What is Debt Consolidation?
The basic idea of debt consolidation is to roll all of your individual debts/bills into one combined debt, thus replacing all of the individual debt/bill payments with one regular monthly loan repayment.

Why Consolidate Debts?
Improves your surplus cash position and allows you to better manage the overall debt within your budget. A single regular monthly payment is easier to maintain and you only need to deal with one entity rather than a number of finance companies, creditors etc.
If you have credit card and personal loan debt, you could end up paying less due to a lower interest rate and in some cases the amount of debt itself is reduced.

Combine your debts and slash your repayments!
Do you have a number of different debts with different lenders?
Are those unpaid bills piling up?

Just by rolling them all into one low rate CommunityBE$T Debt Consolidation Loan*, you could save hundreds of dollars in payments every month and possibly thousands in excess interest payments?

Home loans, credit cards, store cards, overdrafts, personal loans, car loans ………….
Recurring bills like Telephone, School Fees, Rates, House & Car Insurance ………….
Consolidate virtually any debt with a CommunityBE$T Debt Consolidation Loan* and have just one manageable debt, at one low rate with a much lower monthly outgoing payment.  

How much could you save per month by combining all your debts and bills?
Let’s look at some examples and see how you may be able to improve your cash position and reduce your monthly outgoing payments with a CommunityBE$T Debt Consolidation Loan* ……….

Midge and Sally are married with 2 children. Their combined annual income is $83,000. They have a home mortgage loan with the local building society, a personal loan with the same building society from the swimming pool & landscaping that they put in last summer, a car loan with a major finance company and credit card debt amassed from school fees, recurring bills and other small lifestyle choices.
They have always dealt with the local building society due to the level of service and great rates they offer. They also received a good finance rate with their car loan when they replaced the old family car 2 years ago and they recently changed one of their credit cards to a newly advertised lower rate card.

Debt	Amount	Payment
Home Loan	$325000	$2378
Personal Loan	$15000	$413
Car Loan	$20000	$467
Credit Cards	$12000	$95
	$372000	$3353

Even with all the great service they are receiving and great rates they have negotiated. They are still struggling and the credit card debt is still climbing?

Now let’s look at what happens,
when they roll all of their debts into a low rate CommunityBE$T Debt Consolidation Loan*,

The result is

----

$372000

$2683

A saving of $670 per month, $155 per week!

……………………………………………………………………………..

Sven and Natasha are in their mid 20’s and Natasha has just returned to work after giving birth to their first child. Their combined annual income is $70,000. They have a home mortgage loan with a major bank at a special offer discount rate, two car loans at very good new car rates as both cars were purchased new some years ago, credit card debt amassed from living expenses while Natasha was on maternity leave and interest free purchases of baby goods & wares which will roll into interest accruing debt within two months.  

Debt	Amount	Payment	In 2 months
Home Loan	$325000	$2378
Car Loan	$20000	$467
Credit Cards	$12000	$95
12 month Interest Free Purchases	$5000	$0	$189
	$362000	$2940	$3129

Even though they had carefully planned for the birth of their first child and they have what they consider to be some of the best finance rates available with a small portion as interest free purchases. Their debt level is still climbing and their monthly outgoings are about to increase by a further $189 per month.

Now let’s look at what happens,
when they roll all of their debts into a low rate CommunityBE$T Debt Consolidation Loan*,

The result is

----

$362000

$2618

A saving of $519 per month, $120 per week!

……………………………………………………………………………

James and Suki are in their late 30’s and have 3 teenage children; two are in high school and one is attending university. James is in permanent employment while Suki has been working on a casual basis for the same employer for some time. Suki works regularly every week but her casual income can fluctuate dramatically depending on the number of hours worked. They have negotiated their finances carefully and believe they have some of the best mortgage products with best mortgage rates available.

Debt	Amount	Payment
Home Loan	$325000	$2378
Car Loan	$20000	$467
Credit Cards	$12000	$95
Interest Free Purchases	$5000	$0
Bills on late payment	$1000	$166	(if paid over 6 mths)
	$363000	$3106

Even though they are careful spenders, the uncertainty of fluctuating income, the drain of education expenses and increasing consumer prices have seen them slowly amass a small amount of unpaid bills which they intend to catch up with over the next 6 months. Due to their current financial position, they are both concerned as to their ability to satisfactorily meet all their financial commitments and bills over the coming 12 months.

Now let’s look at what happens,
when they roll all of their debts and bills into a low rate CommunityBE$T Equity Home Loan for Debt Consolidation Purposes* and make equity provision for the next 12 months bills,              

Allowance for future bills (12mths)		$10300
The result is	Loan Limit	$373300
	Loan Balance	$363000	$2618

A saving of $488 per month, $112 per week!

If they use the available equity of		$10300
The result is	Loan Balance	$373300	$2692

A saving of $414 per month, $96 per week!

A low rate CommunityBE$T Debt Consolidation Loan* or Equity Home Loan* can assist you to find success in better managing your debt and improving your cash position. And don’t forget our FREE complimentary annual home loan checks, what a great way of keeping your finances up to date and on track.

To book an appointment and discuss your options with an accredited CommBE$T Mobile Lending Strategist, simply email us or phone the Finance Centre on (02) 4633 8700.

Alternatively, you can submit an application now by completing our
10 minute Online Application

* Loans subject to application and approval. Terms, conditions and eligibility criteria apply. Fees and charges may be payable.