Debt consolidation loans made simple
Give yourself some real credit with a low rate debt consolidation loan
Debt consolidation loans that are made for you
We’ve designed a debt consolidation loan to help you get rid of high-interest debt, once and for all.
Free your finances
Debt consolidation loans can help remove the pain of managing multiple high-interest balances and the sting of credit card bills.
No monthly fees
No one likes paying fees (especially ongoing ones). It’s why we removed monthly fees on all our personal loans.
No early repayment fees
We don’t punish you for paying off your loan faster. Our loans have no early repayment fees, so you can save more.
Flexible loan terms
We offer flexible loan terms from 6 months to 5 years so you can tailor your repayments to suit your needs.
Consolidate one or multiple debts for a total amount from $2,001 to $45,000
Fixed & variable rates
Our loans can match your long or short term goals with fixed (3 years and over) or variable rates (2 years and under).
We reward your good credit score with an even better interest rate so you save more each and every month.
Fast online approvals
Get your personalised estimate back in 1 minute, complete an application in 5 minutes, your loan approved in 24 hours.
Australia’s most loved debt consolidation loan
Over 1,898 borrowers have rated us 4.8/5 on ProductReview. Here’s what those happy customers have to say about our debt consolidation loans.
Extremely satisfied with the service, no surprises or hidden costs, of course, you always want a better interest rate but they listen when others don’t so well done. I’m impressed by the service.
I was stressing over my debt on my credit cards. I am so happy I found your website. Within hours, I am not kidding, within 3 hours, I was approved of my Personal Loan. Will highly recommend RasteSetter.
I truly found this to be one of the easiest sites to navigate. It was so easy to apply and the response times were unreal. The rate was significantly better than minimum rates advertised by other lenders.
The process of applying was very easy having to only fill out a couple of questions. The application fee was less than advertised so happy days and the interest rate is cheaper than the big 4 banks.
The staff I dealt with were very helpful and professional. The administration costs were lower than other peer to peer lenders in the market. The interest rate was competitive and lower than I expected.
I am very satisfied with my experience. I found all persons I spoke with to be very professional and knowledgeable. The whole application process is efficient to a level that far surpasses any bank.
Getting a debt consolidation loan is as easy as 1, 2, 3.
Get your rate
Discover your personalised interest rate in 1 minute (without impacting your credit score) with our quick and easy online RateEstimate.
Apply in minutes
Finalise your application in 5 minutes, then complete our simple online identity verification and bank statement upload process.
Enjoy your funds
After your loan has been approved and funded, you will receive your funds on the next business day. It really is as simple as that.
You’ve got questions we’ve got answers.
What is a debt consolidation loan?
If you have multiple debts—such as a credit card debt, car loan, medical bills, bank overdraft charges, and so on— managing all your monthly repayments can feel overwhelming. A debt consolidation loan could allow you to roll all of your debts together and pay them off simultaneously at a more competitive interest rate.
A debt consolidation loan works just like a personal loan. That is, you borrow a specific amount of money and then pay it back with interest over an agreed term. To qualify you’ll need to submit an application and provide us with information to verify your identity and financial circumstances (such as a bank statement). As part of this process the lender will take into account your borrowing history, employment status, credit score, and other factors. If you’re successful, the lender will pay down your existing debts and create a new loan (equal to the value of your previous debts) that you can pay off over time.
Debt consolidation loans generally allow you to enjoy a lower interest rate than you would receive with a credit card. They also offer a consistent repayment schedule. Finally, a RateSetter debt consolidation loan allows you to make early repayments. This may let you pay down your debt faster, helping you save in interest and getting you out of debt sooner.
What can I use my debt consolidation loan for?
You could use a debt consolidation loan to repay a number of debt types, including:
- Credit card debt
- Store cards
- Hire purchase debt
- Car loans
- Medical bills
- Rent owing
- Utility bills (mobile, internet, electric, gas, cable, etc)
- Personal lines of credit
- Income taxes
- Bank overdrafts
How much does a debt consolidation loan cost?
Debt consolidation loans generally have three components that affect the total cost over the life of the loan:
- the interest rate (this may be fixed or variable)
- a one-time establishment fee
- ongoing fees (such as account maintenance fees, late payment fees, and other charges)
These costs may be displayed to you as a comparison rate that represents the total effective price of a loan. This allows you to compare different debt consolidation loans to find the one that best suits your needs.
For an overview of fees and charges (including interest rates) associated with RateSetter’s debt consolidation loans, see the table below:
|Term||1 yr||2 yr||3 yr||4 yr||5 yr|
|Credit Assistance Fee||from|
|Monthly fees||$0|| $0||$0||$0||$0|
|Early Repayment Fees||$0||$0||$0||$0||$0|
Comparison rates for 1, 2 and 3 year loans are based on an unsecured personal loan of $10,000 over a 36 month term. Comparison rates for 4 and 5 year loans are based on an unsecured personal loan of $30,000 over a 60 month term. Comparison rates shown assume a customer with an excellent credit history. Rates current as at 4am, 25 June 2019. Warning: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.
Am I eligible for a debt consolidation loan?
RateSetter provides secured and unsecured debt consolidation loans to individuals. Save time before applying by making sure:
- You are aged 21 or over
- You are an Australian citizen or permanent resident
- You have a regular source of income that you can demonstrate
- You have a good credit history
To see if you may qualify for a RateSetter secured personal loan, you can get a RateEstimate – it only takes 1 minute, and won’t affect your credit score. If you request a RateEstimate, we will ask you a few questions so we can calculate an initial estimate of your borrowing potential, and the rates, fees and charges that may apply to your loan.
In processing your loan application, we consider a number of factors, including your credit file as provided to us by Equifax or Illion, our credit bureau partners. If you would like more information regarding your credit file, you should contact Equifax and Illion directly.
What do I need to apply?
To apply for a debt consolidation loan, you will need to complete our identity verification process successfully. To complete identity verification you will need to provide one or more of the following documents:
- Australian State or Territory-issued drivers licence
- Australian or foreign passport
- Address verification document such as a utility bill or tenancy agreement
These details can either be entered on our website during the application process and automatically verified online or you can uploaded as part of the application process.
When assessing your application, we are looking for evidence of how suitable a loan is to your current circumstances. Among other things, we’ll assess your:
- Employment stability;
- Repayment history;
- Credit bureau information; and
- Other details you communicate to us.
You will also be asked to verify your income and expenses, and may be asked to provide supporting documentation such as bank statement information or payslips. The documents you will need to provide will be displayed to you during the application process.
Representative example: Based on $10,000 loan with a 36 month term for a borrower with a excellent credit history at a comparison rate of 7.70% p.a. the estimated total amount payable including all applicable fees is $11,567. RateSetter loan repayment terms range from a minimum of 6 months to a maximum of 5 years. Interest rates range from 5.92% p.a. (comparison rate 7.53% p.a.) to 19.46% p.a. (comparison rate 20.38% p.a.). Rates are subject to change depending on the rates offered by lenders in our Lending Markets. Rates stated as at 4am, 25 June 2019 and are subject to change. RateSetter credit criteria and terms and conditions apply.