Debt consolidation · Australia-wide
Consolidate your debts into one repayment
Juggling credit cards, a personal loan and car finance? Bringing them together can mean one repayment and a lower interest rate. It can also cost more if it isn't set up carefully, so we show you both sides before you decide.
Check my optionsChecking your options doesn't affect your credit file. A credit check only happens if you decide to apply — and we'll tell you before it does.
When it can make sense
- You're paying high interest on credit cards or personal loans
- You own a home with equity and want to roll smaller debts into it
- Multiple due dates are making it hard to keep on top of repayments
- You want a clear payoff date instead of revolving balances
What to watch out for
- Moving short-term debt into a 25 to 30 year mortgage can cost more interest overall, unless you keep repayments up
- Closing paid-off cards matters: open limits still count against your borrowing power
- Fees and break costs on the debts you're paying out
- If you're in financial hardship, talk to your lenders or the free National Debt Helpline (1800 007 007) first
How it works
- 01List what you oweEach debt, its balance, rate and repayment. It takes a minute and doesn't touch your credit file.
- 02See the before and afterYour total repayments and total interest now versus consolidated, including how long each takes to pay off.
- 03Choose with a brokerIf consolidating genuinely helps, your broker finds the best-fit option and lodges it for you.
Common questions
Will checking my options affect my credit score?
No. Checking what you could qualify for uses the information you give us and doesn't put an enquiry on your credit file. A lender only runs a credit check if you decide to apply, and we'll tell you before that happens.
Does debt consolidation always save money?
No. You can pay less each month but more in total if the debt is spread over a longer term. We show total interest both ways so you can see the real difference.
Can I consolidate debt into my mortgage?
If you have enough equity and can service the larger loan, often yes. It usually gives the lowest rate, but it turns short-term debt into long-term debt. Paying extra off the consolidated amount is the key to coming out ahead.
Will consolidating hurt my credit score?
Checking your options won't. Applying for a new loan places an enquiry on your file, and paying off and closing other accounts can help over time. We'll explain the trade-off before you apply.
Related guides
- Debt consolidation: when it saves money and when it costs moreOne repayment sounds simple. Here's how to make sure it also saves you money.
- Does checking your borrowing power affect your credit score?The difference between checking your options and applying, and what actually shows up on your credit file.
See where you stand in about a minute.
No obligation, and no effect on your credit file.
General information only, not personal financial advice. Your circumstances, the lender's criteria and fees will determine whether an option suits you.