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Debt Consolidation Loan Calculator

Need help choosing the right loan?
Get a multi award-winning personal loans broker, to help select the right loan for you.

Compare debt consolidation loans from trusted Australian lenders. Narrow your search results by using the filters below to increase or decrease your term and loan amount. Want more granular results? Use the “Filter Results” menu to select the product features most important to you. For each product listed below, you can view comprehensive information by clicking “View fees & additional info+”.

Terms from 1 to 10 years. Representative examples: 3 year $10,000 loans with comparison rates from 6.55% to 20.89% would cost between $11,387 and $14,165 including fees.

If you’ve been having trouble staying on top of all your debts, you might be thinking about whether you can roll them into one debt consolidation loan. We’ve put together a few of the main things you should consider before refinancing for debt consolidation to help make you make the best decisions.

Learn more about debt consolidation loans >

Calculate debt consolidation loans repayments

We provide a range of flexible personal loans designed to suit your needs.

Overview

Minimum loan amount$5,000

Maximum loan amount$40,000

Minimum term (years)2 years

Maximum term (years)7 Years

Personal loan interest rates (base)8.95%

Personal loan comparison rate10.56%

Monthly repayments (approx)$333

Total repayments (approx)$12,020

Total interest repayments (approx)$2,020

Rate typeFixed

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee4%, maximum $495

GO TO Now Finance

Other Fees & Information

Monthly fee$13

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityNo

Repayment scheduleWeekly, Fortnightly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$35

For debt consolidation?Yes

Sponsored Yes

Telephone1300 275 669

Data accurate as of26/10/2018

GO TO Now Finance

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Smarter, fairer, Wisr personal loans.
- Personalised low rates based on your strong credit.
- Borrow between $5,000 - $50,000
- Quick rate estimate that won’t impact your credit score.
- No early repayment, hidden or exit fees.

Overview

Minimum loan amount$5,000

Maximum loan amount$50,000

Minimum term (years)3 Year

Maximum term (years)5 Years

Personal loan interest rates (base)8.50%

Personal loan comparison rate9.34%

Monthly repayments (approx)$334

Total repayments (approx)$12,040

Total interest repayments (approx)$2,040

Rate typeFixed

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee$595

GO TO Wisr

Other Fees & Information

Monthly fee$0

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityNo

Repayment scheduleMonthly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$25

For debt consolidation?Yes

Sponsored Yes

Telephone1300 992 007

Data accurate as of9/05/2019

GO TO Wisr

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We provide a range of flexible personal loans designed to suit your needs.

Overview

Minimum loan amount$5,000

Maximum loan amount$40,000

Minimum term (years)2 years

Maximum term (years)7 Years

Personal loan interest rates (base)8.95%

Personal loan comparison rate10.56%

Monthly repayments (approx)$333

Total repayments (approx)$12,020

Total interest repayments (approx)$2,020

Rate typeFixed

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee4%, maximum $495

GO TO Now Finance

Other Fees & Information

Monthly fee$13

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityNo

Repayment scheduleWeekly, Fortnightly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$35

For debt consolidation?Yes

Sponsored Yes

Telephone1300 275 669

Data accurate as of26/10/2018

GO TO Now Finance

Hide info -

Smarter, fairer, Wisr personal loans.
- Personalised low rates based on your strong credit.
- Borrow between $5,000 - $50,000
- Quick rate estimate that won’t impact your credit score.
- No early repayment, hidden or exit fees.

Overview

Minimum loan amount$5,000

Maximum loan amount$50,000

Minimum term (years)3 Year

Maximum term (years)5 Years

Personal loan interest rates (base)8.50%

Personal loan comparison rate9.34%

Monthly repayments (approx)$334

Total repayments (approx)$12,040

Total interest repayments (approx)$2,040

Rate typeFixed

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee$595

GO TO Wisr

Other Fees & Information

Monthly fee$0

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityNo

Repayment scheduleMonthly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$25

For debt consolidation?Yes

Sponsored Yes

Telephone1300 992 007

Data accurate as of9/05/2019

GO TO Wisr

Hide info -

We provide a range of flexible personal loans designed to suit your needs.

