Robert Patterson, a 42-year-old electrician from Perth, was drowning in debt. Between a car loan, three credit cards, a personal loan, and buy-now-pay-later commitments, he was paying over $3,200 per month in repayments with interest rates ranging from 9% to 22%.
“I was barely making minimum payments,” Robert explained. “The stress was affecting my health and my family. I didn’t know where to turn.”
Our financial assessment revealed that Robert’s home in Joondalup had increased in value by $180,000 since purchase, giving him significant equity to work with. We proposed a debt consolidation strategy using a home loan top-up, rolling all his debts into one manageable monthly payment.
We refinanced his existing home loan and consolidated $94,000 in various debts into his mortgage at a much lower interest rate. We also negotiated with his existing lender to waive break fees and secured a better rate on his new facility.
The Result:
Robert’s monthly repayments dropped from $3,200 to $1,353—a saving of $1,847 per month. He’s now debt-free except for his mortgage, has rebuilt his credit score, and recently started a savings plan for his children’s education.
“I feel like I can breathe again,” Robert said. “My family has their husband and father back.”