Compare Debt Consolidation Loans from 50+ Australian Lenders

Roll multiple debts into one simple loan with a clear repayment schedule and potentially lower interest rates.

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Debt Consolidation Loan Australia
Emu Money Debt Consolidation Loan Comparison

Simplify Your Finances

Combine multiple debts into one predictable repayment and reduce financial stress.

Borrowing Range

Typical amounts $2,000 to $100,000+

Fixed Repayments

1 to 7 year terms available

Fast Approvals

Same-day decisions possible for eligible profiles

Secured or Unsecured

Choose depending on loan size and rate needs

Direct Creditor Payouts

Lenders can pay off old accounts directly

Path to Debt-Free

One clear repayment with an end date

How it works

We match your application to lenders who specialise in consolidating multiple debts into one loan.

1.

Apply online in 3 minutes

Share your income, debt balances and repayment goals.

2.

See matched options

Compare offers with direct-to-creditor payout features.

3.

Upload documents

Provide ID, income proof and liability statements for assessment.

4.

Settle & simplify

Old accounts are paid out, leaving you with one manageable repayment.

How Debt Consolidation Works

Backed by over 50+ lenders

Giving you the best chance of being approved.

Affordable Car Loans
Alex Bank
Angle Finance
ANZ
Australian Motorcycle & Marine Finance
Australian Premier Finance
Automotive Financial Services
Azora
Bank of Melbourne
Bizcap
BOQ
Branded Financial Services
Capify
Capital Finance
CarStart Finance
CFI
Dynamoney
EarlyPay
Equity Tap
Finance One
Finstro
Firstmac
Flexi Commercial
Green Light Auto
Grenke
Latitude
Liberty
Lumi
Metro
Money3
MoneyMe
MoneyPlace
Morris Finance
Moula
Multipli
Now Finance
Pepper Money
Plenti
Prospa
Resimac
ScotPac
Selfco
Shift
SocietyOne
UME Loans
Vestone
Westpac
Wisr
Yellow Gate

Ready to simplify debt?

Compare debt consolidation loans from 50+ lenders with one easy application.

A quick guide to debt consolidation loans

Debt consolidation loans allow Australians to combine multiple debts—like credit cards, personal loans and payday advances—into one facility with a single repayment. This simplifies budgeting, can lower your total interest cost and sets a clear end date.

These loans may be secured (e.g. against a car) for higher amounts or unsecured for speed and flexibility. The best option depends on your debt size, credit profile and affordability. Direct creditor payouts at settlement ensure old accounts are closed and interest stops accruing.

Types of debt consolidation loans

Choose the structure that fits your situation and repayment goals:

Unsecured Personal Loan

A personal loan that doesn't require collateral, based on your creditworthiness and ability to repay, offering flexibility for various purposes.

Loan Amount$5,000 - $200,000
Term6 - 84 months
Interest RateFrom 6.3%
Comparison Rate^From 7.97%
Time to Fund24 - 48 hours
EligibilityMinimum income $20,000, Australian resident, Fair credit score
Pros
  • No collateral required - no risk to personal assets
  • Quick approval and funding process
  • Flexible use of funds for any purpose
Cons
  • Higher interest rates than secured loans
  • Stricter credit requirements
  • Lower maximum loan amounts available
Best For

People who need flexible funding for any purpose without risking their assets. Ideal for debt consolidation, home improvements, holidays, and old or exotic vehicles.

Secured Personal Loan

A personal loan secured against an asset offering lower rates than unsecured options. Use the funds for any purpose while benefiting from competitive secured rates.

Loan Amount$5,000 - $200,000
Term6 - 84 months
Interest RateFrom 6.3%
Comparison Rate^From 7.97%
Time to Fund24 - 48 hours
EligibilityMinimum income $20,000, Australian resident, Fair credit score
Pros
  • Lower interest rates due to asset security
  • Higher loan amounts available
  • Flexible use of funds for any purpose
  • Longer repayment terms possible
Cons
  • Asset serves as security - risk of loss
  • Comprehensive insurance may be required
  • Longer approval process due to security valuation
  • Asset restrictions during loan term
Best For

Borrowers with valuable assets who want lower rates for debt consolidation, home improvements, or major purchases while keeping costs down.

Fixed Rate Personal Loan

An unsecured personal loan with fixed interest rate providing predictable monthly payments. Perfect for consolidating debt or funding personal goals.

