Personal loans for debt consolidation

Compare personal loan options to consolidate your debts into one payment.

Debt consolidation can help reduce your interest rate and fees by combining your existing loans and debts into one. Avoid the stress of dealing with multiple rates and fees so you can focus on paying off your debt more quickly.

ANZ Fixed Rate Personal Loan

ANZ Fixed Rate Personal Loan

12.45 % p.a.

fixed rate

13.32 % p.a.

comparison rate

  • Low ongoing fees
  • Flexible repayment options
  • Borrow up to $50,000
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ANZ Fixed Rate Personal Loan

This competitive unsecured fixed rate personal loan from ANZ is suitable for a range of uses. Apply for up to $50,000.

  • Interest rate: 12.45% p.a.
  • Comparison rate: 13.32% p.a.
  • Interest rate type: Fixed
  • Application fee: $150
  • Minimum loan amount: $5,000
  • Maximum loan amount: $50,000
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Debt Consolidation Loans

Rates last updated December 11th, 2018
$
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Monthly Service Fee Application Fee Product Description Monthly Repayment
ANZ Fixed Rate Personal Loan
12.45% (fixed)
13.32%
$5,000
1 to 7 years
$10
$150
You'll receive a fixed rate of 12.45% p.a.
Apply for up to $50,000 to use for a variety of purposes without needing to add security. Available to self-employed applicants.
Harmoney Unsecured Personal Loan
From 6.99% (fixed)
7.69%
$5,000
3 to 5 years
$0
$500 (Upfront fee)
You'll receive a fixed rate between 6.99% p.a. and 26.95% p.a. based on your risk profile.
Apply for a loan up to $70,000 and repay your loan over 3 or 5 years terms.
RateSetter Unsecured Personal Loan - 3yr Fixed
From 8.11% (fixed)
8.71%
$2,001
0.5 to 5 years
$0
$89
You'll receive a fixed rate from 8.11% p.a. based on your risk profile
A flexible loan with amounts from $2,001 and terms starting from 6 months. Interest and comparison rates calculated for a loan term of 3 years.
Latitude Personal Loan (Unsecured)
From 13.99% (fixed)
15.19%
$3,000
2 to 7 years
$13
$250 (Loans under $4000 - $140)
You'll receive a fixed rate between 13.99% p.a. and 29.99% p.a. based on your risk profile
Apply for what you need from $3,000 and use it for a range of purposes. Flexible repayments options.
HSBC Personal Loan
From 8.5% (fixed)
9.06%
$5,000
1 to 5 years
$5
$150
You'll receive a fixed rate between 8.5% p.a. and 16.99% p.a. based on your risk profile
An unsecured personal loan with a tailored, fixed rate where you can make additional and early repayments without penalty.
ING Personal Loan
8.99% (fixed)
9.13%
$5,000
2 to 5 years
$0
$100
You'll receive a fixed rate of 8.99% p.a.
Benefit from no ongoing fees, no early repayment fees and flexible loan terms on amounts up to $30,000.
Westpac Unsecured Personal Loan
12.99% (fixed)
14.14%
$4,000
1 to 7 years
$12
$0
You'll receive a fixed rate of 12.99% p.a.
Benefit from the security of a fixed rate with the flexibility of additional repayments. Existing Westpac customers may qualify for discounts. Note: $250 establishment fee waived if you apply before 20 December 2018.
Latitude Low Rate Personal Loan (Unsecured)
10.99% (fixed)
12.21%
$20,000
2 to 7 years
$13
$250
You'll receive a fixed rate of 10.99% p.a.
A secured or unsecured loan available to homeowners with a large minimum borrowing amount of $20,000. Benefit from flexible repayments and fast approval.
NAB Personal Loan Unsecured Fixed
Headline rate 13.49% (fixed)
14.36%
$5,000
1 to 7 years
$10
$150
You'll receive a fixed rate between 11.49% p.a. and 18.99% p.a. based on your risk profile
An unsecured loan up to $55,000 you can use for a range of purposes and pay off over up to 7 years.
SocietyOne Unsecured Personal Loan
From 7.5% (fixed)
9.51%
$5,000
2 to 5 years
$0
3% (of loan amount)
You'll receive a fixed rate between 7.5% p.a. and 19.99% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.
NOW FINANCE Personal Loans
From 8.95% (fixed)
10.56%
$5,000
1.5 to 7 years
$13
$495 (Based on $10,000)
