Debt Consolidation Loans Australia
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What is Debt Consolidation?
Debt consolidation is the process of rolling multiple debts—such as personal loans, credit cards, or store cards—into a single loan with one regular repayment. By simplifying your repayments, a bill consolidation loan can help you manage your finances more effectively and may reduce your overall interest.
Whether you’re juggling multiple due dates or struggling with high-interest credit card balances, a loan and debt consolidation option can be a smart financial move. Many Australians choose debt consolidation loans to take back control of their budget and reduce financial stress.
Common Reasons for Personal Debt Consolidation Loans
There are several everyday situations where individuals seek a personal debt consolidation loan:
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Multiple credit card balances with high interest
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Store card debts with different repayment terms
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Personal loans with varying rates and fees
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Medical bills or emergency expenses
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Overdrafts or payday loans
A bill consolidation debt loan can help you streamline payments into one predictable instalment, often at a lower interest rate than credit cards.
Common Reasons for Business Debt Consolidation Finance
Business debt consolidation is also a practical solution for managing commercial financial obligations. Common reasons include:
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Consolidating supplier invoices and short-term loans
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Refinancing equipment finance or vehicle finance
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Streamlining credit facilities into one manageable repayment
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Freeing up cash flow for day-to-day operations
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Simplifying tax debt or ATO obligations
Whether you’re a sole trader or running a growing company, consolidation lenders can offer tailored business finance options to reduce stress and regain control.
Secured vs Unsecured Debt Consolidation Loans
When considering debt consolidation, you’ll need to choose between a secured and unsecured loan:
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A secured loan uses an asset (like a car or property) as security, usually resulting in a lower interest rate.
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An unsecured loan doesn’t require collateral but may have higher rates and shorter terms.
Both options can work well depending on your circumstances. Our AI-powered loan comparison tool helps match you with the best consolidation loan lenders to suit your needs.
Credit Card Debt: Consolidate with a Smaller Interest Rate
One of the most popular uses of debt consolidation is to pay off credit card balances. Credit cards often carry high interest rates, making them hard to pay off if you’re only making minimum payments.
By transferring this debt into a lower-rate consolidation loan, you can save on interest and pay off the total amount faster. It’s an effective way to shift from revolving credit to structured repayments with a clear end date.
Why Choose Get Approved Loans for Debt Consolidation?
Get Approved Loans compares debt consolidation loan options from over 60 lenders, including banks, credit unions, and specialist consolidation lenders. Our AI-driven platform makes it easier to:
Compare secured and unsecured loans
Find the best credit consolidation loans in Australia
Access options for refinancing student loans or credit cards
Match with lenders offering top debt consolidation loans
Flexible Loan Amounts and Terms – Customised repayment options to suit your budget.
Transparent and Stress-Free Application Process – Simple, straightforward, and no hidden fees.
Get Started with a Debt Consolidation Loan
Whether you need help managing your personal or business debts, Get Approved Loans can help you find a good debt consolidation loan to suit your financial goals.
Start your application or compare loan options now.
Refinance Debt Frequently Asked Questions
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What is a debt consolidation loan?
A debt consolidation loan is a personal or business loan that combines multiple debts—such as credit cards, payday loans, or other personal loans—into one simple repayment. This can make managing your finances easier by reducing the number of payments and potentially lowering your overall interest rate.
Can I consolidate both personal and business debts?
Yes, you can consolidate both personal and business debts depending on your financial circumstances and the lender’s criteria. Many Australian lenders offer flexible loan options to help streamline repayments and improve cash flow, whether you’re managing household bills or operating a small business.
Will a debt consolidation loan hurt my credit score?
Initially, applying for a debt consolidation loan may cause a small dip in your credit score due to a credit check. However, if used responsibly—by making consistent on-time repayments and reducing your overall debt—it can improve your credit score over time.
Is it better to get a secured or unsecured debt consolidation loan?
A secured debt consolidation loan (using an asset like a car or property as security) usually offers lower interest rates. An unsecured loan, while not requiring collateral, may come with slightly higher rates but more flexibility. The best option depends on your financial position and the amount you want to consolidate.
Business Finance Application Process
Applying for a business loan with Get Approved Loans is quick and easy—simply complete our online application, compare options from over 60 lenders, and get approved in minutes!
Step 1
Input
Enter your details into our AI-powered options tool, and it will instantly calculate and present the best available options for you!
The more information you provide, the more precise your loan options will be.
Step 2
Compare
Let our AI options tool handle the work instantly—no waiting required!
With access to over 75 lenders, our AI options tool will personalise and present the best results tailored to your priorities.
Step 3
Choose
Now comes the easy part! Choose from the list of lenders, and if you need more clarity, the platform can provide detailed insights to help you find exactly what you’re looking for.
For a more personal touch, our Customer Service Consultants are always available to chat.
Get Started Today
Apply online with Get Approved Loans with confidence, knowing you’ve secured the best possible loan to suit your business situation.
