situation you are in and in sure your pleased to know there are options available for you to consolidate the credit cards and the home loan so there is one simple monthly payment for you to make.

As mentioned above the BEST pathway forward is to discuss your situation with a mortgage broker first, so they can structure the loan in the best way possible & provide you with perspective of the entire mortgage market, rather than one lender.

If I can encourage you to do something sooner than later, you situation will be quicker and easier to resolve - more so as a function of the introduction of positive credit reporting, now lenders can report if you are late on credit acidified and lenders can use this against your application for credit.

Of course, would be happy to provide impartial ideas for you to consider as your next step.



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