You'll receive a fixed rate between 8.95% p.a. and 16.95% p.a. based on your risk profile
Apply for loans from $5,000 and get a dedicated loan manager. No security required.
Australian Military Bank Fixed Rate Personal Loan
From 7.93% (fixed)
8.77%
$1,000
1 to 5 years
$10
from $100 to $500
You'll receive a fixed rate between 7.93% p.a. and 18.87% p.a. based on your risk profile
An unsecured loan with a low minimum borrowing amount and flexible repayment options.
CUA Unsecured Fixed Rate Personal Loan
11.99% (fixed)
11.99%
$5,000
1 to 7 years
$0
$0
You'll receive a fixed rate of 11.99% p.a.
An unsecured loan from $5,000 with no monthly or establishment fees and flexible repayments.
CUA Discount Fixed Personal Loan (Loans over $30,000)
10.99% (fixed)
10.99%
$30,000
1 to 7 years
$0
$0
You'll receive a discounted fixed rate of 10.99% p.a.
Receive a discounted rate for borrowing over $30,000 and benefit from features such as no monthly fees and flexible repayments.
St.George Unsecured Personal Loan - Fixed Rate
From 12.99% (fixed)
14.06%
$2,000
1 to 5 years
$12
$0
You'll receive a fixed rate between 12.99% p.a. and 19.99% p.a. based on your risk profile
A low minimum borrowing amount of $2,000 to fund a range of purposes. Note: $195 establishment fee waived if you apply before 20 December 2018.
RACQ Bank Unsecured Personal Loan
12.95% (variable)
13.25%
$3,000
5 years
$0
$200
You'll receive a variable rate of 12.95% p.a.
A low minimum borrowing amount of $3,000 that you can use for a range of purposes. Benefit from member discounts and flexible repayments. Only available to QLD residents
People's Choice CU Discounted Personal Loan
From 7.99% (fixed)
8.35%
$10,000
1 to 10 years
$0
$250
You'll receive a fixed rate of 7.99% p.a.
Secure this loan with a vehicle up to 7 years old and benefit from long loan terms up to 10 years and pre-approval.
MyState Bank Unsecured Personal Loan
12.99% (variable)
16.42%
$3,000
1 to 7 years
$10
$200
You'll receive a variable rate of 12.99% p.a.
Apply for up to $50,000 and benefit from features such as fast approval, free online redraws and no penalties for early repayment.
ANZ Variable Rate Personal Loan
15.99% (variable)
16.84%
$5,000
1 to 7 years
$10
$150
You'll receive a variable rate of 15.99% p.a.
A flexible loan with amounts starting $5,000 that offers flexible repayments and a redraw facility.
NAB Personal Loan Unsecured Variable Rate
Headline rate 12.69% (variable)
13.56%
$5,000
1 to 7 years
$10
$150
You'll receive a variable rate based on your risk profile. The headline rate is 12.69% p.a.
An unsecured loan up to $55,000 you can use for a range of purposes. Benefit from fee-free additional repayments and a redraw facility.
Australian Military Bank Variable Rate Personal Loan
From 7.88% (variable)
8.72%
$1,000
1 to 7 years
$10
from $100 to $500
You'll receive a variable rate between 7.88% p.a. and 18.82% p.a. based on your risk profile
An unsecured loan with flexible repayment options and a low minimum borrowing amount.
CUA Unsecured Variable Personal Loan
11.89% (variable)
11.89%
$5,000
1 to 7 years
$0
$0
You'll receive a variable rate of 11.89% p.a.
Borrow from $5,000 with the option for flexible repayments and no monthly fees.
CUA Discount Variable Personal Loan (Loans over $30,000)
10.89% (variable)
10.89%
$30,000
1 to 7 years
$0
$0
You'll receive a discounted variable rate of 10.89% p.a.
Borrow over $30,000 and receive a discounted interest rate. No monthly fees and a redraw facility also available.

Compare up to 4 providers

How does it work?

If you have multiple debts, such as a loan and credit card, you can take out a personal loan to cover the money you owe, then simply make repayments on the new loan. If the rate offered on the personal loan is lower than that of your other debts, you will save money through lower repayments.

However, you will need to be aware of any refinancing costs or early payout fees on your other debts, as these will also need to be paid as part of the process.

What debt can I consolidate?

