Home Loan News: FNB Debt Consolidation
Now you can use a Credit Card to consolidate your debts, lower your monthly expenses and qualify for a home loan. With an FNB Visa Credit Card you’ll be able to consolidate all your debts into one card and pay it off at an INTEREST RATE OF PRIME -1%!
The number one obstacle potential homeowners face when applying for a HomeLoan is affordability problems.
Debt consolidation is one of the first steps to releasing yourself from the heavy burden of credit cards, personal loans and retail cards. But, debt consolidation often refers to using your existing home loan to consolidate all your accounts into one low interest account.
FNB’s Balance Transfer promotion extends the privileges of Debt Consolidation from existing homeowners to all of us. Now you don’t need a property to enjoy below prime rates on your outstanding balances.
Another major advantage of the FNB Visa Card is that you can use it to lower your monthly expenses to boost your chances of securing a Home Loan for your new house.
How does it work? – click here for more info
With the Balance Transfer offer from FNB, you can transfer all your outstanding debt (retail debt, short-term loans, personal loans and other credit card debt) into the budget facility of your Visa Credit Card, and pay it off at an interest rate of Prime minus 1% over 9 months
During that time you’ll be able to catch up with all your debts and payoff much more of the outstanding balances, than you would’ve with a normal credit card.
After 9 months the interest rate will shoot up to the ruling interest rates, but before that happens you can use your home loan to consolidate the full outstanding debt and extend the term – to lower your overall monthly expenses.
Got a question / Need more assistance?
For more assistance with regards to applying for Home Loan Finance contact one of our consultants.
Email: olen@propertyloans.co.za
Ph: 0861 111 563
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I agree with Yes2Property. consolidating Credit is the last thing which should be done. Debts are the worst things ever. Which needs to be paid off. As Yes2Property mentioned you eventually end up in a bigger hole and never can come out of it.
Debts make a huge mess in the long term. Credit cards automatically makes you fall in to this debt problems. And once it does it’s like digging your own grave. I’m not saying credit cards are bad. But if things go out of hands with it, your in deep trouble. So why take the risk. That’s my point.
I personally think consolidating debt is the last thing you should do.
By doing this you lose more money over the long run, and if you could not control your spending before, why would you be able to now.
Before you know it you have used all those “paid-off” credit cards again, and you consolidate again, and you get deeper in to the debt trap and eventually you lose your house ’cause you can not afford the payments.
You should always try to pay off your debt, even if that means tightening the belt a bit.
I am not saying that it can’t work just that you should be very careful when doing it.
Always a good idea to consolidate debt if the terms and conditions are right for a credit card and take advantage of any interest free perios to try and knock down the balance.