27 February 2019 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. Transcript: 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.