Overview

Minimum loan amount$5,000

Maximum loan amount$40,000

Minimum term (years)2 years

Maximum term (years)7 Years

Personal loan interest rates (base)11.45%

Personal loan comparison rate13.05%

Monthly repayments (approx)$346

Total repayments (approx)$12,465

Total interest repayments (approx)$2,465

Rate typeFixed

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee4%, maximum $495

GO TO Now Finance

Other Fees & Information

Monthly fee$13

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityNo

Repayment scheduleWeekly, Fortnightly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$35

For debt consolidation?Yes

Sponsored Yes

Telephone1300 275 669

Data accurate as of26/10/2018

GO TO Now Finance

Hide info -

Smarter, fairer, Wisr personal loans.
- Personalised low rates based on your strong credit.
- Borrow between $5,000 - $50,000
- Quick rate estimate that won’t impact your credit score.
- No early repayment, hidden or exit fees.

Overview

Minimum loan amount$5,000

Maximum loan amount$50,000

Minimum term (years)3 Year

Maximum term (years)5 Years

Personal loan interest rates (base)11.95%

Personal loan comparison rate12.82%

Monthly repayments (approx)$351

Total repayments (approx)$12,659

Total interest repayments (approx)$2,659

Rate typeFixed

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee$595

GO TO Wisr

Other Fees & Information

Monthly fee$0

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityNo

Repayment scheduleMonthly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$25

For debt consolidation?Yes

Sponsored Yes

Telephone1300 992 007

Data accurate as of9/05/2019

GO TO Wisr

Hide info -

Smarter, fairer, Wisr personal loans.
- Personalised low rates based on your strong credit.
- Borrow between $5,000 - $50,000
- Quick rate estimate that won’t impact your credit score.
- No early repayment, hidden or exit fees.

Overview

Minimum loan amount$5,000

Maximum loan amount$50,000

Minimum term (years)3 Year

Maximum term (years)5 Years

Personal loan interest rates (base)13.95%

Personal loan comparison rate14.83%

Monthly repayments (approx)$361

Total repayments (approx)$13,026

Total interest repayments (approx)$3,026

Rate typeFixed

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee$595

GO TO Wisr

Other Fees & Information

Monthly fee$0

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityNo

Repayment scheduleMonthly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$25

For debt consolidation?Yes

Sponsored Yes

Telephone1300 992 007

Data accurate as of9/05/2019

GO TO Wisr

Hide info -

Whether you're taking control of your finances, planning a special event, or making a large purchase, our Unsecured Personal Loan may be the right solution.

Overview

Minimum loan amount$2,000

Maximum loan amount$40,000

Minimum term (years)1 Year

Maximum term (years)5 Years

Personal loan interest rates (base)12.99%

Personal loan comparison rate14.06%

Monthly repayments (approx)$337

Total repayments (approx)$12,142

Total interest repayments (approx)$2,142

Rate typeFixed

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$10

Application / establishment fee$0

GO TO St.George Bank

Other Fees & Information

Monthly fee$12

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityNo

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Early repayments fee$150

Missed payment fee$9

For debt consolidation?No

Sponsored No

Telephone13 33 30

Data accurate as of14/12/2018

GO TO St.George Bank

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Whether you're taking control of your finances, planning a special event, or making a large purchase, our Unsecured Personal Loan may be the right solution.

Overview

Minimum loan amount$2,000

Maximum loan amount$80,000

Minimum term (years)1 Year

Maximum term (years)7 Years

Personal loan interest rates (base)12.99%

Personal loan comparison rate14.06%

Monthly repayments (approx)$337

Total repayments (approx)$12,142

Total interest repayments (approx)$2,142

Rate typeVariable

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$10

Application / establishment fee$0

GO TO St.George Bank

Other Fees & Information

Monthly fee$12

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityYes

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Early repayments fee$150

Missed payment fee$9

For debt consolidation?No

Sponsored No

Telephone13 33 30

Data accurate as of14/12/2018

GO TO St.George Bank

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1-7 years flexible loan term, borrow from $5,000 up to $55,000 and redraw additional repayments you've already made

Overview

Minimum loan amount$5,000

Maximum loan amount$55,000

Minimum term (years)1 Year

Maximum term (years)7 Years

Personal loan interest rates (base)12.69%

Personal loan comparison rate13.56%

Monthly repayments (approx)$340

Total repayments (approx)$12,269

Total interest repayments (approx)$2,269

Rate typeVariable

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee$150

GO TO NAB

Other Fees & Information

Monthly fee$10

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityYes

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$5

For debt consolidation?Yes

Sponsored No

Telephone13 13 12

Data accurate as of4/09/2018

GO TO NAB

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Bring your next dream purchase a little closer with a Secured Personal Loan.