It's possible to consolidate a variety of debts using one of these loans. Common types of debt that are consolidated include the following:

  • Personal loans. This is a common type of debt that is consolidated. You can take out a debt consolidation loan to consolidate two or more separate personal loans, a personal loan and another type of credit, or even refinance a personal loan to one with a lower rate and/or fees.
  • Credit cards. If you have a large outstanding balance on your credit card, you can consider taking out a personal loan to pay it off. This can be an option for when you want to consolidate your credit card as well as another debt, or if you aren't a candidate for a balance transfer.
  • Store and charge cards. Balances can easily increase on store and charge cards as they do on credit cards, making them another type of debt people choose to consolidate.
  • Other credit accounts. Depending on the personal loan you take out, you may also be able to consolidate other types of debt. This can include private loans or debts to utility companies (i.e. electricity, phone, Foxtel). You should check what you can consolidate with the credit provider.

Steps to consolidating your debt with a personal loan

Once you have decided to consolidate your debt, you will need to do the following:

  • Calculate how much you need to borrow to cover your debts. This should include any fees or charges you will have to cover in order to pay off your existing debts early.
  • Research and compare personal loan products to find one that meets your needs.
  • Apply for the personal loan.
  • Use the funds to pay off your other debts, along with any fees or charges.
  • Continue to make repayments on your personal loan until it has been repaid.

If you want to consolidate your debt using another method, such as using a credit card, you can read our comprehensive guide to debt consolidation.

Case study

Gary is a 28-year-old labourer. He currently owes $5,000 on his credit card and still has $3,000 to pay off on the car loan he took out four years ago. He has an interest rate of 19.99% p.a. on his credit card and 9.1% p.a. on his car loan, but is struggling to juggle his repayments.

He has found a personal loan that will let him borrow $8,500 with a rate of 7.7% p.a. He decides to take out the loan and uses the funds to pay off his credit card and car loan, as well as the fees and charges for paying off his loan early.

Instead of having to manage multiple repayments at higher rates, Gary now just makes one repayment at a rate of 7.7% p.a., saving him both time and money.


But I have bad credit, can I still consolidate my debt?

Bad credit can strike at any time. Whether you lose your job or miss a few repayments due to illness, debt consolidation for bad credit borrowers is still possible. If you find that your repayments are spiralling out of control, debt consolidation could be for you. With the help of our guide, you could potentially get your finances back on track.

Consolidating your debt with bad credit


Need help managing your debt consolidation?

Rates last updated December 11th, 2018
Fox Symes Debt Solutions
Fox Symes offers a range of debt consolidation options to help you if you're struggling with multiple debts.
Enquire now More

Debt consolidation loans comparison

What to consider when consolidating debt with a personal loan

  • Affordability. You should confirm that the personal loan you use will be cheaper to pay off than your existing debts. You must also ensure that you will be able to cover the repayments on your new loan to avoid going into further debt.
  • Early repayment costs. Many loans will require you to pay additional fees or charges if you repay the loan early. These will need to be paid if you wish to consolidate your debts under a new loan and should be included in your calculations to ensure debt consolidation is the right choice for you.
  • Legitimacy. Always make sure to check that the lender you wish to use is ASIC-licensed and legally able to operate in Australia.

How to get the most out of debt consolidation

Benefits and drawbacks

  • Simple, single repayment.
  • You can reduce your overall payments and costs.
  • No more phone calls from debt collectors.
  • You may increase your debt if you fail to make repayments.
  • You will need to pay any fees or charges for breaking your existing loans.

Other questions you may have

I'm on Centrelink, can I still apply for debt consolidation?

Centrelink can be classed as genuine income by some lenders and can be used as income to assess your serviceability for a debt consolidation loan. It's important to calculate your repayments and find out if your lender accepts your types of income. If you are on Newstart or Youth Allowance you may need to speak to your creditors and work out a repayment plan.

My current bank offers a debt consolidation loan. Should I just apply with it?

There are some definite advantages to applying with your current bank as it may be more willing to approve you because it has an existing relationship with you and can see all your incomings and outgoings. Then again, it may not be able to offer you the best deal. You may want to compare your options before you apply to see how competitive its products are. Then, talk to your bank before applying to discuss your eligibility.

I have some equity in my home. Should I refinance and consolidate my debts that way?

This may be worth considering if you have a large amount of debt to consolidate or if you believe it is the most cost-effective option. Read our guide to refinancing your home loan to consolidate debt for more information.

Can I consolidate more than one credit card?

If you have more than one credit card from different brands you might be finding it hard to manage your interest repayments. By rolling your existing debts into a new consolidation loan, you could pay less interest and lower your repayments. If you have one credit card with a $6,400 limit at 19.99% p.a., another $1,000 limit at 13.49% p.a. and an "interest-free" store card, these can all be consolidated into a new loan.

What's the difference between debt consolidation and a debt agreement?

