Debt consolidation loans made simple

Give yourself some real credit by consolidating your debts today

  • Enter between $2,001 to $45,000
  • Please select a loan purpose
  • Get a personalised rate that rewards your good credit.
  • Requesting a quote won't impact your credit score

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Getting a loan is as easy as 1, 2, 3.

Get your personalised rate

Get your rate

Discover your personalised interest rate in 1 minute (without impacting your credit score) with our quick and easy online RateEstimate.

Apply for a personal loan

Apply in minutes

Finalise your application in 5 minutes, then complete our simple online identity verification and bank statement upload process.

Get your personal loan funds

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 while allowing 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 it 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 it 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.

See below for an overview of fees and charges (including interest rates) associated with RateSetter’s personal loans:

Term 1 yr2 yr3 yr4 yr5 yr
Loan typeVariableVariableFixedFixedFixed
Interest rate
from
5.13% p.a.
from
5.13% p.a.
from
7.12% p.a.
from
9.98% p.a.
from
10.07% p.a.
Comparison rate*from
6.78% p.a.
from
7.06% p.a.
from
9.10% p.a.
from
10.84% p.a.
from
10.93% p.a.
Credit Assistance Feefrom
$249
from
$299
from
$299
from
$299
from
$299
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 4pm, 20 July 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?

RateSetter provides secured and unsecured loans to Australian residents. 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 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 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;
  • Income;
  • Expenses;
  • 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.

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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 7.12% p.a. the estimated total amount payable including all applicable fees is $11,469. RateSetter loan repayment terms range from a minimum of 6 months to a maximum of 5 years. Interest rates range from 5.13% p.a. (comparison rate 6.78% p.a.) to 12.64% p.a. (comparison rate 20.54% p.a.). Rates are subject to change depending on the rates offered by lenders in our Lending Markets. Rates stated as at 4pm, 20 July 2019 and are subject to change. RateSetter credit criteria and terms and conditions apply.