Combine multiple debts into one manageable payment with potentially lower interest rates and clear timeline to become debt-free.
Debt consolidation combines multiple debts into a single loan, potentially reducing your interest rates and simplifying your repayments.
See how much you could save by consolidating your debts into one loan with a lower interest rate.
A simple 4-step process to simplify your finances and potentially save money.
Gather all your credit cards, personal loans, and other debts with their balances and interest rates.
Apply for a debt consolidation loan that covers the total amount of your existing debts.
Use the consolidation loan funds to pay off all your existing credit cards and loans.
Focus on just one monthly payment at a potentially lower interest rate.
Discover how consolidating your debts can improve your financial situation and reduce stress.
Potentially reduce your interest rates from high credit card rates (18-25%) to lower personal loan rates (6-15%).
Replace multiple payment dates, amounts, and creditors with just one simple monthly payment.
Unlike credit cards with minimum payments, personal loans have a fixed term so you know exactly when you'll be debt-free.
Stop juggling multiple bills and creditors. Focus on one payment and regain control of your finances.
Pay off credit cards and maintain on-time payments to potentially improve your credit rating over time.
Know exactly what you'll pay each month - no surprises from variable credit card payments or rate increases.
Competitive interest rates and flexible terms to suit your financial situation.
Comparison Rate: Rates shown include our assessment of fees and charges. Actual rates depend on your credit score and financial circumstances.
Most types of unsecured debts can be consolidated into one manageable loan.
High-interest credit card balances from multiple cards
Existing personal loans from banks or other lenders
Retail store cards and buy-now-pay-later services
Payday loans, overdrafts, and other unsecured debts
Some debts cannot be consolidated including: secured loans (home loans, car loans), tax debts, court fines, child support, and student loans (HELP/HECS).
Debt consolidation isn't right for everyone. Consider these factors before applying.
Longer loan terms may mean lower monthly payments but higher total interest over time.
Avoid turning unsecured debt into secured debt (using your home as security) as this puts your home at risk.
After paying off credit cards, avoid the temptation to rack up new debt on the cleared cards.
The consolidation loan has a significantly lower interest rate than your current debts.
You have a stable income and can comfortably afford the new monthly payment.
You're committed to changing spending habits and not accumulating new debt.
Check if you meet the basic requirements for a debt consolidation loan.
Debt consolidation isn't the only option. Consider these alternatives before making a decision.
Transfer high-interest credit card balances to a new card with a 0% promotional rate.
Use your home's equity to secure a loan with lower interest rates.
Formal arrangement to pay creditors less than you owe over time.
Contact your creditors directly to negotiate lower payments or hardship arrangements.
Free professional advice to help you manage debt and create a budget.
Create a strict budget and debt repayment plan to tackle debts systematically.
Protect yourself from fraudulent companies and misleading debt consolidation offers.
Legitimate lenders don't charge upfront fees before providing a loan.
Claims like "eliminate all debt" or "guaranteed approval regardless of credit" are red flags.
High-pressure sales tactics or demands to "sign today" are warning signs.
Legitimate lenders always conduct credit checks as part of responsible lending.
Verify the lender holds an Australian Credit License by checking ASIC's website.
Carefully read the loan agreement, terms and conditions, and all fee schedules.
Shop around and compare offers from multiple reputable lenders.
Consider speaking with a financial counsellor before making major debt decisions.
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Common questions and answers about debt consolidation
Our team is here to help you find the right debt consolidation solution
Get the debt consolidation loan you need to simplify your payments and save money. Apply today and get approved within 24 hours.