Loan Amount$5,000 - $200,000
Term6 - 84 months
Interest RateFrom 6.3%
Comparison Rate^From 7.97%
Time to Fund24 - 48 hours
EligibilityMinimum income $20,000, Australian resident, Fair credit score
Pros
  • Fixed interest rate provides payment certainty
  • No assets required as security
  • Predictable budgeting with set repayments
  • Quick approval and funding process
Cons
  • Higher rates than secured loan options
  • Stricter credit requirements than variable loans
  • Cannot benefit from interest rate decreases
  • Lower maximum amounts than secured loans
Best For

Borrowers who want payment certainty and protection against rate rises for debt consolidation, home improvements, or planned expenses.

Variable Rate Personal Loan

An unsecured personal loan with variable interest rates that can fluctuate with market conditions. Potentially benefit from rate decreases on your personal financing.

Loan Amount$5,000 - $200,000
Term24 - 84 months
Interest RateFrom 9.2%
Comparison Rate^From 10.87%
Time to Fund24 - 48 hours
EligibilityMinimum income $30,000, Australian resident, Fair credit score
Pros
  • Can benefit from interest rate decreases
  • Often lower initial rates than fixed loans
  • More flexible loan features available
  • No assets required as security
Cons
  • Monthly payments can increase with rising rates
  • Uncertainty in budgeting due to rate fluctuations
  • Higher rates than secured loan alternatives
  • Risk of significant payment increases
Best For

Borrowers comfortable with payment variability who want to benefit from potential rate decreases without putting assets at risk.

What debts can I consolidate?

Debt consolidation loans can roll many kinds of balances into one facility:

Credit Card Balances

One of the most common uses. Replace multiple high-interest card repayments with one fixed instalment loan, reducing interest drag.

Personal Loans

Combine multiple small personal loans into one repayment to simplify budgeting and potentially lower your overall cost.

Medical Bills

Bundle outstanding healthcare expenses into one predictable repayment instead of juggling multiple payment plans.

Auto or Consumer Loans

If you’re struggling with existing vehicle or appliance loans, consolidation can bring them together into one manageable structure.

Payday & Short-Term Loans

Escape high-interest payday cycles by rolling them into one lower-rate consolidation facility with a clear finish line.

Overdue Bills & Utilities

Prevent service disconnections by including outstanding utility bills in your consolidation loan, then paying them off over time.

Case Study

Debt Consolidation Case Study

Sam P

From juggling cards to one repayment


Challenge: Five credit cards with staggered due dates and rising interest.

Solution: Unsecured debt consolidation loan over 5 years with creditor payouts.


Sam in Adelaide was overwhelmed with five different card repayments every month, often paying late fees on top of high interest. Through Emu Money, Sam matched with a lender offering a 5-year unsecured consolidation loan. Funds were paid directly to the card issuers, leaving Sam with one fixed monthly repayment. This structure lowered stress, cut interest costs, and set a clear timeline to become debt-free.

How much can I borrow with a debt consolidation loan?

Most lenders offer consolidation facilities between $2,000 and $75,000, with some stretching to $100,000 depending on credit profile, income and whether the loan is secured. Approval amounts are based on your total existing debts, affordability and overall commitments. Remember: larger limits can extend repayment terms and interest costs, so borrow only what you need to clear your current debts.

Debt Consolidation Loan Repayment Calculator

Estimate your new repayment and total cost. Adjust the amount, term and rate to see how it compares to your current outgoings.

Loan Amount
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Establishment Fee
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Loan Term (months)
Interest Rate
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Total amount to repay
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Your repayments
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Balance over time

Am I eligible for a debt consolidation loan?

Eligibility is based on your ability to repay and your existing debt position. Stronger credit and stable income unlock sharper pricing. Lenders will assess bank-statement health and total liability levels before approving.

You may be eligible if you are:

  • An Australian resident aged 18+

  • Employed or self-employed with regular income

  • Able to show affordability via bank statements

  • Holding multiple debts suitable for consolidation

  • Meeting minimum credit score requirements

How to apply for a debt consolidation loan?

Complete our quick online application and upload supporting documents. We’ll match you to lenders who can pay off your creditors directly at settlement, leaving you with one clear repayment.

Documents you may need:

  • Photo ID (driver’s licence or passport)

  • Recent bank statements (3–6 months)

  • Payslips or income verification

  • Liability statements for debts to be consolidated

  • Asset details if applying for secured option

How to save money on a debt consolidation loan

To maximise savings, compare both rates and fees across lenders, and check the comparison rate for a realistic cost. Ensure your old accounts are closed at settlement so interest doesn’t continue. Choosing a shorter term reduces total interest but increases monthly repayments, while longer terms ease the monthly strain but cost more overall. Avoid taking on new debt while paying off your consolidation loan to ensure long-term success.

Example: Consolidating $30,000 over 60 months at 12.99% p.a.:

ScenarioApprox. Monthly RepaymentTotal Interest (approx.)

