Australia's Money Matchmaker™

Find debt consolidation loan rates in 60 seconds

We match. You choose

  • Real offers from 11 top Australian lenders
  • Free and simple to use
  • No nasty surprises
Best match guarantee or $200* we're confident
Best match guarantee or $200* we're confident
Australia's Money Matchmaker matching you with your best loans across multiple lenders
Take the chance out of loan shopping, review loan offers from 11 lenders and get the best loan.

Why Money Matchmaker™

Personal loan rates from 11 lenders in 60 seconds with Money Matchmaker
Real rates, not click bait

Rate comparison websites show you a low rate that hardly anyone qualifies for. We show real loan rates based on matching you to lender rules.

Money Matchmaker is 100% free to use
No hidden fees or paid promotions

A broker can add up to $1000 to your loan. A rate comparison site gets as much as $50 per click to a lender, so they don't care if you get rejected. We only charge the lender and we only do that if you take out a loan through us.

Money Matchmaker puts you in control of your loan choices
No time wasting or sales calls

Googling options and applying to each lender wastes time and can affect your credit score. Using rate comparison sites often leads to annoying sales calls. We show you options in 60 seconds with no follow up calls.

“Super quick, I got lots of offers. All I had to do was choose which one! I went with Wisr because they were the cheapest. Thanks” - Angela

Debt consolidation loans in Australia

Written by

Shaun McGowan

Are you feeling overwhelmed by debt?

If you’re starting to lose track, debt consolidation could be the answer.

Australia's Money Matchmaker matching you with your best loans across multiple lenders
Debt consolidation lets you take out one loan to repay all your existing debts at once; pay off the car, cut up the cards, and cancel the overdraft.

Consolidating debt benefits

Consolidating your debts should make them:

  • Easier to manage; and/or
  • Cheaper to repay

Of course, debt consolidation isn’t for everyone.

Below, we’ll cover off all the things to look out for and keep in mind so you can simplify your debts.

The two ways to use debt consolidation loans

The first way

Let’s say you’ve got five different debts and...

You’re making five different payments at various times of the week or month.

Add rent, bills, streaming subscriptions, direct debits and other ongoing expenses and...

It’s very easy to feel overwhelmed and lose track of where your money is going.

Debt consolidation allows to take all those repayment amounts and different dates and merge them into a single loan.

One amount. One repayment.

  • So instead of paying: $45.66, $59.14, $104.94 and $130.26 on the 3rd, 9th, 15th, and 28th of the month, all charging different rates of interest and fees for missing payments...
  • You could simply pay: $340 (or less!) once a month. On the day of your choosing, with a single interest rate.
Debt consolidation with Money Matchmaker

The two ways to use debt consolidation loans

The second way

Use debt consolidation to extend the term of your repayments.

But keep in mind, this may not save you money.

The longer you take to pay off your loan, the more you’ll end up paying in interest.

However, it could allow you to free up cash or simply breathe easier in the short term...

Because extending your term means your repayments will be lower.

And, if you decide you are in a better place a little way down the road, you can always think about:

  • Refinancing your loan to shorten your term at a better rate, or
  • Making additional payments (if you can) to settle your debt sooner.
Consolidate your debt into one loan with Money Matchmaker
Australia's Money Matchmaker matching you with your best loans across multiple lenders
Debt consolidation is like spring cleaning for your finances, cutting out the waste and making everything tidier. Finance minimalism even!

Compare your best debt consolidation rates and offers


Joshua's debt consolidation loan

Joshua used a debt consolidation loan to get a handle on his debts. His debts were:

  • Car repair bill
  • Dentist bill
  • Course fees
  • Credit card

He was finding it harding it hard to ensure he still had money on each of the different payment dates. Joshua chose a debt consolidation loan with:

  • Weekly instalments on a day he chose, so it matched when he got paid
  • Fixed interest rate of 11.35%, which was less than his other existing interest rates
  • Loan term of 2 years, so his payments each week were manageable and he still had money left from his pay check
  • No establishment or monthly fees, so he wasn't paying more than he had to

What to look for in debt consolidation loans

So, now that you want to consolidate your debt, you’ll want to keep three important things in mind when comparing or choosing a loan:

  • Debt consolidation loan rates — The lower the better. Low interest rates mean lower total costs and lower repayments overall.
  • No ongoing fees — Fees are awful, and you shouldn’t pay them. Credit cards are notorious for this; find a new loan with no fees and save money instantly.
  • Simplicity — Find a loan that lets you choose your frequency of repayment and date to better manage your debts, or one with no fees if you want to repay your loan faster.

Find the lowest rate debt consolidation loan you can with no fees.

