As a 'civillian', I'm asking if there are any members who are Dept. Defence (specifically R.A.N. if poss - maybe you'll be able to help more). I'm learning over the last few days RAN is very different from the civvy world. I'm assisting my cousins with their finances & they're desperate to buy a house.
$19K Due Dec 2011 for car lease / salary sacrifice
$19K Bal on car loan
$22K Bal on boat loan
$10K Credit cards
They're currently paying out $3700 per month on the above. They hate debt. They'd like to consolidate the above so it's less outlay per month then concentrate on saving for a house deposit I've explained they'll be paying more in the end if they do). They want to pay off all debt, then start savings for a house deposit then buy a house.
He's got a black mark against him for not paying a Telstra bill.
They've tried 2 banks to consolidate into a personal loan but got the big NO due to black mark.
Please make suggestions :
- Do utmost to remove black mark?
- Sell boat now worth >$20K
- Consolidate to get 1 loan for above or go for half each?
- Start saving for a deposit or at least get a record happening showing they CAN save. All the money they'd be saving due to consolidation go into a separate untouchable account!
- Their stamp duty will be refunded by RAN / ADF once they buy a house
- They will get $800pm towards mortgage repayments from RAN / ADF. Apparently you MUST go through only 1 of 3 banks to take advantage of that.
Thanks very much.
$19K Due Dec 2011 for car lease / salary sacrifice
$19K Bal on car loan
$22K Bal on boat loan
$10K Credit cards
They're currently paying out $3700 per month on the above. They hate debt. They'd like to consolidate the above so it's less outlay per month then concentrate on saving for a house deposit I've explained they'll be paying more in the end if they do). They want to pay off all debt, then start savings for a house deposit then buy a house.
He's got a black mark against him for not paying a Telstra bill.
They've tried 2 banks to consolidate into a personal loan but got the big NO due to black mark.
Please make suggestions :
- Do utmost to remove black mark?
- Sell boat now worth >$20K
- Consolidate to get 1 loan for above or go for half each?
- Start saving for a deposit or at least get a record happening showing they CAN save. All the money they'd be saving due to consolidation go into a separate untouchable account!
- Their stamp duty will be refunded by RAN / ADF once they buy a house
- They will get $800pm towards mortgage repayments from RAN / ADF. Apparently you MUST go through only 1 of 3 banks to take advantage of that.
Thanks very much.