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.
5.0 rating
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.
Apply online in 3 minutes
Share your income, debt balances and repayment goals.
See matched options
Compare offers with direct-to-creditor payout features.
Upload documents
Provide ID, income proof and liability statements for assessment.
Settle & simplify
Old accounts are paid out, leaving you with one manageable repayment.
Backed by over 50+ lenders
Giving you the best chance of being approved.
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.
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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.
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.
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.
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.
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
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.
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.:
| Scenario | Approx. Monthly Repayment | Total 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
Verified Review
Fantastic experience. Very seamless process, all done online and settlement was exactly when required. Highly recommend Adam. He was a pleasure to do business with on our first loan with Emu Money.
Vicki
Verified Review
Brad has been absolutely amazing to work with to help with financing for our business! The process was very simple, well explained and Brad went out of his way to provide updates - highly recommended!
Karn P.
Verified Review
Brad was great from start to finish made the process very easy. Would have no hesitation in using emu money again. Thanks again Brad.
Toni B.
Verified Review
I had such a great experience with Evette when sorting out my car loan. She made the whole process really easy and stress-free, was always quick to answer any questions, and genuinely cared about getting me the best outcome. Super friendly and professional. I'd happily recommend Evette to anyone looking for a car loan!
Dillon F.
Verified Review
We recently had the pleasure of working with Eujin to secure a car loan, and we couldn't be more grateful for his assistance. Eujin went above and beyond to ensure we got the best possible terms. His professionalism, dedication, and willingness to help were evident throughout the entire process. Thank you, Eujin, for making this experience smooth and stress-free. Highly recommend his services!
Bstl 1.
Verified Review
Incredibly seamless experience! Highly recommend
Tracy W.
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.