Australia's Money Matchmaker matching you with your best loans across multiple lenders
Money Tip: Find a debt consolidation loan with a lower interest than your existing loans and you’ll save money by paying less interest over time.

Comparing debt consolidation loans and lenders

When comparing debt consolidation loans and rates from multiple lenders, use a comparison rate to ensure you are accounting for all costs.

The comparison rate expresses the true cost of a loan (Interest plus fees) as a simple percentage.

The four types of fees you should be aware of when comparing lenders for a debt consolidation loan include:

  • Upfront costs - establishment fees and application fees (often negotiable)
  • Ongoing fees - annual fees and monthly fees (avoidable)
  • Late payment fees - charged if you miss a payment (very avoidable!)
  • Extra repayment fees - charged if you make an extra payment (ouch!)

Upfront and Ongoing fees are included in the comparison rate. However, variable fees - such as late-payment fees - are not, so be sure to keep these in mind when comparing deals.

If you can’t find any loans to compare, a personal finance broker can assist in finding you a suitable deal and completing your application.

Brokers operate all across Australia — whether you need a debt consolidation loan in Adelaide, Newcastle, Sydney, Canberra, Brisbane, Melbourne, or Perth, you'll be able to find one who can help you.

The right debt consolidation loan can save you $1,000s


What lenders are looking for

Lenders love boring, or should we say, consistency!

They love it if you've had the same job forever and have been at the same house since you first left home.

Here's an example of how your employment history can influence your approval.

employment history applicant

How lenders view credit history

Here is how your credit history can influence your ability to be approved.

credit history applicant
Australia's Money Matchmaker matching you with your best loans across multiple lenders
Money Tip: It may be a good idea to set up your loan repayments so that they fall directly after your payday — that way you’ll always have money in the bank to pay them.

How to benefit from debt consolidation

Debt can be expensive, financially and mentally.

Debt consolidation can be a great tool if you:

  • Set a budget — Create a realistic budget to manage your repayments and keep a close eye on your spending to make sure you can stick to it.
  • Make extra repayments — Making extra repayments is a great way to pay your loan off faster and reduce the total amount of interest you pay.
  • Choose the right loan and shop aroundShop around to find lower interest rates, fees and a better deal.
  • Avoid getting back into debt — This may be a good time to close those overdrafts and cut up your credit cards.

You can also speak to a financial adviser before committing to a debt consolidation loan.

These financial experts can assess your current situation and advise you on what will or won’t work in your current circumstances, and also help you find a great loan.

Find and compare personal loan rates with Money Matchmaker

How does consolidating debt actually work?

Once you’ve applied for a debt consolidation loan and you’ve been granted approval, the lender may do one of two things:

  • Deposit the cash in your account to repay your existing debts yourself
  • Contact your previous lenders to settle the existing debt on your behalf

Either way, you’ll want to repay and cancel your existing debts as quickly as possible to save on interest charges.

If you’re only consolidating credit card debt, simply repay your credit card debt, cancel the card, and you’re good to go!

Who is eligible?

You can apply for a debt consolidation loan in Australia if you are:

  • Over the age of 18; and
  • An Australian citizen or permanent resident; and
  • Employed or have a regular source of income over $25,000 per year

If you meet the basic eligibility for a debt consolidation loan, you will then need to compare lenders and assess their individual approval criteria.

What happens once you get approved?

Most lenders will make the consolidating of your debt super easy:

  • They'll organise the consolidation of your debts
  • Pay your nominated credit providers directly
  • Close off your nominated old accounts to avoid further debt ad fees

Here are the most popular questions people are asking about debt consolidation loans

Can I get a debt consolidation personal loan if I have bad credit?

You may be able to get a debt consolidation loan if you have bad credit, but your lender’s credit policies will apply. Generally, non-bank and specialist lenders have relaxed credit policies, so your chances may be better if you apply with them.

Do debt consolidation personal loans have higher interest rates than normal personal loans?

Not usually. Provided you meet the lender’s credit criteria, your debt consolidation loan should have a similar interest rate to comparable personal loan products.

Are unsecured debt consolidation personal loans available?

Yes, most lenders offer unsecured debt consolidation loans. These may have higher interest rates than secured loans but won’t require you to use your assets as security.

Will a debt consolidation loan hurt my credit score?

If you manage your debt consolidation loan well, it shouldn’t hurt your credit score. In fact, it could help improve it — make repayments on time every time, reduce your total debt, and avoid submitting multiple applications.

Will consolidating my debt into my home loan save me money?

Every case is unique and the answer to this question will depend on the circumstances of your home loan and debts. However, because home loans generally have longer terms than other forms of household debt, consolidating other debts into your mortgage could end up costing you more in the long run.

