NonBank

Second Mortgage Debt Consolidation

Second mortgage debt consolidation with Non Bank lenders

One of our most common requests is for a second mortgage to consolidate debt. This is a sign of the times, as it is so easy to get additional loans and credit cards once you own a home. There are also the new P2P lender, such as Harmoney, who have lent significant amounts to New Zealanders through a website online.

With stable income, many people cope with making payments on a number of smaller debts, but if you miss one payment or perhaps lose your job, your work hours are reduced, you go on sick leave or a family member is unwell, it can start to snowball and you are robbing Peter to pay Paul.

Covid has also triggered a lot of financial  hardship with lock downs, repayment holidays and significant wage reductions and / or redundancies.

 In these situations, we can assist you consolidate these debts, either with your home loan, but as there are often repayment arrears, a second mortgage or a full refinance may be the best option.

A second mortgage can be a short-term fix, as once you have established a good repayment history, we can then look to consolidate the second mortgage back with a long term lender like a Bank. A word of advice, always approach our team sooner rather than later, as late payments can lead to collections being lodged on your credit report, which are then recorded for 5 years.