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Amalgamating Bankwest Credit Card debt with home loan - can I do this and how?

Posted by jbarker jbarker
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Re: Amalgamating Bankwest Credit Card debt with home loan - can I do this and how?

Posted by PeteW PeteW
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Great question @jbarker. A home loan certainly can be used for the purpose of debt consolidation. Whether or not you can do it in your case comes down to your financial situation, equity in your home, borrowing power, etc.

 

I'd start by taking a look at your borrowing power with this calculator to get an indication of what size home loan your income(s) can support. If it shows you can afford it, the next step will be to speak with one of our Home Loan Specialists and I'm happy to get you in touch with one - just let me know Smiley Happy

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Re: Amalgamating Bankwest Credit Card debt with home loan - can I do this and how?

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Posted by cgm cgm
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Hi @PeteW

 

Can Bankwest customers transfer credit card debt over to an existing home loan?

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Re: Amalgamating Bankwest Credit Card debt with home loan - can I do this and how?

Posted by PeteW PeteW
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While an existing home loan can be used for debt consolidation, it's not as simple as just transferring the credit card debt to the home loan.

 

You need to 'refinance' the loan by doing an increase. Our minimum increase amount is $20,000 so provided you can service/afford the increased loan repayments, this may be an option for you. It's best to speak with your local Lending Specialist if you're thinking about doing this.

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