Overview

Minimum loan amount$3,000

Maximum loan amount$80,000

Minimum term (years)1 Year

Maximum term (years)7 Years

Personal loan interest rates (base)12.74%

Personal loan comparison rate13.81%

Monthly repayments (approx)$342

Total repayments (approx)$12,335

Total interest repayments (approx)$2,335

Rate typeVariable

Secured or unsecuredSecured

Encumberance/REVVS check fee$10

Application / establishment fee$195

GO TO St.George Bank

Other Fees & Information

Monthly fee$12

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityYes

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Early repayments fee$150

Missed payment fee$9

For debt consolidation?No

Sponsored No

Telephone13 33 30

Data accurate as of14/12/2018

GO TO St.George Bank

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A no-fuss way to arrange the finance you need, when you need it all while enjoying competitive variable interest rates.

Overview

Minimum loan amount$3,000

Maximum loan amount$50,000

Minimum term (years)1 Year

Maximum term (years)7 Years

Personal loan interest rates (base)12.99%

Personal loan comparison rate16.42%

Monthly repayments (approx)$343

Total repayments (approx)$12,382

Total interest repayments (approx)$2,382

Rate typeVariable

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee$200

GO TO MyState

Other Fees & Information

Monthly fee$10

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityYes

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$0

For debt consolidation?Yes

Sponsored No

Telephone1300 763 831

Data accurate as of12/01/2018

GO TO MyState

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Borrow from $5,000 up to $55,000 for 1 to 7 years flexible loan terms

Overview

Minimum loan amount$5,000

Maximum loan amount$55,000

Minimum term (years)1 Year

Maximum term (years)7 Years

Personal loan interest rates (base)13.49%

Personal loan comparison rate14.36%

Monthly repayments (approx)$344

Total repayments (approx)$12,410

Total interest repayments (approx)$2,410

Rate typeFixed

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee$150

GO TO NAB

Other Fees & Information

Monthly fee$10

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityYes

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$5

For debt consolidation?Yes

Sponsored No

Telephone13 13 12

Data accurate as of4/09/2018

GO TO NAB

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A personal loan can help you to get what you’ve always wanted. Plan ahead with a flexible loan term of between 1 and 7 years. Apply for between $4,000 and $50,000 (conditions apply). Make extra repayments to pay your loan off sooner (prepayment fee may apply). Choose a repayment frequency to suit when you get paid - weekly, fortnightly or monthly.

Overview

Minimum loan amount$5,000

Maximum loan amount$50,000

Minimum term (years)1 Year

Maximum term (years)7 Years

Personal loan interest rates (base)12.99%

Personal loan comparison rate14.14%

Monthly repayments (approx)$345

Total repayments (approx)$12,445

Total interest repayments (approx)$2,445

Rate typeFixed

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee$250

GO TO Westpac

Other Fees & Information

Monthly fee$12

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityNo

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Early repayments feeYes

Missed payment feeYes

For debt consolidation?Yes

Sponsored No

Telephone1300 720 697

Data accurate as of4/09/2018

GO TO Westpac

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As a member owned organisation, our first priority is to help you. We continually focus on providing high levels of personalised service and value for money products – such as our Personal Loans– there to help you make those life-changing purchases.

Overview

Minimum loan amount$2,000

Maximum loan amount$100,000

Minimum term (years)1 Year

Maximum term (years)7 Years

Personal loan interest rates (base)13.99%

Personal loan comparison rate15.78%

Monthly repayments (approx)$350

Total repayments (approx)$12,609

Total interest repayments (approx)$2,609

Rate typeFixed

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee$250

GO TO People's Choice Credit Union

Other Fees & Information

Monthly fee$0

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityYes

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$0

For debt consolidation?Yes

Sponsored No

Telephone13 11 82

Data accurate as of23/10/2017

GO TO People's Choice Credit Union

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Whatever it is you’re dreaming about, a Bankwest Flexible Personal Loan puts you in control. Pay it off early, make additional repayments and redraw additional repayments you’ve made all at no extra cost!

