Want to crush debt? Here’s the Mozo Editor’s picks to help say ‘Adios!’ to what you owe

woman crushing debt with debt consolidation loan

While spending can be fun, paying off personal debt isn’t. 

But the truth is, the longer you leave your debt unpaid the worse it gets for you. Not only will you fork out more in interest repayments, it can have negative impacts on your credit rating, which will dampen your chances of borrowing or receiving a good rate later on. 

So whether you’ve racked up too much on your credit card or have multiple debts you can’t control, now's the time to crush it and finally say ‘Adios!’. 

From debt consolidation loans to 0% balance transfer offers, we’ve rounded up some options that may help you clear your existing personal debt.

Compare debt consolidation loans

NOW Finance No Fee Unsecured Personal Loan
  • Fixed rates from 5.95% p.a. (5.95% p.a. comparison rate*)
  • 2021 Mozo Experts Choice Award^ winner for Best Unsecured Personal Loan
  • No fees

If clearing your multiple debts needs to be made simpler, you may want to consider a debt consolidation loan from award-winning lender NOW Finance. This No Fee Unsecured Personal Loan not only has no fees attached to it as the name suggests, it also offers competitive rates that are based on a customer’s credit rating. These fixed rates start as low as 5.95% p.a. (5.95% p.a. comparison rate*) for applicants with an excellent credit history. Just be mindful though, if you are struggling with your debt and your credit rating isn’t excellent, rates go up to a hefty 17.95% (17.95% p.a. comparison rate*) which may end up costing you more than less if you choose to consolidate. Some other things to note about this loan is that borrowing amounts are between $5,000 and $50,000, loan terms range from two to seven years, regular repayments can be made on a weekly or fortnightly basis and extra repayments are allowed (no redraws).

OurMoneyMarket Low Rate Personal Loan
  • Fixed rates from 5.45% p.a. (6.07% p.a. comparison rate*)
  • 2021 Mozo Experts Choice Award^ winner for Best Unsecured Personal Loan
  • Extra repayments and redraws allowed

Looking for an award-winning debt consolidation loan with repayment flexibility and minimal fees? Meet the OurMoneyMarket Low Rate Personal Loan. This unsecured product comes with fixed rates that start from a competitive 5.45% p.a. (6.07% p.a. comparison rate*), based on a customer’s credit rating. Loan amounts are between $2,001 and $75,000 and loan terms are from one to seven years. And when it comes to paying back your loan, there’s the choice of a weekly, fortnightly or monthly repayment schedule as well as the ability to make extra repayments and redraws. Plus, there is no extra repayment penalty for customers that pay down their debt ahead of time, and there’s also no ongoing service charge. Just be mindful there is an upfront $250 application fee and for customers with a credit rating that isn’t excellent, rates can go up to 8.48% p.a. (8.84% p.a. comparison rate*).

Alex Bank Personal Loan
  • Fixed rates from 5.45% p.a. (5.45% p.a. comparison rate*)
  • Mozo Experts Choice Award^ winner for Best New Loan Product
  • No upfront, ongoing or early repayment fees (Upfront fee waived on applications made before 30 September 2021)

Want another award-winning debt consolidation loan option to compare? Well, the Alex Bank Personal Loan is just that! This competitive loan comes with fixed rates that are based on an applicant’s credit rating, starting from a low 5.45% p.a. (5.45% p.a. comparison rate*). Remember though, rates go up to 19.99% p.a. (19.99% p.a. comparison rate*) for borrowers that don’t have excellent credit ratings. The good news is though, there are no ongoing or early repayment fees on this loan. Plus, for those that apply by 30 September 2021 Alex may waive the $295 application fee. Customers can borrow between $2,100 and $30,000 and pay it back with weekly, fortnightly or monthly repayments over a one to five year period. While extra repayments are allowed on this loan, don’t forget there is no redraw facility.

Compare balance transfer offers

Kogan Money Black Card
  • 0% p.a. balance transfer rate for 12 months (21.74% p.a. after)
  • No balance transfer fee
  • No annual fee

Credit card debt got you feeling down? Crush it with a balance transfer offer! The Kogan Money Black Card comes with a 0% p.a. balance transfer rate for 12 months (which reverts to 21.74% p.a. after). There is no balance transfer fee attached to this card, plus there is also no annual fee either. While you shouldn’t make purchases during the balance transfer period, if you decide to use the card once you have cleared your debt, it comes with some perks. There is a rewards program where you can earn up to 2 Kogan rewards points spent on eligible purchases as well as up to 55 interest-free days on eligible purchases (T&C’s apply).

Bendigo Bank Low Rate Credit Card
  • 0% p.a. balance transfer rate for 12 months (2% BT fee)
  • Rate reverts to low 11.99% p.a. after balance transfer offer period
  • Low $45 annual fee

If a low annual fee and a low revert rate is what you need when it comes to choosing the right balance transfer offer, the Bendigo Bank Low Rate Credit Card might be worth considering. Bendigo Bank offers a 0% p.a. balance transfer rate for 12 months on this card, with a low revert rate afterwards of 11.99% p.a. On top of that, you won’t need to fork out hundreds of dollars in annual fees as it sits at a low $45. And if you decide to keep using the card once the balance transfer period is up, there is up to 55 days interest-free on eligible purchases. Just be mindful, there is a 2% balance transfer fee straight off the bat.

Westpac Low Rate
  • 0% p.a. balance transfer rate for 28 months (21.49% p.a. after) (1% BT fee)
  • No annual fee in the first year
  • Low $59 annual fee from the second year

Need a balance transfer offer that’s a bit longer than a year? The Westpac Low Rate credit card comes with a 0% p.a. balance transfer offer for 28 months. Not only that, Westpac will waive the annual fee in the first year, which then reverts to a still low $59 each year after. Plus, for those that continue to use the card once the balance transfer period is over, there are up to 55 interest-free days on eligible purchases. Be weary though, there is a 1% balance transfer fee and the revert rate is a hefty 21.49% p.a.

Want to look over some more options? Jump over to our debt consolidation comparison table or our balance transfer comparison table to find out if there is a product to suit you!

* WARNING: 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 calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. 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.

^See information about the Mozo Experts Choice Personal Loan Awards

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