Tools to Tackle Repayments

Repayments. The word alone can bring with it stress and anxiety regardless of what debt your repayments are servicing. 

If it feels overwhelming, don’t despair. It doesn’t have to be a life sentence! Here are a couple of financial tools you can wield to take command of your debts and repayments: Consolidation; and/or Refinancing.

Which tools are right for you will depend on your situation.


By definition, to consolidate means to combine a number of things into a single, more effective whole.  Debt consolidation being the bringing together of two or more debts into one more effectively serviced debt.

Who might be able to benefit from consolidation?

Anyone who can say “that’s me” to one or more of the following points:

  • Trying to keep track of multiple debts
  • Struggling to manage multiple debt payments
  • Paying varying interest rates (especially if they are high)

What are the benefits of debt consolidation?

The best thing about debt consolidation is that it creates a clear, defined picture of your debt – giving you the opportunity to see down the timeline to when you will be debt-free, or able to look into more opportunities such as renovating, travel, or investment.

This clarity results in reducing the stress that multiple debts and financial uncertainty can cause.

(Not to mention the financial savings that can arise through reducing: interest rates; late payment fees; and other costs associated with servicing multiple debts!)

Amie explains more about Debt Consolidation here.


The term ‘refinancing’ typically refers to the process where a mortgage is bought out, or taken over, by another lender and/or product. Typically, at a lower interest rate, resulting in financial savings for the borrower (you!).

Who might be able to benefit from refinancing?

Anyone who has a home loan that has not had a health check in the last 12 months, especially if any of the following apply to you:

  • A change in income
  • An increase in property value
  • A mortgage over 5 years old
  • An interest in accessing equity
  • A desire to pay off your mortgage sooner

What are the benefits of refinancing?

The benefits you receive from refinancing will vary based on your reasons for doing it, however the most significant is typically financial savings by way of reduced interest rates giving you lower monthly payments and/or a shorter loan term.

Of course, refinancing can also provide you with cash access to some of your home equity if you are wanting to renovate your home or look at investing.

Narida discusses refinancing here.


The important thing to remember is that how things are today is not how they have to be tomorrow – but the decisions you make today, have the power to make the difference.

We’re here to help. The Team at Future Finance are dedicated to our client’s goals and we love nothing more than to see their success!  Give us a call today on 8657 8664 (or contact us here). We can help you see a clear picture of your current situation and set you on the path to reduce your stress so you can look forward to new opportunities.

Disclaimer: This article provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. It does not constitute legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances. Subject to lenders terms and conditions, fees and charges and eligibility criteria apply. © 2021