Overview

Minimum loan amount$5,000

Maximum loan amount$50,000

Minimum term (years)1 Year

Maximum term (years)7 Years

Personal loan interest rates (base)14.49%

Personal loan comparison rate15.51%

Monthly repayments (approx)$353

Total repayments (approx)$12,710

Total interest repayments (approx)$2,710

Rate typeFixed

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee$249

GO TO Bankwest

Other Fees & Information

Monthly fee$10

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityYes

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$0

For debt consolidation?Yes

Sponsored No

Telephone13 17 19

Data accurate as of4/04/2017

GO TO Bankwest

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Whether you're dreaming of far away destinations or of revolutionising the world with your next big invention, our Unsecured Personal Loans are a flexible and simple solution from an ethical and trusted team.

Overview

Minimum loan amount$1,000

Maximum loan amount$100,000

Minimum term (years)1 Year

Maximum term (years)7 Years

Personal loan interest rates (base)15.49%

Personal loan comparison rate15.72%

Monthly repayments (approx)$354

Total repayments (approx)$12,754

Total interest repayments (approx)$2,754

Rate typeVariable

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee$150

GO TO The Mac

Other Fees & Information

Monthly fee$0

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityYes

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$0

For debt consolidation?No

Sponsored No

Telephone1300 622 278

Data accurate as of11/04/2016

GO TO The Mac

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You can use your personal loan for things like purchasing a new car, consolidating your debts, renovating your home, paying for university studies or to go on your dream holiday!

Overview

Minimum loan amount$5,000

Maximum loan amount$50,000

Minimum term (years)1 Year

Maximum term (years)5 Years

Personal loan interest rates (base)15.60%

Personal loan comparison rate16.47%

Monthly repayments (approx)$356

Total repayments (approx)$12,847

Total interest repayments (approx)$2,847

Rate typeVariable

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee$200

GO TO Arab Bank

Other Fees & Information

Monthly fee$8

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityNo

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$0

For debt consolidation?Yes

Sponsored No

Telephone1800 64 64 84

Data accurate as of6/11/2018

GO TO Arab Bank

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Whether you're looking to buy a new car, take a holiday, renovate your home or you want to consolidate debt, ANZ could help you with a Variable Rate Personal Loan.

Overview

Minimum loan amount$5,000

Maximum loan amount$50,000

Minimum term (years)1 Year

Maximum term (years)7 Years

Personal loan interest rates (base)15.99%

Personal loan comparison rate16.84%

Monthly repayments (approx)$357

Total repayments (approx)$12,857

Total interest repayments (approx)$2,857

Rate typeVariable

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee$150

GO TO ANZ

Other Fees & Information

Monthly fee$0

Quarterly fee$30

Annual fee$0

Other fees$0

Redraw facilityYes

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$20

For debt consolidation?Yes

Sponsored No

Telephone1800 801 485

Data accurate as of6/11/2018

GO TO ANZ

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All-purpose Personal Loan for quick and easy funds when you need them.

Overview

Minimum loan amount$500

Maximum loan amount$100,000

Minimum term (years)1 Year

Maximum term (years)7 Years

Personal loan interest rates (base)15.99%

Personal loan comparison rate16.91%

Monthly repayments (approx)$358

Total repayments (approx)$12,901

Total interest repayments (approx)$2,901

Rate typeVariable

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee$195

GO TO Regional Australia Bank

Other Fees & Information

Monthly fee$0

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityYes

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$0

For debt consolidation?No

Sponsored No

Telephone1300 768 710

Data accurate as of9/04/2016

GO TO Regional Australia Bank

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We provide a range of flexible personal loans designed to suit your needs.

Overview

Minimum loan amount$5,000

Maximum loan amount$40,000

Minimum term (years)2 years

Maximum term (years)7 Years

Personal loan interest rates (base)16.95%

Personal loan comparison rate18.53%

Monthly repayments (approx)$374

Total repayments (approx)$13,477

Total interest repayments (approx)$3,477

Rate typeFixed

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee4%, maximum $495

GO TO Now Finance

Other Fees & Information

Monthly fee$13

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityNo

Repayment scheduleWeekly, Fortnightly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$35

For debt consolidation?Yes

Sponsored Yes

Telephone1300 275 669

Data accurate as of26/10/2018

GO TO Now Finance

Hide info -

Smarter, fairer, Wisr personal loans.
- Personalised low rates based on your strong credit.
- Borrow between $5,000 - $50,000
- Quick rate estimate that won’t impact your credit score.
- No early repayment, hidden or exit fees.