Keep separate cards (avg. 20%+)

$900+

$15,000+

Consolidate into new loan

$684

$11,040

Understanding debt consolidation loan options

Different structures and features impact cost and effectiveness. Here are the main options:

Secured vs Unsecured Loans

Secured loans allow larger limits and lower rates but require collateral such as a car. Unsecured loans are faster and flexible but may come with higher rates.

Fixed vs Variable Rates

Fixed rates offer certainty and stability; variable rates can fluctuate, sometimes offering savings but with added risk.

Direct Creditor Payout

Many lenders pay creditors directly at settlement to ensure debts are cleared. This prevents misuse of funds and ensures interest stops accruing.

Early Repayment Flexibility

Some lenders allow early payout or extra repayments without penalty, saving on interest. Others charge fees—check before you commit.

Rate-for-Risk Pricing

Better credit and income stability unlock sharper rates. Improving your profile before applying can save significantly.

Debt Consolidation Alternatives

Sometimes a balance transfer or refinancing mortgage may be a cheaper alternative. Compare all options before committing.

Testimonials

VerifiedVerified Review

I've got the best service at Emu Money and their willingness to help you out. Evette went out of her way to help assist for the desired results. I will highly recommend them to anyone. Evette's industry knowledge & service was exceptional! I highly recommend her & will definitely reach out should we need any financial services in the future. Thank you

Mazhar A.

Review posted on 2025-04-25

VerifiedVerified Review

Brad was great quick and simple no headaches. just simple process and was done in quick time frame. cant thank him enough.

Danny D.

Review posted on 2024-01-24

VerifiedVerified Review

I was so lucky to have had Evette as my broker through emu money, from the very first phone call Evette was amazing, so prompt and professional keeping me updated on the whole process of the application for finance for my new car, I highly recommend Evette!!!

Kaila B.

Review posted on 2024-03-19

VerifiedVerified Review

Jackson was very helpful in getting me a loan for my daughters car. Very happy with the service he provided.

Rick D.

Review posted on 2025-06-25

VerifiedVerified Review

Eujine made the process of getting a loan swift and easy, he's very trustable, I would highly recommend

Amila L.

Review posted on 2024-03-12

VerifiedVerified Review

I had an excellent experience with Emu Money. Robyn was fantastic – professional, approachable, and genuinely easy to deal with from start to finish. She explained everything clearly, made the whole process stress-free, and went above and beyond to ensure I was comfortable with each step. It's rare to find someone so reliable and efficient. I'd highly recommend Emu Money, and especially Robyn, to anyone looking for great service and peace of mind

Cruize W.

Review posted on 2025-09-10

Frequently Asked Questions

Debt Consolidation Loan FAQs

These helpful FAQs will help you find the answers you need. If you can't find what you're looking for, you can request a callback below.

What happens to my old debts when I consolidate?
Can I still use my credit cards?
Can I consolidate secured and unsecured loans?
What’s the difference between consolidation and settlement?
How much can I borrow?
Do debt consolidation loans hurt my credit?
Are fees involved?
Can I repay early?
Will I definitely save money?
How fast can I get approved?
The information, tools, and material presented on emumoney.com.au are provided for informational and comparative purposes only and do not constitute financial advice or a recommendation. While we strive to ensure the accuracy and timeliness of the information provided, we make no guarantees or warranties, either expressed or implied, regarding the completeness, accuracy, reliability, or suitability of the information, products, services, or related graphics contained on this website. The loan rates, terms, and repayments presented are based on user inputs and the data provided by lenders in our network. These are estimates and indicative figures only. Actual loan rates, terms, and repayments may vary based on the specific lender, your creditworthiness, market conditions, and other factors not accounted for in our tools.
^The comparison rate shown is for a secured loan amount of $30,000 over a term of 5 years based on monthly repayments. Warning: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees, or other loan amounts might result in a different comparison rate. Any calculations or estimations do not constitute an offer of credit or a formal credit quote and is only a calculation of what you may be able to achieve based on the information you have entered. It does not consider suitable product features or loan product types. Rates + repayments shown are based on user inputted data. All applications for credit must be verified prior to the formal assessment process. All applications for credit approval are subject to lender credit approval. Approval is not guaranteed.
The minimum loan term available is 6 months, and the maximum loan term is 84 months. Maximum Annual Percentage Rate (APR): The maximum APR, which includes the interest rate plus fees and other costs calculated annually, is 29.29% per annum. Representative Example: For a loan amount of $30,000 over a term of 5 years (60 months) at an annual interest rate of 6.3% p.a., the total repayment amount including all fees and charges would be $36,471.67, with a monthly repayment of $607.86.