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Debt can restrict your choices even when you can meet every repayment. Financial advice could help you reduce debt, improve cash flow and plan for your wider goals.
There is no obligation, just an initial conversation to kick start your financial freedom.
Whether you’ve got a mortgage or you’re looking to get into the market, a Home Loan Health Check Clarity Call will help you understand your options and what to do next simply and clearly.
Debt can restrict your choices even when you can meet every repayment. A large mortgage, several loans or high interest costs can make it harder to save, invest and prepare for retirement.
Financial planning for debt reduction can help you decide which debts to prioritise, how much extra to repay and whether refinancing, saving or investing should form part of your plan.
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If you cannot meet minimum repayments or afford essential living costs, free financial counselling may be more suitable. The National Debt Helpline provides free and confidential support.
A financial advisor can help you build a debt strategy based on your income, repayments and wider financial goals.
This service may suit you if you:
A financial advisor may review your current debt balances, interest rates, fees, minimum repayments and remaining loan terms.
The advice should consider your full financial position. Directing every available dollar to debt may reduce interest, but it can also leave you without enough accessible money for unexpected expenses.
A clear plan can help you reduce debt without losing sight of the other financial goals that matter to you.
A strong debt reduction strategy should give each part of your income a clear purpose.
The most aggressive plan is not always the most effective. A strategy needs to remain practical through annual bills, family costs and changes in income.
The right repayment order depends on the cost, risk and structure of each debt.
The debt avalanche method directs extra repayments to the debt with the highest interest rate. You continue making minimum repayments on every other debt.
This method can reduce the total interest paid, particularly when you have credit cards or personal loans with high rates.
Progress may feel slow if the highest-interest debt also has a large balance.
The debt snowball method focuses on the smallest balance first.
Clearing one debt can provide an early result and free up another repayment. You then direct that amount to the next debt.
This method can help some people maintain motivation, but it may result in higher interest costs.
A different order may be required when a debt:
The tax treatment of investment or business debt may also affect the strategy. A registered tax advisor can confirm how tax rules apply to your position.
360 Financial Strategists can connect your debt strategy with the other parts of your finances.
Our financial advisors can assess your cash flow, savings, investments, super and retirement goals. Our mortgage brokers can review your home loan, refinancing options and loan structure where lending forms part of the strategy.
Support may include:
This connected approach can reduce the risk of improving one area while weakening another.
360 has supported Australians with financial and lending decisions with over 25 years of combined experience. Our trusted team has received more than 400 five-star Google reviews.
Reducing debt requires more than making larger repayments. Your plan should also protect your cash flow, prepare for future expenses and support the financial goals you are still working towards.
Speak with a 360 financial advisor about your debts, loan structure and long-term plans.
A financial advisor may suit you if you can meet your repayments and want a strategy that connects debt with your wider finances.
A financial counsellor may be more suitable if you:
Financial counselling is free, independent and confidential. The National Debt Helpline can connect you with a qualified financial counsellor.
An offset account can reduce home loan interest while keeping your money accessible. Direct repayments reduce the loan balance and may be available through redraw, depending on the loan terms.
The better option depends on fees, rates, access needs and spending habits. You can talk to a financial advisor for the right option for you.
Using savings may reduce interest, but retaining an emergency buffer can help you cover unexpected costs without borrowing again.
The amount to keep depends on your expenses, income security, insurance and upcoming financial commitments.
Refinancing may reduce interest or provide better loan features. The benefit depends on switching costs, the new rate, the loan term and your eligibility.
A lower repayment does not always produce a lower total cost.
A financial advisor can include credit card debt within a wider repayment and cash flow strategy if you can continue meeting the required repayments.
A financial counsellor may be more appropriate if the balance is unmanageable or you need hardship support.
Yes. Some people work on several goals at the same time.
The right balance depends on debt interest rates, investment risk, contribution rules, access to money and retirement priorities.
Debt recycling involves replacing part of non-deductible home loan debt with debt used to invest.
The strategy involves borrowing, tax and investment risk. It requires suitable loan structures, stable cash flow and professional financial and tax advice.
The time required depends on:
Financial modelling can compare different repayment amounts and show the possible effect on your debt-free date.
This page provides general information only. It does not consider your objectives, financial position or needs. Consider personal financial, credit and tax advice before acting.
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