how does one do it??

[1MOREPLZ]

we have some STUPID debt....(about $40k) and we are renting...
we would desperatly love to be in our own home BUT saving & paying off debt aswell as paying rent is sooo damn hard!!!
IF we could get a home loan with all our stupid debt consolidated into it we would be laughing!!! BUT no one will do that!!!
I am in tears just thinking about it.... any ideas peoples??? cause i am just over everything right now... thank god i am going back to work soon...not that i earn much.

[Isadora]

Hmmm have you shopped around with various banks? A few years back we had a $20,000 loan for stamp duty, once we had settled the property & started paying the mortgage, the bank let us consolidate it - we put it on top of the mortgage & just had the one payment. That was with westpac, so it can be done. As for renting & saving a deposit etc, yes its hard but keep at it. I suggest you speak to a finance broker, they will help you find a home loan thats right for you & will more than likely be able to help you with your personal loan debt. There are some great offers from the govt. at the moment for first home buyers.

[Mama2two]

Hey.
Honestly you should just speak to a lender/broker. You may not think you are even qualify for a loan (we certainly didn't think we did) but with the first home owners grant used as a deposit you might not have to come up with as much as you thought. As for your loan, you could refinance it to a lower rate therefore making your repayments less, then maybe doing something like Madsmum suggested with adding it onto your mortgage. Your bank will be able to tell you what you need to do and how you may be able to do it to get into your own home sooner.

[Kitt3n]

yep, shop aroud hun - dont take a big banks no for an answer, chances are you will get a big fat yes and more from a non bank lender.

find a good broker and or call places directly to talk to a loans manager to explain your situation. ING direct are good. resi is another

stay away from wizard, a holes!!!!!!!!!!!!!!

[Snacks]

Aw, babes, I'm so sorry that you're down. Finances really suck.
I don't know how much help I'm going to be, so feel free to take or leave what I have to say (of course!).
I honestly don't think you'd be "laughing" with a mortgage. I think you're much better off just gradually getting rid of your debt. You might be able to find a lender who'll offer you a personal loan with a lower interest rate than what you're paying now, and that'd definitely be valuable (particularly if your debt is credit card debt - those interest rates are rediculous).
The way the market is at the moment, it is quite expensive to get a home loan when you don't have a decent deposit (at least 10%). Certainly the banks are tightening up on this and the other non-banks will follow. (Or else they will charge you unseemly amounts of money.)
I am in the same boat - we are renting, DH's work is slowing down which is stressing him out, we have some credit card debt and no real savings and I'm about to finish up at work and have a baby
But the reality is that we are not in a position to manage a mortgage. One day, we will be in a better place financially - I have to believe that - and that will be the time to get ourselves a mortgage and our own home.
Hang in there. Things are depressing now, but as you've said, you're going back to work and you can steadily work on reducing that debt. You WILL be in a better place soon.

[westy]

Have you tried a credit union darl?