Debt consolidation loan
Consolidate smaller debts and pay it off quicker using a personal loan.
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Debt consolidation personal loans
According to credit reporting agency Veda, 600,000 Australians are at-risk for credit default. This may be due to juggling many credit products at once, and struggling to get ahead of it all. It happens to all of us; our finances get more complicated when we take out credit cards, store credit, or personal loans to cover unexpected expenses.
If you have multiple debts on the go at once, it can be difficult and costly to manage them all individually. Taking out a personal loan is a great way to consolidate your debts, with affordable rates and flexible repayment options helping simplify the process of paying them off.
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| Symple |
| Harmoney |
| SocietyOne |
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| ourmoneymarket: OurMoneyMarket |
Harmoney Unsecured Personal Loan |
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Borrow up to $50,000 with personalised rates and repay over 3 or 5 years loan terms. | |||||||||||||||
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Apply for an unsecured personal loan up to $75,000 and receive a special rate of 5.45% p.a. for first 12 months for loan amounts over $35,000. | |||||||||||||||
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Earn up to 50,000 Qantas Points with a more rewarding personal loan from Symple | |||||||||||||||
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Borrow up to $50,000 with no fees, now and forever. Minimum requirement to earn $22,100 p.a. and have good to excellent credit. | |||||||||||||||
SocietyOne Unsecured Personal Loan |
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Borrow up to $50,000 with rates between 5.95% p.a. and 14.99% p.a. based on your credit rating. | |||||||||||||||
Harmoney customers applying for loans of this amount and length can receive an interest rate between 5.35% p.a. and 19.09% p.a. (6.14% p.a. and 19.99% p.a. comparison rates). Loan terms are offered for lengths of three or five years. A $30,000 personal loan repaid monthly over five years at the minimum 6.14% p.a. comparison rate will cost an estimated $34,916.34, inclusive of all interest and most fees, with monthly repayments of $581.94.
Symple customers applying for loans of this amount and length can receive an interest rate between 5.75% p.a. and 25.99% p.a. (6.47% p.a. and 29.20% p.a. comparison rates). Loan terms are offered for lengths of one to seven years. A $30,000 personal loan repaid monthly over five years at the minimum 6.47% p.a. comparison rate will cost an estimated $35,193.78, inclusive of all interest and most fees, with monthly repayments of $586.56.
SocietyOne customers applying for loans of this amount and length can receive an interest rate between 5.95% p.a. and 19.99% p.a. (5.95% p.a. and 21.70% p.a. comparison rates). Loan terms are offered for lengths of two, three or five years. A $30,000 personal loan repaid monthly over five years at the minimum 5.95% p.a. comparison rate will cost an estimated $34,757.21, inclusive of all interest and most fees, with monthly repayments of $579.29.
Now Finance customers applying for loans of this amount and length can receive an interest rate between 5.95% p.a. and 17.95% p.a. (5.95% p.a. and 17.95% p.a. comparison rates). Loan terms are offered for lengths of 18 months to seven years. A $30,000 personal loan repaid monthly over five years at the minimum 5.95% p.a. comparison rate will cost an estimated $34,757.21, inclusive of all interest, with monthly repayments of $579.29.
OurMoneyMarket customers applying for loans of this amount and length can receive an interest rate between 5.45% p.a. and 20.99% p.a. (6.04% p.a. and 23.83% p.a. comparison rates). Loan terms are offered for lengths of one to seven years. A $30,000 personal loan repaid monthly over five years at the minimum 6.04% p.a. comparison rate will cost an estimated $34,855.67, inclusive of all interest and most fees, with monthly repayments of $580.93.
The features and benefits of debt consolidation loans
Borrow up to $50,000
You can cover 100% of your outstanding debts up to $50,000 with a debt consolidation personal loan, with amounts starting at just $2,000.
1-7 years loan term
Our lenders afford you the flexibility to repay your loan at your pace, with terms available from one to seven years to shape the size of your repayments.
All debts accepted
Whether you have an existing personal or car loan on the go or outstanding credit card debts accruing interest, you can use your personal loan to cover them.
Affordable interest rates
Bringing all of your debt under one rate, particularly high-interest ones like credit cards, could help you save thousands of dollars overall.
