Add your existing debts and see how much you could save by consolidating them into a single loan. Compare total interest, monthly repayments, and payoff timelines side by side.
Consolidating could save you $807 in interest and reduce your repayments by $273/month.
| Debt | Balance | Rate | Monthly | Interest remaining | Payoff |
|---|---|---|---|---|---|
| Credit Card | $8,000 | 20% | $250 | $3,750 | 3 yr 11 mo |
| Personal Loan | $12,000 | 12% | $350 | $3,050 | 3 yr 7 mo |
| Car Loan | $15,000 | 8% | $400 | $2,600 | 3 yr 8 mo |
| Current total | $35,000 | $1,000 | $9,400 | 3 yr 11 mo | |
| Consolidated loan | $35,000 | 9% | $727 | $8,593 | 5 years |
Even a 1-2% difference in consolidation rate changes the total interest significantly. Use the rate slider to see how much more you save at a lower rate, and what happens if you only qualify for a higher one.
A shorter term means higher repayments but much less interest over the life of the loan. A longer term reduces the monthly pressure but may reduce or eliminate the interest saving vs your current debts.
Try adding all your debts to get the full picture, or model consolidating only the high-rate debts (like credit cards) while keeping low-rate debts separate.
Switching from monthly to fortnightly or weekly repayments reduces total interest because the balance drops faster. The toggle lets you compare all three options side by side.
Lenders assess how much of your income goes to debt repayments. Consolidating multiple debts into one can simplify this picture, but your overall debt level still matters.
Your credit score and repayment history influence the rate you are offered. Missed payments on existing debts may affect your eligibility. A stronger credit history generally means access to more competitive rates.
Lenders count your open credit card limits as potential debt, even if the cards are partially paid off. Closing old cards after consolidation may improve your borrowing position.
Lenders prefer applicants with stable employment. Most look for at least 3-6 months in your current role, though some lenders are flexible for contractors and self-employed borrowers.
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Subject to lender approval, terms and conditions apply.
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Debt consolidation combines multiple debts into a single loan with one regular repayment. Instead of juggling different due dates, interest rates, and minimum payments across credit cards, personal loans, and other debts, you take out one new loan to pay them all off. The goal is usually a lower overall interest rate, reduced monthly repayments, or a clearer payoff timeline.
Enter each of your existing debts with their balance, interest rate, and current monthly repayment. The calculator works out how long each debt would take to pay off at your current pace, then compares that to a single consolidated loan at the rate and term you choose. It shows you the difference in total interest paid, monthly repayments, and payoff timeline.
It depends on the consolidation rate you qualify for, the term you choose, and the rates on your existing debts. Consolidation saves money when the new rate is lower than the weighted average of your existing rates and you do not extend the term so far that extra interest wipes out the rate saving. This calculator helps you model different scenarios to see when it works.
Personal loan rates in Australia typically range from 6% to 15% p.a. depending on the lender, your credit score, whether the loan is secured or unsecured, and the loan amount. Secured consolidation loans (backed by a vehicle or other asset) generally attract lower rates than unsecured loans. The rate in this calculator is for illustration only.
Applying for a consolidation loan adds a credit enquiry to your file, which can temporarily lower your score. However, consolidating can improve your score over time if it helps you make consistent on-time payments and reduces the number of open credit accounts. Closing old credit cards after consolidation also reduces your available credit, which some scoring models view positively.
A shorter term means higher monthly repayments but less total interest and a faster path to being debt-free. A longer term reduces the monthly burden but increases total interest. Use the term slider in this calculator to find the balance between affordable repayments and total cost.
Yes. Credit card debt is one of the most common types consolidated into a personal loan. Because credit card rates are typically 18-22% p.a. and personal loan rates can be significantly lower, the interest saving can be substantial. The key is to avoid running the credit cards back up after consolidating.
The results are estimates based on standard amortisation formulas. Actual results may differ because lenders calculate interest in different ways, charge fees not included here (establishment fees, monthly account fees), and your qualifying rate may differ from the rate entered. Use these results as a guide for comparison, not as a quote.
Results are estimates only and should not be relied upon for financial decisions. Actual debt consolidation loan repayments will depend on the lender, your credit profile, and the specific terms offered. Interest rates used are for illustration purposes only and may not reflect current market rates.
Subject to lender approval, terms and conditions apply.
This calculator is general information only and is not financial advice.