Overview

Minimum loan amount$5,000

Maximum loan amount$50,000

Minimum term (years)3 Year

Maximum term (years)5 Years

Personal loan interest rates (base)16.95%

Personal loan comparison rate17.86%

Monthly repayments (approx)$377

Total repayments (approx)$13,589

Total interest repayments (approx)$3,589

Rate typeFixed

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee$595

GO TO Wisr

Other Fees & Information

Monthly fee$0

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityNo

Repayment scheduleMonthly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$25

For debt consolidation?Yes

Sponsored Yes

Telephone1300 992 007

Data accurate as of9/05/2019

GO TO Wisr

Hide info -

Wisr provide personalised low rates for applicants with good credit. Borrow between $5,000 and $50,000 with transparent terms and easy online application.

Overview

Minimum loan amount$5,000

Maximum loan amount$50,000

Minimum term (years)3 Year

Maximum term (years)5 Years

Personal loan interest rates (base)19.95%

Personal loan comparison rate20.89%

Monthly repayments (approx)$393

Total repayments (approx)$14,165

Total interest repayments (approx)$4,165

Rate typeFixed

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee$595

GO TO Wisr

Other Fees & Information

Monthly fee$0

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityNo

Repayment scheduleMonthly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$25

For debt consolidation?Yes

Sponsored Yes

Telephone1300 992 007

Data accurate as of9/05/2019

GO TO Wisr

Hide info -

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BestFind.com.au provides factual information in relation to financial products. While BestFind.com.au attempts to make a wide range of products and providers available, it may not cover all the options available to you. Moreover, we cannot be responsible for changes made to this information by product providers and/or inaccurate information obtained from a product provider. All product information comes from the product provider or publicly available information and to the best of our knowledge is correct at time of publishing. The information published on BestFind.com.au is general in nature only and does not consider your personal objectives, financial situation or particular needs and is not recommending any particular product to you. If you decide to apply for a product you will be dealing directly with that provider and not with BestFind.com.au. BestFind.com.au recommends that you read the relevant PDS or offer documentation before taking up any financial product offer. For more information please see BestFind.com.au's Terms of Use and Services Guide.

Minimum and maximum loan periods vary between 6 months and 10 years. Comparison interest rates vary between 6.55% and 20.89% p.a. Total interest repayments vary between $1,387 and $4,165 over the life of the loan. *Comparison rate is based on an unsecured loan of $10,000 for a term of 3 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. These rates can change without further notice. All rates quoted are per annum. For more information regarding fees click on "View fees & additional info +" for each product or contact the provider.

Need help choosing the right loan?

Get a multi award-winning personal loans broker, to help select the right loan for you.

Australia-wide personal loans completed online or via the telephone (no need for any face-to-face meetings).

Monday to Friday, 9am – 6pm AESTs

An account manager will contact you within 3 hours of your enquiry.

Call 1300 884 355
What type of loan are you looking for?

Did you know you can compare 100’s personal loans? Browse, filter and compare on our main personal loans comparison page.

What is a debt consolidation loan?

Most Australians have at least one form of debt, which could be a credit card or a home loan. Sometimes, managing these repayments can become more stressful than it needs to be, and it can be useful to ask yourself if you need to consolidate debt.

In Australia, a debt consolidation loan is a financial product you can use to integrate all your debts into one loan. If you’re smart about choosing a consolidation loan, you may also pay less interest over the longer term.

How do I consolidate debts?

Debt consolidation, also known as ‘refinancing’, is very much like rolling all your debts under one single umbrella. This can be convenient when you have, for example, credit card debt, a car loan, and a mortgage. As you might have different repayment plans for each, a personal consolidation loan can help to simplify things. With one regular loan repayment each period rather than multiple separate repayment schedules, your finances can become more manageable.

