Our five picks to help you demolish debt

Ceyda Erem

22 Aug 2018

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As Aussies across the country wind down from their EOFYS rush, the reality of a big credit card bill is setting in.

But according to new data by peer-to-peer lender, RateSetter, while the plastic debt buzzkill is an all too familiar feeling during this time of year, many Aussies are opting to put an end to their credit card debt once and for all through debt consolidation. In 2018 alone, RateSetter recorded the highest number of applications for debt consolidation loans since 2014.

So if you’re ready to join the party and crush your debt, check out these killer debt consolidation personal loan deals below.

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Harmoney Unsecured Personal Loan
  • Fixed rates from 6.99% (7.69% comparison rate^^)

  • Borrow up to $70,000

  • Personalised interest rates available

If you’re over big banks and prefer to borrow with a lender that’s big on community, then look no further than Harmoney and its Unsecured Personal Loan. With low fixed interest rates starting at 6.99% (7.69% comparison rate*), you’ll be able to borrow up to $70,000 to consolidate your debt, for terms between 1-5 years. While there’s no exit or monthly fees, there is a $500 upfront fee to factor into your budget.

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SocietyOne Unsecured Personal Loan - Excellent Credit
  • Fixed rates from 7.50% (9.51% comparison rate ^^)

  • No ongoing fees

  • 2017 Mozo Experts Choice Award winner

Got excellent credit and want the confidence in knowing what your repayments will be? Then you might want to consider SocietyOne and its Unsecured Personal Loan (Excellent Credit). With this loan, you can focus on getting out of debt fast, with the low fixed rate of 7.50% (9.51 comparison rates ^^) and no ongoing fees. You'll be able to borrow between $5,000 - $50,000 to repay within 2-5 years as well as have access to the free repayments feature. Just keep in mind that there's no redraw facility with this loan and that low fixed rate offers are reserved for AA-grade credit borrowers. 

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HSBC Unsecured Personal Loan
  • Fixed rates from 9.50% (10.06% comparison rate^^)

  • Borrow up to $50,000 for terms between 1-5 years

  • Get a response in 60 seconds if you apply online

With fixed rates starting at 9.50% (10.06% comparison rate*) depending on your credit history, you’ll have the chance to snag a great deal with the HSBC Unsecured Personal Loan. It only takes 10 minutes to apply online and after you submit your application, you’ll get a response in just 60 seconds! There’s no exit fee if you decide to pay out your loan earlier, but you will need to remember the $150 upfront fee and $5 monthly service fee.

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MoneyPlace Unsecured Personal Loan
  • 2017 Mozo Experts Choice Award winner for Excellent Credit

  • Fixed rates from 7.65% (7.65% comparison rate^^)

  • No upfront, service or exit fees

Got an excellent credit rating up your sleeve? Then you might want to check out the MoneyPlace Unsecured Personal Loan. Not only will you have the security of knowing your repayment amount, thanks to the fixed 7.65% interest rate (7.65% comparison rate*), but you’ll also be choosing a 2017 Mozo Experts Choice Award winner! There’s no upfront, service or exit fees to worry about either, so you can focus on getting debt free fast.

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MyState Bank General Purpose Personal Loan
  • Variable 12.99% interest rate (16.42% comparison rate^)

  • Fast conditional approval and same day funding available

  • No exit fees and free redraw available

If you prefer a variable rate option, then check out the MyState General Purpose Personal Loan. With this personal loan, you’ll have the option to make free redraws and face no exit fees if you decide to pay out your loan early. Plus you can get on the road to being debt free as soon as possible, as the MyState General Purpose Personal Loan offers fast conditional approval and same day funding.

^The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are for the amounts and terms below, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. ^Based on $10,000 over 3 years ^^Based on $30,000 over 5 years

And if you’d like more debt consolidation loan offers, you can check out our personal loan comparison tool!

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