Debt Consolidation & Home Purchase

August 26, 2010

Doesn’t it just sound fantastic, you are a first time buyer and you buy your dream home and consolidate your debts at the same time so that you only pay the bond. Can it really work that way?

The sad news is, unfortunately not! Banks will only grant you a bond up to 100% of the purchase price.

That means that you would still need to cover the costs out of your pocket….and then what about the debts.

So, clearly you can see that debt consolidation is not possible for first time buyers. However, you can consolidate your debt into your bond if you are currently a home owner and if you have enough equity in your property.

You can also consolidate your debt when selling one property and purchasing another simultaneously To find out if you qualify for debt consolidation, click the link.

* information correct as per time of posting