Australia's best debt consolidation loans & rates comparison

By consolidating your debt and choosing a product with a lower rate and fees, you could save $5,699 in total. How much you can save will depend on your risk profile and eligibility, so be sure to compare your options and read the fine print. It will function as a line of credit, where you'll pay for what you borrow, not the entire credit limit given to you.
Letting your debt build up can seem fine at first and many people manage by paying the minimum payment each month on credit cards. However, as time goes by your finances will become more and more stretched until something has to give. small loans Making minimal repayments each month not only prolongs your debt and makes the total amount owed higher, it also harms your credit score. They are not a long-term financial solution and can often exacerbate your financial problems.

Paying off more than one debt at a time is not uncommon. But if you’re struggling to manage your debt repayments, consolidation may well be worth considering. A debt consolidation loan isn’t your only option for paying off debt.
Each have advantages and disadvantages whether it’s fees, customer service or borrowing limits. Simply check out our debt consolidation table above, to weigh up different providers and find what suits you. The repayment amount shown using this calculator is an estimate based on the loan amount and loan term selected, and the credit score you have provided. The estimate is provided for illustrative purposes only and actual repayment amounts may vary when you complete an application and are approved. It does not take into account your personal or financial circumstances. For an ANZ Fixed or Variable Rate Personal Loan, the repayment amount shown on this calculator includes the Loan Approval Fee of $150, interest and monthly Loan Administration Charge of $10 .
Wondering about the difference between secured and unsecured is? In our helpful guide we get into the nitty gritty about both of these loan types to help you understand more and make it easier to choose the loan type that’s best for you. Once approved, we’ll have the funds in as little as 1 business day. Are similar to co-signed loans, but the co-borrower has equal access to the funds. Many or all of the products featured here are from our partners who compensate us.

Kindly review and compare your options on the table displaying the available providers. Combine your debts and take back control with a debt consolidation loan. Roll all of your personal debts such as credit cards and personal loans into one, easy-to-manage repayment. Harmoney’s unsecured interest rates range from 5.86% p.a.
Whilst most are located in the major capital cities like Perth, Sydney, Melbourne, Brisbane, Adelaide and Hobart, they often have local representatives across the smaller cities as well. For borrowers with more complicated circumstances, such as having bad credit, it can take longer and you may need to provide additional evidence to support your application. With most lenders you can complete the process online and your loan could be approved and funded the same day in some instances. David said there’s a big difference between understanding how a debt consolidation loan could help in theory and knowing whether it is the right solution for you. Earlier I mentioned that choosing the right debt consolidation loan is key.

Like with all financial decisions, you should carefully weigh the pros and cons of consolidating your debts before you apply for a loan. Here are the main benefits and drawbacks of debt consolidation loans to help you make an informed decision. NerdWallet has reviewed more than 35 financial institutions to find the best personal loans for consolidating debt. See our top picks above and keep reading for a guide to picking the best debt consolidation loan for you. We’ll walk you through the debt consolidation process and help you determine whether a debt consolidation loan or balance transfer credit card is a good fit for your financial needs. If your goal is to get out of debt faster, consolidating your debts can be a smart move.
All financial products, shopping products and services are presented without warranty. When evaluating offers, please review the financial institution’s Terms and Conditions. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion® directly. The annual percentage rate, which is the interest rate plus any fees a lender charges, can range from 6% to 36%. Factors like your credit score, income and debt-to-income ratio help determine what interest rate you'll get on a loan. Once you pay off your other debts, you make monthly payments toward the debt consolidation loan.
Having an excellent credit score allows us to offer you a lower rate. If your credit score isn't in great shape, we share plenty of tips on how to improve your credit score on our blog. Ideally the new loan you take out to consolidate all your debts is at a lower rate of interest than the interest rates of your current debts. If you have several debts at different rates, you might need to compare the average rate. Rolling more than one debt into a single debt consolidation loan means there is less financial admin in your life.

Until we receive your application and your bank statement information, it is not possible for us to guarantee you will be approved. You may wish to read our blog which provides some helpful tips on improving your chance to get a loan. At Fair Go, we personalise the rates and terms of our online loans to maximise your borrowing power and minimise your borrowing costs. That’s why we’re here – to help you get the cash you need to get on with life today, without putting your long-term financial wellbeing at risk. Some credit providers may allow you to consolidate debts held by debt collection agencies with a personal loan. Debt consolidation could reduce the stress of managing multiple loan repayments each month, and reduce the chance of missing payments.
Mozo has partnered up with LoanOptions.ai, one of Australia’s most powerful tools for finding the loan options that are right for you. Includes all temporary/provisional business visa subclasses that allow business people to establish or manage a new or existing business or invest in Australia. This generally includes holders of business owner, senior executive or investor category visas. We ask for this information so that we can verify your financial circumstances and assess your ability to repay an ANZ Personal Loan without substantial hardship. You can explore which ANZ Personal Loan may suit your needs by using our tools and calculators. Yes, you can apply but your application for an ANZ Personal Loan will be subject to ANZ’s credit assessment criteria.

We encourage you to use the tools and information we provide to compare your options. There are lenders that specialise in lending to borrowers with poor credit histories. Getting a competitive loan with lower fees makes it more likely the debt consolidation works out cheaper. You need to make sure the new loan works out to be more cost-effective than keeping your existing debts separate.