How to pay off high-interest debt without touching your savings

Profile photo of Godfrey Dinh
February 2, 2022
Godfrey Dinh

High-interest debt can seriously kill your finances. If you have an investment property, you could use Futurerent to help consolidate debt, which means you only need to pay one cost.

  • Pay down high-interest debt – A clever tactic to bring down personal debt is to target high-interest debt first, so you can slow or stop debt from accumulating.
  • Pay nothing out of pocket – You don’t need to break the bank to get on top of your debt. Futurerent is paid from your rental income, so your tenant's rent payments repay the debt you've consolidated through Futurerent. You’ll still get ongoing rent to help you cover your mortgage and property management fees.
  • Futurerent is interest-free – This means your debt will no longer snowball, as you can stay in control with a single fixed cost. You may also save in costs overall, gain a clearer understanding of your position and remove the temptation to go back in the red with your credit card.
  • No hidden fees or penalties – Getting stung with multiple sets of fees and penalties will only add to your debt. With Futurerent, there’s no nasty surprises.
  • No impact on your credit score – You can access funds while keeping your credit score in tip-top shape, there’s no trade-off. Futurerent only runs a ‘soft’ credit check, which leaves no footprint on your credit record.
  • Fast and simple – Unlike the banks, we don’t keep you waiting around. Expect a rapid turnaround, so you can get on top of your debt quickly.

Using rent in advance to consolidate debt – how it works

When making repayments to multiple lenders or credit card companies, you need to be on top of your repayment due dates, all while being charged extra fees by multiple companies.

Making instalments to Futurerent, as opposed to repayments to multiple lenders, can help you simplify your debt significantly. Using Futurerent to consolidate your debt means you only need to pay one cost.

On top of this, instalments to Futurerent are paid straight from your investment property’s rental income – these are set up by your property manager when you first come onboard.

One of the reasons why property investors love Futurerent is you can pause your instalments if your tenant moves out or pays their rent late. So if something happens outside of your control, you don’t need to worry about accidentally missing a credit card payment and negatively impacting your credit score.

What’s the cost of accessing your rent in advance to consolidate debt?

The cost of using Futurerent is fixed at 8.9% each year on the rent advanced, charged in monthly equal instalments.

As a quick guide, if you get $50,000 of your rent in advance to consolidate your debt and choose to pay it back over 3 years, you’d pay:

  • a total of $13,350 over 3 years, which is equal to
  • $4,450 per year, or
  • $371 instalments per month, paid from your rental income

You’ll never pay interest or any hidden fees from using Futurerent – you'll always know exactly what you’re paying from the moment you apply. As the cost is fixed, if your property becomes vacant and you need more time to pay Futurerent back, your cost doesn’t increase.

Ready to take control of your debt? Check out our online calculator to help you crunch the numbers.


Please note that the information on this page is general information only and should not be taken as constituting professional or financial advice. Futurerent is not a financial adviser. You should consider seeking independent legal, financial, taxation or other advice to check how the information on this page relates to your unique circumstances. Futurerent is not liable for any loss caused, whether due to negligence or otherwise arising from the use of, or reliance on, the information provided directly or indirectly, by use of this website.