Debt restructuring in Carnegie
When you’re juggling multiple debts – a credit card, a car loan, a personal loan – the combined repayments can feel like they’re running your life. Debt restructuring is about bringing everything together into a single, manageable facility so you can see clearly where you stand and have a realistic path forward.
Karthik looks at the full picture and works out whether consolidating makes financial sense – and if it does, which structure gives you the best outcome.
A recent client story
Viv and Maria Deluca from Chadstone were both working but barely keeping up. A health scare the year before had meant reduced hours for several months, and the credit card, car loan, and personal loan they’d accumulated were costing them $1,900 a month between them. I consolidated everything into a single facility and got that down to $1,150. For the first time in two years they had room to breathe.
How it works
30 minute call
We start with a conversation. I’ll ask about what you’re looking to do, how you earn, and where your finances sit – enough to put together a rough picture of your borrowing capacity and what you’d need to settle. You’ll leave with a clear sense of what’s realistic before anything moves forward.
Get Documents
I’ll send you a short list of what I need – usually payslips or tax returns, ID, and any existing loan statements. Nothing excessive at this stage. Once I have them, I handle the legwork.
Find Options
I compare your situation across 30+ lenders and find the best fit for how you earn, what you owe, and which lenders are actually likely to approve. I’ll run you through the options before anything gets submitted.
Apply
Once you’re happy with the recommendation, I prepare and lodge the application. I stay across it until settlement and let you know if anything needs attention.
Who this suits
Multiple debt holders – if you’re managing three or more separate repayments, consolidation can simplify your finances and reduce what you’re paying in total interest.
Couples recovering from a financial setback – reduced income, unexpected expenses, or a period of hardship can leave debt accumulating quickly. Restructuring gives you a reset.
Credit card reliance – if you’re only making minimum repayments on a card balance that isn’t moving, a personal loan or debt consolidation facility is almost always a better structure.
Homeowners with equity – in some cases, rolling unsecured debt into a mortgage can significantly reduce the interest rate, though this needs to be weighed carefully against the longer loan term.
Common questions
What’s the difference between debt consolidation and refinancing? Refinancing replaces one loan with another – usually for a better rate or different structure. Debt consolidation combines multiple debts into a single facility. In practice, debt restructuring for most people involves both: replacing several high-rate debts with one lower-rate loan or redrawing from a home loan to pay them out.
Will consolidating my debt save me money? It depends on the interest rates involved and how long you take to repay. Credit card debt at 20% consolidated into a personal loan at 9% almost always makes sense. Rolling short-term debt into a 30-year mortgage can reduce monthly repayments but increase total interest paid over time. I work through the full numbers before recommending anything.
Does debt consolidation hurt my credit score? Applying for a new loan does create a credit inquiry. But reducing your number of open debts and making consistent repayments on a single facility often improves your score over time compared to juggling multiple accounts.
Can I consolidate debt if I own my home? If you have equity in your property, you may be able to access it to pay out other debts. This can reduce the interest rate significantly – home loan rates are generally much lower than personal loan or credit card rates. There are risks to understand before doing this, and I’ll walk through them with you.
What debts can be consolidated? Credit cards, personal loans, car loans, buy-now-pay-later balances, and ATO debt can all potentially be restructured into a single facility. The right structure depends on your income, assets, and how much total debt is involved.
Will I be able to access credit again after consolidating? Yes – debt consolidation isn’t the same as entering hardship or insolvency. Many people find their credit position improves once they’re managing a single structured repayment rather than multiple minimum payments.
Why Loanset?
Karthik is an accredited mortgage broker operating under National Mortgage Brokers (NMB), Australian Credit Licence 391209, Credit Representative 556382. He works with a panel of 30+ lenders including major banks, regional lenders, and specialist financiers. Based in Carnegie, he meets clients in person, by phone, or via video.
I'm here to help
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