• Consolidating Debt Simplified by RAMS


    When you get a home loan you can roll other debts with higher interest rates - such as personal loans - into your home loan to make payments easier to manage.


    Greater Together means showing you how to save money by consolidating debt.

    The interest on your home loan is likely to be much lower than the rate on your other types of debt, like credit cards, store cards or personal loans.  So consolidating debt that's incurring a higher interest rate into your home loan, could be a smart financial strategy, as you could pay lower interest on your overall debts.

    However it's very important that you don't let short-term debt, like a personal loan, turn into a much longer term debt, or you could end up paying more interest in the long run than you would have originally.

    To make this strategy work in your favour, you should aim to keep repaying the same amount you were repaying before you consolidated your debt.  That way you'll pay off the debt you consolidated into your home loan faster, and therefore, pay less interest on the overall debt.

    Genuine advice to help you save money.

    It's why we're greater together.


    About the author

    • Raymond

      Raymond A Ram is the RAMbassador for RAMS Financial Group. Raymond works with the RAMS team to bring simple, helpful and expert information on home loans and savings accounts to life with his down to earth and cheeky personality. He enjoys seeing everyday Australians turn their dreams of saving for a goal or getting into a home a reality. 

      Growing up in Goulburn, NSW, Raymond was brought up with good old-fashioned Aussie values of hard work and a fair go. It soon became apparent that Raymond wasn't content for the conventional path of grazing, producing the very best wool, and finding a nice sheep to settle down with. So it wasn't long before his passion for performing and his talent as a likeable larrikin shone through - landing him a few roles such as 'RAMlet'. He was even tipped to play RAM-bo at one point but chose to become star of the small screen instead as RAMbassador for RAMS. He now finds this role so much more rewarding.

      Contact your local RAMS Home Loan Centre about your home loan options.

      Raymond A Ram

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  • Disclaimer:

    The information here is of a general nature only and is not intended to constitute financial or tax advice. You should consult your professional adviser, accountant or taxation expert for advice specific to your personal circumstances.

    The views and opinions expressed in this article are those of the author alone and do not necessarily represent the views or opinions of RAMS Financial Group Pty Ltd ABN 30 105 207 538 (RAMS),  Westpac Banking Corporation ABN 33 007 457 141 (Westpac) or their related bodies corporate. This article is strictly for information purposes only and neither RAMS, Westpac nor any of their related bodies corporate make any representation as to the accuracy or completeness of the information in this article or endorse the views expressed in it.