Consolidation loans can reduce interest payments

Besides simplifying your repayment plans, a debt consolidation loan with a lower interest rate can reduce your total interest payments. As an example, let’s say you are currently paying 20% interest on your credit card debts, 8% interest on your car loan, and 5% interest on your mortgage. Here, a debt consolidation loan with an 8% interest rate may make it easier for you to meet your monthly repayments.

What to consider before you consolidate debt?

Like most personal loans, choosing the best means comparing more than just interest rates. Fees, charges, and potential restrictions can make a real difference in terms of what you will be paying overall. Likewise, you will want to think about repayment periods and redraw facilities to get the whole picture.

Most importantly, you should think about whether you’ll be able to afford the repayments on your new loan after you’ve consolidated your debt. For this reason, it’s crucial to consider a few key things while you compare deals before settling on a product.

  • Changing your mortgage – switching up your home loan could be an alternative way to reduce the interest payments and fees you are currently paying. If you can find a better home loan, this could be another option to help you consolidate debt.
  • Discuss your options with your current loan provider – in Australia, some lenders might allow you to rearrange your repayment schedule. A longer loan term could reduce some of the pressure of repaying your loan.
  • Credit card balance transfers may help you consolidate debts – Transferring some of the debt on one card over to another can sometimes help you cut down on interest payments. Do think this through properly before you transfer your balance, as you may end up finding yourself under greater financial stress.
  • Consider selling your property – This might not sound ideal, but can be a clever move if you are looking to eliminate home loan repayments permanently. In Australia at least, you’ll also likely obtain a higher price for your home than your lender would in a mortgage sale.

Do consolidation loans involve risk?

Almost every financial product involves some degree of risk – and consolidation loans are no exception. Here are some things you’ll want to know if you’re looking to consolidate debt.

  • When you consolidate debts with a secured loan, whatever you use as collateral may be seized by your loan provider if you default on repayments. This is a risk you might not be familiar with if your current debt involves only unsecured loans.
  • Debt consolidation loans won’t protect you from unwise spending. Therefore, if you spend the funds from your consolidation loan on other purchases, you might end up with greater debt.
  • Even if you take out a consolidation loan, your new lenders might not have the power to prevent your home from being repossessed. Before you sign on for a consolidation loan, please check through all the terms and conditions and consider everything thoroughly.
  • Never trust any loan providers if you aren’t 100% sure they are legitimate, legal lenders. Warning signs of an illegal consolidation loan provider may include:
    • requiring you to sign blank paperwork;
    • no details are given around repayments;
    • lack of clarity and transparency, or lack of documentation regarding interest rates and fees;
    • over-hasty transactions; and
    • the lender is encouraging you to sign up for a business loan, yet you only need a regular personal loan.

Things to consider when you want to consolidate debt

In Australia, we are lucky to have access to a wealth of free resources and support when it comes to refinancing. Some great sources of information, assistance and guidance are:

  • Ombudsmen Where you have any doubts regarding the transparency or legitimacy of your consolidation loan provider, it is free to lodge a complaint to an ombudsman. Your lender is not permitted to take any legal action against you while your complaint is being processed. Once your case has already been decided by a court, however, the ombudsman cannot assist you anymore.
  • Legal Aid – Australia has offices and centres for legal aid in all territories and states. These can be an excellent place to seek financial advice at no cost.
  • Financial counselors – these financial specialists can help you organise your assets, funds, and liabilities. In some instances, a financial counselor might even be able to negotiate what you owe with your loan provider.

Important pointers for consolidating your debt

Finding a consolidation loan that will really benefit you involves more than just choosing the loan with the lowest interest rate. Here are some pointers and questions to think about:

  • Penalties and fees can make a big difference. Establishment fees, early repayment fees, valuation, and other charges may add up to make a low-interest consolidation loan more costly. If you want to repay your debt consolidation loan early, a consolidation loan that charges additional repayment fees won’t be ideal. Also, look out for additional charges like stamp duty if you’re going to put up collateral for a secured consolidation loan.
  • Longer repayment periods may cost more overall. You may be looking at debt consolidation to make your monthly repayments more manageable. If so, remember that longer repayment periods also mean more interest payments over time. This means that even a consolidation loan with a lower monthly interest rate might cost more in the long term.
  • Is the loan provider licensed? In Australia, the ASIC Connect Professional Registers contain a record of all licensed loan providers. If a credit provider doesn’t appear on this register, they are not legally in a position to offer you a loan.