Top ways to crush debt in 2020

Mozo

07 Jan 2020

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The new year has arrived, and with it a shiny new decade, making it the perfect time to get serious about wiping clean the debts of yesteryear and starting the new decade afresh.

Debt crushing tactics all come down to one thing — efficiency. And, the most efficient way to get debt free is to pay it off as quickly as possible at the lowest possible rate.

Whether you need to pay off an overextended credit card, cut down your mortgage or consolidate a bunch of smaller debts, the Mozo money experts have rounded up some of the top debt crushing products on the market to have you feeling financially free again. 

Top Debt Consolidation Loan

Promoted

OurMoneyMarket Low Rate Personal Loan
  • Unsecured rates from just 8.00% fixed (8.21% comparison rate^)

  • Free extra repayments and fee-free redraw

  • Quick and easy 100% online application

How it works

Put an end to debt the easy way with a low rate debt consolidation loan from OurMoneyMarket. By combining smaller debts into one low rate personal loan, you can save big bucks on interest costs and easily manage your repayments. This innovative online lender lets you apply online in minutes to consolidate between $2,000 and $50,000 worth of debt with a handy fixed interest rate that can be repaid weekly, fortnightly or monthly over 1 to 7 years and has no nasty exit or early repayment fees.

Where do I get it? Head over to OurMoneyMarket to find out more >>

Top 0% Balance Transfer Deal

Promoted

Citi Rewards - Balance Transfer Offer
  • 0% interest for 26 months on balance transfers

  • Discounted $49 annual fee for first year ($149 after)

  • Earn 1 point per dollar on Visa, up to $10,000 a month

How it works

If you’re keen to crush credit card debt in 2020, you’ll love this generous 0% balance transfer offer from Citi. You’ll get a leisurely 26 months interest free to pay off transferred debt (1.5% balance transfer fee applies), plus a discounted annual fee of $49 in the first year (save $100). And when you’re debt free you can enjoy more card perks like the Citi Rewards program and complimentary international travel insurance.

How do I apply? Head over to Citi to find out more >>

Mortgage Crushing Home Loan

Promoted

loans.com.au Smart Home Loan
  • 2.88% variable rate (2.90% comparison rate*)

  • $0 application or ongoing fees

  • Unlimited free extra repayments and redraw

How it works

This super low rate, low fee home loan is packed with useful features like free redraw, the ability to make free extra repayments and a split loan option. Boasting one of the lowest variable rates on the market, the Smart Home Loan really is a smart choice for borrowers who are looking to save money on interest and get mortgage free faster. You can borrow up to $1 million with this loan, and pay no annual or application fee.

How do I apply? Head over to loans.com.au to find out more >>

^ 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

*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. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for the amount and term you entered.

**Initial monthly repayment figures are estimates only, based on the advertised rate, and a loan of $500,000 repaid over 25 years. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.

Want to check out more options? Head over to our personal loan comparison tool or our credit card or home loan comparison hubs to get cracking on crushing that debt in 2020.

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