Fixed repayments
Because your interest and fees are fixed, your repayments will remain the same across your loan term to allow for more accurate budgeting.
Freedom to repay early
You can compare lenders who offer no fees associated with making additional repayments or paying your loan off early and save on interest and fees.
Instant outcome and rapid money transfer
An instant response will be sent as quickly as 60 seconds after your initial application, while you can have the money in your account inside 24 hours.
Select your repayment schedule
In addition to choosing your term, you can opt for either weekly, fortnightly or monthly loan repayments to suit your financial needs.
Why choose Savvy for your debt consolidation loan?
Australia-wide lending partners
With reputable lending partners across the country, you can rest assured that you’re accessing a loan product you can trust.
More choices, more savings
When you compare a wider range of choices with Savvy, you maximise your chances of walking away with a great deal on your personal loan.
100% accessible online
You can compare and contrast the best personal loans on your mobile or computer and instantly link to your preferred lender’s site wherever you are.
How to apply for a debt consolidation loan
Tally up your current debts
First and foremost, it’s crucial that you take stock of your debts to work out whether a personal loan is right for you. This will give you a clear understanding of the amount that you’ll require to pay off all of your outstanding debts.
It’s also worthwhile running rudimentary calculations to determine your potential savings when consolidating with a personal loan. For instance, if you have different types of finance such as a personal loan and multiple credit card debts, you may stand to save depending on the size of the latter debts and their interest rates.
Compare your options with Savvy
From there, you can start comparing your loan options with Savvy. There are a number of ways you can look to do this: interest rates, fees, minimum loan amount, maximum and minimum term length, free early repayments and more.
An important factor to note is the comparison rate on personal loans. This percentage incorporates both the interest rate and primary costs like establishment and ongoing fees.
Choose your lender
Once you’ve compared lenders and found your preferred loan through our rate table, you can instantly be connected to their website. Your application process will be conducted via their web portal from this point forward.
Submit your application
The first step when submitting your formal application is to gather the documents you’ll need. While some lenders differ in terms of specifics, you’ll need the following to qualify for a personal loan:
- Passport, driver’s licence and/or other suitable photo ID documents
- Your last two payslips (proof of employment sometimes required)
- 90 days’ worth of bank statements may be required
- Information on existing assets (such as property or vehicles) and liabilities (outstanding debts and loans)
- If self-employed, you’ll need to supply at least the previous year’s tax returns (if not two)
Sign off on your final loan agreement
Once your lender has received your application and is satisfied that you’re a trustworthy borrower, they can approve it and will send through a final loan contract for you to sign electronically.
After this, the loans will be sent to your account, where you can then repay your outstanding debts in full and start repayments on your debt consolidation loan.
How can I save with a debt consolidation loan?
When you have multiple debts, each lender will charge you their own set of fees. You’ll also be subject to different interest rates, with some higher than others.
However, when you consolidate your debts, you only have one repayment to make each month. Additionally, as you’re not paying fees to multiple lenders, more of your money goes to paying down the loan. In addition to making it easier to track your progress, this can actually save you money in the long run.
To help explain this, here’s a worked example of a common debt consolidation scenario.
| Debt | Amount Owing | Comparison Rate | Monthly Repayments | Term | Total Cost |
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Personal Loan |
$7,500 |
9.41% |
$238.15 |
3 years |
$8,573.40 |
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Car Loan |
$25,000 |
9.39% |
$512.79 |
5 years |
$30,767.58 |
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Credit Card 1 |
$5,000 |
20.74% |
$128* |
24 years* |
$14,479 |
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Credit Card 2 |
$7,500 |
13.99% |
$152* |
26 years* |
$16,846 |
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TOTAL |
$45,000 |
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$1,030.94 |
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$70,665.98 |
*Credit card calculations are based on minimum monthly repayments, which decrease over time. Other associated credit card costs are not included in this calculation.
To compare with the above table, you can see how consolidating these debts into one personal loan can help you save a considerable amount of money.
| Debt | Amount Owing | Comparison Rate | Monthly Repayments | Term | Total Cost |
|---|---|---|---|---|---|
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Consolidated Loan |
$45,000 |
9.41% |
$931.94 |
5 years |
$55,916.64 |
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