One of the biggest potential benefits of consolidating into your home loan is having just one repayment to monitor, which can help make managing your finances easier.
Typically, interest rates on home loans are lower than other lending options, so if you roll all your debt into your home loan you could be paying less interest each month. And if you adjust your home loan repayments to be the same as you what you were paying for all of your individual debts, taking advantage of the lower interest rate could help you pay your mortgage faster. You could even put what you save in interest towards making extra home loan repayments.
However, keep in mind that you might end up paying more interest in the long term – home loans have a longer loan term, which means a greater number of monthly repayments over time.
Use our extra repayments calculator to see how much money and time you could save by making extra home loan repayments, and see some more tips to save money on your mortgage.