Debt consolidation through a home loan means using new or increased mortgage borrowing to pay out eligible debts. It may simplify repayments, but it does not erase what you owe. The right decision depends on affordability, the loan structure and the cost over time.
Prepared for Reduce My Repayments by Monet Finance · Published 5 October 2026 · General information for Australian homeowners
What are you trying to change?
Start with the problem you want to solve. Is it too many due dates, a repayment you cannot comfortably meet, or interest that keeps balances from moving? These lead to different conversations. A smaller required repayment can help a monthly budget without making the debt cheaper overall. Ask for both the monthly picture and a comparison of the remaining cost.
What should a useful comparison include?
Put three options on the table: keep the debts as they are, consolidate selected debts, or consolidate all eligible debts. For each, record the proposed repayment, fees, interest assumptions and intended payoff date. If the new mortgage has a longer term, ask for a second comparison with the consolidated portion repaid sooner. A separate loan split can help keep that target visible.
What happens after the first conversation?
Reduce My Repayments works with existing Australian homeowners. The initial RepaymentCheck is a free phone conversation of about 15 minutes. We start with your goals, income, property and debts. An indicative estimate follows a review; the conversation is not approval or a loan offer. If a suitable path exists, the next steps include documents, lender assessment and settlement arrangements.
When should you pause?
Pause if the plan only works by repeatedly extending the term, leaves no room for ordinary surprises, or depends on borrowing again on paid-out cards. If you cannot cover essentials or current repayments, contact your creditors and seek independent financial counselling before taking on new borrowing.
What to prepare
- List each debt balance, repayment, rate and remaining term.
- Write down your mortgage balance and an approximate property value.
- Choose a realistic target for paying off the consolidated debt.
- Ask which debts should be left outside the plan.
Your questions answered
Do I have to consolidate everything?
No. Selective consolidation is an option to assess; leaving a debt alone may be preferable.
Does owning a home guarantee approval?
No. Property equity is one part of the assessment. Income, expenses, debts and lender criteria also matter.
Will I get an estimate as soon as I click the button?
The button starts an appointment request. An indicative estimate comes after your situation is reviewed.