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
OurMoneyMarket Low Rate Personal Loan
Unsecured rates from just 8.00% fixed (8.21% comparison rate^)
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.
$0 annual fee or ING international transaction fees for eligible customers
2019 Mozo Experts Choice Award
How it works
Winner of the 2019 Mozo Experts Choice Award, ING’s Orange One credit card features a sexy low 11.99% p.a. purchase and cash advance rate, no annual fees and up to 45 interest-free days on purchases. Packed full of goodness, this card comes with no annual fees and flexible instalment plans. Plus, enjoy no ING international transaction fees; simply deposit $1,000+ into your Orange Everyday transaction account each month and make 5+ eligible settled card purchases every month.
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.
^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.