Same debts.
A different way to repay.
Debt consolidation brings eligible debts into one new loan. It can simplify the juggling. It doesn't make the debt disappear.
Refinancing, consolidating — what's the difference?
Refinancing replaces an existing loan with a new one. Consolidating combines several debts into one loan. You might refinance one personal loan, or consolidate that loan with credit cards and BNPL. Either way, compare the full cost and terms, not just the repayment.
This site is for unsecured personal debts. Property borrowing, HECS-HELP, secured asset loans and business debts are not included.
From “where do I start?” to one repayment.
Compare your options
List balances, rates, repayments and payout costs. A broker can discuss your circumstances and possible options. Compare the total amount repayable, fees, loan term and repayment flexibility.
Prepare and apply
If you choose to proceed, provide accurate identity, income, expense and debt information. Ask when a credit enquiry happens and which lender will receive an application.
The lender assesses
The lender considers the application, credit history and ability to repay. It may request more documents. Approval is not guaranteed, and the calculator cannot assess eligibility.
The new loan pays out old debts
If approved and accepted, nominated debts are paid out under the lender’s process. Check payout confirmations, remaining transactions and whether accounts must close. Keep meeting existing obligations until payout or an agreed alternative arrangement.
One repayment, with a plan
Organise the new repayment around your pay cycle. Think about cleared card and BNPL limits so you do not build new balances alongside the new loan.
What lenders typically look at.
Requirements vary, but lenders generally consider income, living expenses, existing debts and credit history. They may ask for bank statements, payslips or other income evidence, debt statements and identity documents. Casual, contract and self-employed income may need different evidence.
They need a realistic picture, not your cheapest imaginable month. Include irregular bills, other commitments and changes in your circumstances. Ask what documents are needed and share them through the secure method provided.
What could help.
- One scheduled repayment instead of several due dates.
- A defined loan term and clearer repayment structure.
- Potentially more room in monthly cashflow, depending on the real loan terms.
- A chance to review accounts and organise your debt plan.
What to watch.
- A longer term can mean more interest overall.
- New fees and existing-loan payout costs can change the comparison.
- Interest-free BNPL could become interest-bearing debt.
- Cleared cards can build up again, leaving two layers of debt.
When it might not help.
If the new repayment is still unaffordable, another loan may not solve the underlying shortfall. If you keep spending on cleared accounts, the debt can grow again. And if you extend debts that would have been repaid sooner, total interest could increase even if the regular repayment falls.
Extra repayments may reduce interest if your loan allows them. Check restrictions and costs before assuming that option is available. The calculator is a starting illustration, not a loan recommendation.
Struggling to keep up right now?
Speak with existing providers about financial hardship assistance. For free, confidential financial counselling, contact the National Debt Helpline on 1800 007 007 or ndh.org.au. You do not need a new loan to ask for support.
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