It can be a catch 22. You have multiple loans and credit cards, with high monthly payments, and want to roll these into your home loan to ease up cash flow, but your payments have been a few days late either on your mortgage, or on your credit cards.
You’re confident this will not happen if you can roll them into one, but you find that most lenders will not allow you to do this because of the late payments.
There are lenders out there whom will consolidate your loans and credit cards into your home loan, even with late payments. This can be considered a stepping stone approach, while you build up your cash flow again and have everything paid on time. Then down the track there is a greater opportunity to take you back to a main stream lender.
This option is also available as low doc for self employed customers.
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