A debt consolidation loan is just a standard personal loan product that allows you to consolidate your current debts into one. A debt agreement is something usually taken out by people with large debts and even bad credit history and is a form of bankruptcy. Make sure you find out the terms of the loan you're entering into and the effect it will have on your credit file.

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Personal Loan Offers

Important Information*
Harmoney Unsecured Personal Loan

You'll receive a fixed rate between 6.99% p.a. and 26.95% p.a. based on your risk profile.
Apply for a loan up to $70,000 and repay your loan over 3 or 5 years terms.

Citi Personal Loan Plus

You'll receive a variable rate between 8.99% p.a. and 17.99% p.a. (9.96% p.a. to 18.91% p.a. comparison rate) based on your risk profile
A credit limit up to $75,000 that you can continue to draw down over terms up to 5 years.

ANZ Fixed Rate Personal Loan

You'll receive a fixed rate of 12.45% p.a.
Apply for up to $50,000 to use for a variety of purposes without needing to add security. Available to self-employed applicants.

RateSetter Unsecured Personal Loan - 3yr Fixed

You'll receive a fixed rate from 8.11% p.a. based on your risk profile
A flexible loan with amounts from $2,001 and terms starting from 6 months. Interest and comparison rates calculated for a loan term of 3 years.

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45 Responses

  1. Default Gravatar
    NicoleSeptember 7, 2018

    I have been approved for a consolidation loan but the interest is 18% over 5yrs. Short term it will be great to have 1 repayment but over the 5yrs the amount owing is crazy. Can I shop around for a better interest rate? Will it effect me in any way ie.credit checking?

    • finder Customer Care
      JohnSeptember 7, 2018Staff

      Hi Nicole,

      Thank you for leaving a question.

      Yes, this is definitely an options available for you. You may still shop around for better deals but please note that each time you apply hits your credit score since an inquiry is being made. It is best to make sure that you want the deal before you apply for it. This ensures that you make as less inquiries on your credit score as possible. Hope this helps!

      Cheers,
      Reggie

  2. Default Gravatar
    NicoleSeptember 7, 2018

    I’ve been offered a debt consolidation loan but the interest is 17%. Do I have to keep applying to find a lender with lower rate? If I do start shopping for a better offer will it effect me in any way ie.credit checking?

    • finder Customer Care
      JohnSeptember 7, 2018Staff

      Hi Nicole,

      Thank you for leaving a question.

      You do not need to keep on applying for a better deal but instead you may ask around on what other lenders could offer. The only time your credit score is when you are already applying for the loan. Speak with lender representatives and see what they could offer, if you do find a better deal then ask what the requirements are and see if you qualify before you apply for the loan. Hope this helps!

      Cheers,
      Reggie

  3. Default Gravatar
    JODIEApril 19, 2018

    I have $30,000 to consolidate. Looking for a way to consolidate with a fixed interest rate between 9% – 12%

    • finder Customer Care
      NikkiApril 19, 2018Staff

      Hi Jodie,

      Thanks for your message and for visiting finder – the leading comparison website & general information service built to give you advice in your buying decision needs. How are you doing today?

      NOW Finance and NAB unsecured loan has a fixed interest rate from 9-12%

      Alternatively, The information above shows you multiple providers for debt consolidation. Enter the amount to be consolidated and click the triangular button beside the INTEREST RATE p.a. to show you the providers within a 9%-12% fixed interest rate.

      Please note that we’re a product comparison website and we hold no affiliation with any company we feature on our site. We provide general information on products to assist you in your buying decision process hence we cannot recommend product / service that is rightfully fit for you.

      Hope this helps! Feel free to message us anytime should you have further questions.

      Cheers,
      Nikki

  4. Default Gravatar
    LouiseJanuary 24, 2018

    I need to consolidate some loans and credit cards to the value of $97,000 – my bank only offers up to $50,000 – what do you suggest?

    • finder Customer Care
      JonathanFebruary 21, 2018Staff

      Hi Louise, if your bank only offers up to $50,000 it could be better to consider applying for a new balance transfer offer or personal loan offer with a higher credit limit.

      Thanks,

      Jonathan

  5. Default Gravatar
    ChanelleSeptember 26, 2017

    Please contact me to discuss my current situation.

    Thank you

    • finder Customer Care
      JoanneSeptember 26, 2017Staff

      Hi Chanelle,

      Thanks for your enquiry.
      You have reached finder, we are an Australian financial comparison website and general information service. To speak with a representative regarding your concern, you may need to click on the go to site option on this page so you can reach out to your preferred company.

