Debt Consolidation Personal Loans Australia

A debt consolidation loan can help you to get out of debt sooner. By combining all your debts into one personal loan you can save on interest costs and manage your repayments more easily. Compare debt consolidation loan rates, fees and features in the table below.

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Choosing a loan to consolidate debt.

If you are finding it hard to stay on top of all of your loan, credit card and store card repayments, a personal loan could help you to get out of debt sooner and avoid bad credit. To find the best debt consolidation loan it is good idea to use a debt consolidation calculator to work out what your monthly repayments will be before you apply.

What interest rates will I have to pay on debt consolidation loans?

The interest rate on debt consolidation loans will depend on a number of factors including whether you are taking out a secured or unsecured debt consolidation loan. A secured loan will usually have a lower rate because you are putting up an asset as security.

Do these loans have fees?

Yes. Standard fees on debt consolidation loans include an application fee, loan service fee and default fees if you miss a repayment or don’t make the full repayment amount. You may also have to pay an early termination fee if you pay out your loan early.

Is it easy to qualify for a debt consolidation loan?

Each Australian banking provider has its own criteria for consolidation loan qualification so it will depend on the amount of debt you’re in and your credit history. It is unlikely you will qualify for an unsecured loan if you have bad credit history, have been bankrupt in the last 10 years, or you are currently unemployed

Debt consolidation personal loan comparisons on Mozo - page last updated February 23, 2020

interest rate
comparison rate*
monthly repayment**

I want to borrow

years

  • 8.00% p.a.

    8.21% p.a.based on $30,000
    over 5 years

    Terms from 1 to 7 years. Representative example: a 5 year $30,000 loan at 8.00% would cost $36,647.51 including fees.

      Compare
    Details
  • 7.95% p.a.to 19.45% p.a.

    8.78% p.a.to 20.4% p.a.based on $30,000
    over 5 years

    Terms from 3 to 5 years. Representative example: a 5 year $30,000 loan at 7.95% would cost $37,049.45 including fees.

      Compare
    Details
  • 6.99% p.a.to 28.69% p.a.

    7.69% p.a.to 29.55% p.a.based on $30,000
    over 5 years

    Terms from 1 to 5 years. Representative example: a 5 year $30,000 loan at 6.99% would cost $36,133.67 including fees.

      Compare
    Details
  • 8.99% p.a.

    9.13% p.a.based on $30,000
    over 5 years

    Terms from 2 to 5 years. Representative example: a 5 year $30,000 loan at 8.99% would cost $37,456.30 including fees.

      Compare
    Details
  • 12.69% p.a.to 18.69% p.a.

    13.56% p.a.to 19.53% p.a.based on $30,000
    over 5 years

    Terms from 1 to 7 years. Representative example: a 5 year $30,000 loan at 12.69% would cost $41,420.45 including fees.

      Compare
    Details
  • 9.99% p.a.

    11.74% p.a.based on $10,000
    over 3 years

    Terms from 1 to 7 years. Representative example: a 3 year $10,000 loan at 9.99% would cost $11,864.50 including fees.

      Compare
    Details
  • 7.50% p.a.to 14.99% p.a.

    9.51% p.a.to 18.48% p.a.based on $10,000
    over 3 years

    Terms from 2 to 3 years. Representative example: a 3 year $10,000 loan at 7.50% would cost $11,534.19 including fees.

      Compare
    Details
  • mozo-experts-choice-2019

    6.79% p.a.

    8.83% p.a.based on $10,000
    over 3 years

    Terms from 1 to 5 years. Representative example: a 3 year $10,000 loan at 6.79% would cost $11,380.22 including fees.

      Compare
    Details
  • 12.69% p.a.to 18.69% p.a.

    13.56% p.a.to 19.53% p.a.based on $30,000
    over 5 years

    Terms from 1 to 7 years. Representative example: a 5 year $30,000 loan at 12.69% would cost $41,420.45 including fees.

      Compare
    Details
  • 7.95% p.a.to 16.95% p.a.

    9.56% p.a.to 18.53% p.a.based on $30,000
    over 5 years

    Terms from 2 to 7 years. Representative example: a 5 year $30,000 loan at 7.95% would cost $37,729.45 including fees.

      Compare
    Details
  • 11.49% p.a.to 17.40% p.a.

    12.57% p.a.to 18.44% p.a.based on $30,000
    over 5 years

    Terms from 1 to 5 years. Representative example: a 5 year $30,000 loan at 11.49% would cost $40,492.66 including fees.

      Compare
    Details

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*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. 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.

**Representative example figures and monthly repayment figures are estimates only, based on the advertised rate, mandatory fees, loan amount and term entered. 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.

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