Meet Money Matchmaker™

"Hey I’m Money Matchmaker™, I have a team of wizards making me super smart. I’ve been loaded up with all the information that lenders use, and when you take my quiz, I use your answers to check against all our lenders at once. I’m harmless, I don’t impact your credit score and I’ll show you the best loan matches I can with no brokers fees or annoying ads"

Money Matchmaker

Can you help me get a consolidation loan anywhere in Australia?

With most debt consolidation lenders, they operate throughout the country. Whilst most are located in the major capital cities like Perth, Sydney, Melbourne, Brisbane, Adelaide and Hobart, they often have local representatives across the smaller cities as well.

All the lenders we work with have Australian based teams. So rest assured, when arranging your loan you'll be working with a lender in Australia.

Meet your Potential Debt Consolidation Loan matches

Meet Plenti
  • No Early Repayment Fees
  • No Monthly Fees
  • Get Funds 24 Hours From Approval
Meet Wisr
  • Same day decisioning
  • No admin, early repayment or "risk" fees
  • Support from real people
Meet Fair Go
  • Build your credit score by making timely repayments
  • Once approved, loans are funded in minutes
  • Flexible repayments; weekly, fortnightly, monthly options
Meet Society One
  • No ongoing fees
  • No monthly fees
  • No Deposit Required
Meet Jacaranda
  • Apply in under 8 minutes
  • Once approved, cash transferred in 60 seconds
  • No early termination fees
Meet Money3
  • Pay your loan out early with no fees
  • Increase regular payments to suit your situation
  • Make extra repayments at any time
Meet Now Finance
  • Get a guaranteed, personalised rate in 2 minutes
  • Apply online in under 10 minutes
  • Weekly and fortnightly repayments
Meet Finance One
  • Pay your loan out early with no fees
  • Change payment dates and frequency at any time
  • Make extra repayments at any time
Meet Alex
  • $0 establishment fee
  • $0 ongoing fees, early repayment fees, exit fees
  • Multi Award winning and 100% digital

The right debt consolidation loan can save you $1,000s


About the Author

Shaun McGowan from



Shaun McGowan

Shaun is the founder of and is determined to help people pay as little as possible for financial products. Through education and building world class technology. Previously Shaun co-founded and Lend.

Information about borrowing rates The rate advertised are comparison rates. See below for further information about comparison rates. Using our lender SocietyOne as an example Tier 1 borrowers will receive an interest rate between 5.95% - 10.49% p.a. (comparison rate 5.95% - 12.83% p.a.). Tier 2 borrowers will receive an interest rate between 9.99% -12.19% p.a. (comparison rate 12.05% - 15.03% p.a.). Tier 3 borrowers will receive an interest rate between 11.99% - 15.99% p.a. (comparison rate 14.37% - 18.62% p.a.). Tier 4 borrowers will receive an interest rate between 14.99% - 19.99% p.a. (comparison rate 18.41% - 21.70% p.a.). The maximum annual percentage rate (APR) interest rate is 19.99% p.a. (comparison rate 21.70% p.a.). An establishment fee applies for most borrowers. Personal loan example: for a borrower with excellent credit (Tier 1 borrower), a loan of $10,000 over a 3 year term, with an interest rate of 8.99% p.a. (comparison rate 12.32% p.a.) and a $495 establishment fee, the fortnightly repayment would be $154 and the total cost over the life of the loan (including the establishment fee) would be $12,013. SocietyOne personal loans are available for terms of 2, 3 and 5 years. Minimum loan term repayment period is 2 years, maximum loan term repayment period is 5 years.

*Information about comparison rates Comparison rates are designed to allow borrowers to understand the true cost of a loan by taking into account fees and charges, the loan amount and the term of the loan. The comparison rate is based on an unsecured fixed rate personal loan of $10,000 over 3 years. WARNING: Comparison rates are true only for the examples provided and may not include all fees and charges. Different terms, fees or loan amounts might result in a different comparison rate.


Money Pty Ltd,
Suite 3, Level 2,
1 Taylor Street,
Moorabbin, VIC, 3189 Australia


Money Pty Ltd trading as Money
ABN: 42 626 094 773
ACL: 528698
AFCA: 83955

© Copyright 2021 Money Ltd.


Money Pty Ltd (trading as provides information about credit products and is authorised to do so as the holder of Australian Credit Licence 528698. does not compare every Lender in Australia. We are not a broker or credit provider and when we provide information via this website, we are not providing you with a recommendation or suggestion about a particular credit product. When you apply for a credit product via the website, you are not applying with us, you are applying directly with a Lender Partner. Before entering into any credit product from one of our Lender Partners, you should confirm the rates and product information with the Lender. All information on this website is general advice only and does not take into account your objectives, financial situation or needs. You should consider whether this advice is right for you and we encourage you to seek independent financial advice.