      Cheers,
      Joanne

  6. Default Gravatar
    KerrySeptember 3, 2017

    I’m 62 and I need to get a personal loan for debt consolidation. I’m concerned to try as I don’t want to be declined because of my age. Do some banks discriminate based on age even though I am still working full time and will be for quite a few years yet. I do have excellent credit

    • Default Gravatar
      MariaSeptember 3, 2017

      Hey Kerry,

      Thank you for reaching out to us.

      Lenders are not allowed to discriminate based on age but still need to make sure you satisfy the usual lending criteria for personal loans.

      You may check out this page for lenders who consider applications for people nearing or are in retirement:
      https://www.finder.com.au/retired-loans

      As finder is an online comparison service and is not a product issuer, it would be best to get in touch with a lender featured on our page to discuss your eligibility or options.

      Before applying, please ensure that you meet the eligibility criteria and requirements and to read the details, as well as the relevant Product Disclosure Statements/ Terms and Conditions of the option before making a decision and consider whether the product is right for you.

      I hope this helps.

      Cheers!
      Maria

  7. Default Gravatar
    rodJuly 8, 2017

    I want to consolidate 3 cc and 1 personal loan worth around 14000 altogether, i earned 92000 this fin year and these are my only debts.

    • Default Gravatar
      DanielleJuly 9, 2017

      Hi Rod,

      Thank you for contacting finder. We are a comparison website and general information service, we’re more than happy to offer general advice.

      You may provide that information on the table above and it will populate options that would fit your needs. You may review and compare the options available on the table. Once you have selected one, you may proceed by clicking the green “Go to Site” button.

      I hope this helps.

      Cheers,
      Danielle

  8. Default Gravatar
    AnthonyMarch 21, 2017

    Hi just a quick question if I consolidate my debts into 1 does that allow u to be able to get a new credit card or loan another part of the question for example if I have $20,000 worth of debt and I consolidate for $30,000 what happens to the rest after I’ve consolidated my debt does that become money u can use like a loan or does the consolidation loan only cover ur debt

    Thanks for allowing me to ask these questions

    • finder Customer Care
      MayMarch 22, 2017Staff

      Hi Anthony,

      Thank you for your inquiry.

      With debt consolidation, if you meet the eligibility criteria, a lender may only approve you for an amount that you are able to service and repay. They would take all your previous debts into account including your credit card limit, other personal loans, etc. So basically, to help you in managing your debts, they would usually approve an amount that can only cover your debts.

      Furthermore, if you are applying for a higher amount, though, you would need to specify in your application that you would want to use the money to consolidate debts as well as for another purpose. If in case this for a debt agreement, none of this applies as it is already a form of bankruptcy.

      Cheers,
      May

    • Default Gravatar
      AnthonyMarch 22, 2017

      Ok so do they add up all the debt

    • finder Customer Care
      MayMarch 23, 2017Staff

      Hi Anthony,

      Thanks for getting back.

      Basically, yes. All the debts that you want to consolidate will be taken into account.

      Cheers,
      May

  9. Default Gravatar
    JulieJanuary 25, 2017

    I am waiting on my late mothers estate which has been left to my brother and myself 50/50 .It has been cleared from being in probate and now just waiting to be finalized which we have been informed by the lawyers will take about two wks to be cleared. I was on a career’s pension for my mother and since her death i now have applied for unemployment benefits till i get another job. Unfortunately the change over from the career’s payment left a time gap and i wasn’t able to pay certain bills which have to be paid like rent and power etc. I am seeking to apply for loan of $1,000 and will be able to repay the entire loan with in less than a month. Can any lending company help me out please

    • finder Customer Care
      LouJanuary 26, 2017Staff

      Hi Julie,

      Thanks for your question.

      The lenders on this page may consider you for a loan.

      Please click the name of the lender so you’ll see your loan options. Do check also the eligibility criteria to apply before hitting the ‘go to site’ button to submit your application.

      Cheers,
      Anndy

  10. Default Gravatar
    KateNovember 25, 2016

    Any unsecured loans for repaying a U.K. Credit card. Australian citizen. Retired.

    • finder Customer Care
      MayNovember 29, 2016Staff

      Hi Kate,

      Thanks for your question.

      Since you are retired, the loans that may be available to you are the ones listed on this page. I suggest that you read through the page to get more information on our guide. Before you apply, it’s best to the review the criteria and requirements and then contact the lender to discuss your chances of approval.

      Hope this helps.

      Cheers,
      May

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