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Take control of your debt

Managing multiple debts can be tough. A personal loan for debt consolidation can help you take control of your finances.

What is debt consolidation?

Debt consolidation is when your existing debts are combined into the one personal loan. It’s typically used to combine and pay off multiple high-interest debts such as credit card balances, car debts and other high-interest loans.

What happens when I consolidate my debt?

You get the funds to cover your debts, then you simply pay back your loan with one easy-to-manage repayment schedule. There’s no need to juggle multiple repayments, remember multiple due dates or pay multiple fees.

Debt consolidation loans from Great Southern Bank

Designed to help you pay your debts off easier, our loans come with:

  • A personalised interest rate.
  • $0 monthly account fee.
  • Fee-free extra repayments.
  • Free redraw facility - in case you need to access your additional repayments.3
  • No penalties for early payout.
Consolidate to get ahead

Refinancing to a personal loan with a lower interest rate and fewer fees can help you pay your debts off faster - and get ahead with your money sooner.

Applying is easy. If you meet the eligibility criteria, you can apply online at any time.

Thinking about buying a home?

Combining your debts into one repayment schedule can help you take stock of what you owe before you apply for a home loan. And, help you budget smarter when saving for a deposit.

Debt consolidation loan calculator

Estimate your repayments and find your loan today.

Joining all the loans into one with your service was just the best thing. Less stress and definitely more organised now than ever knowing that I only worry about one loan payment.
Nakuruka, 31, VIC
Personal loan for debt consolidation.

Debt consolidation eligibility checklist

You must be

  • At least 18 years of age
  • A permanent resident of Australia
  • Receive a regular income
  • Have not been bankrupt or insolvent in the last five years

You’ll need

  • An email address and contact number
  • Existing Great Southern Bank customer number (if you're already a customer)
  • Australian driver's licence, Medicare or passport details
  • Employment and income details
  • Details of any existing loans and expenses
Debt consolidation loan process
1. Apply online
It should take 10 minutes. You’ll need proof of ID and your current financial information.
2. Approvals
If approved, you’ll receive your loan contract to accept online.
3. Pay out your debts
The funds are used to pay out your current loans, credit cards and debts.
4. Repay your loan
Your debt will be in the one place and you can view your loan payments and progress in online and mobile banking.
We've been putting customers first for more than 75 years.
Flexible loan options

Pay it off your way.

Clever features to help you save money

From personalised interest rates to no monthly account fees, you’ll be saving smarter, not harder.

We’re customer owned

That means no shareholders. Our profits go back into new products and clever ways to help you manage your money.

A personalised rate* tailored to your credit score

Unsecured Fixed Personal Loan
Loans from $5,000 to $75,000
Interest rate from
Comparison rate from2
Used for

Debt consolidation loan FAQs

Got a question? Find the answers to frequently asked questions, explained in easy-to-understand terms here.

What is a personalised interest rate?

A personalised interest rate is an interest rate based on an assessment of your credit score. If you have an excellent credit score and a good history of repaying loans, credit cards and other bills, you’ll likely be offered a lower interest rate.

When you apply for a personal loan, your individual situation and credit score will be considered when calculating your personalised interest rate.

What is a comparison rate?

A comparison rate is the interest rate, plus additional fees and charges you will be expected to pay over the loan term. As comparison rates indicate the true cost of a loan, they make it easier to decide which is best for you.

When should I apply for debt consolidation?

If you’re juggling multiple credit cards, or multiple high-interest loans, it might be a good time to apply for debt consolidation. You may want to contact your current credit provider about their payment extension or payment plan policies before you decide to apply.

Debt can happen to anyone and feeling overwhelmed is normal, however it's better to take action sooner rather than later.

If you decide to consolidate your debts, you can apply online at any time.

Can debt consolidation loans save me money?

If you’re combining loans with high interest rates, a debt consolidation loan with a lower interest rate could save you money over the life of your loan.

As always, we recommend doing the sums before you apply. In addition to a low interest rate, here’s what to look for when comparing debt consolidation loans.


If your current loans have fees for early payout, you’ll need to add this to your total debt amount. Debt consolidation loans with no ongoing fees can help you avoid extra costs.

Loan terms

This is the length of time you will be paying off the loan. A longer loan term can reduce your repayment amount while a shorter loan term means higher repayments, but your loan will be paid off sooner.

Repayment amount

Review your budget to ensure you can make your weekly, fortnightly, or monthly repayments.

Are debt consolidation loan interest rates fixed?

At Great Southern Bank, our personal loan rates are fixed. This means your repayment amount will be the same each month. Plus, you won’t have to worry about rising interest rates.

Are debt consolidation loans simple or compound interest?

Our debt consolidation loans are simple interest. This means interest is calculated at the end of each day by multiplying the unpaid loan balance by the daily percentage rate. The daily percentage rate is the annual percentage rate divided by the number of days in that calendar year.

Interest is then billed on a monthly basis. You can view your monthly interest in online banking and your interest charges will decrease as you pay off your loan.

What if I can’t pay my debt consolidation loan?

If you have a Great Southern Bank Personal Loan, Home Loan, or Credit Card and are experiencing financial hardship, we’re here to help. Please visit our unexpected events section for more information and to discuss your options.

Can I pay off my debt consolidation loan early?

Yes. At Great Southern Bank you can pay off your debt consolidation loan before the end of your loan term without incurring extra fees, charges, or penalties.

Can I make repayments weekly or fortnightly instead of monthly?

Yes. Your loan contract will be set up for monthly repayments initially, but if you prefer to pay in weekly or fortnightly instalments simply call us on 133 282 or drop into a branch and we can arrange this for you.


Calculate your debt consolidation loan repayments

An ideal loan for a range of purposes. Learn about personal loan types
Available for new or used cars and motorbikes up to seven years old. Learn about personal loan types
Available for electric and hybrid cars up to seven years old. Learn about personal loan types
Available for eligible green purchases. Learn about personal loan types
Must be between $5,000 and $100,000.
Loan term (years)
Repayment frequency
Estimate your credit rating
Tell us what you think your credit rating may be and we can estimate your interest rate. What’s a credit score?
Estimated repayments
Interest rate for good credit
Comparison rate2
This estimate is based on information you've provided. Your interest rate and repayments will be confirmed on assessment.
Apply now
Apply in 10 minutes
Your total repayments will be $XX,XXX. Your total interest will be $X,XXX.

The calculations provided are estimates only and are based upon the information entered by the user. The calculations do not include upfront or continuing credit fees and charges and do not constitute a loan application or variation to an existing facility, loan offer or loan approval.

Your contracted personal loan repayments will be set to a monthly frequency, meaning you will need to meet the agreed repayment amount by the due date stated on your loan contract each month. To meet this minimum monthly amount, you can however make repayments weekly or fortnightly.

Ready to apply?
Apply online and consolidate your debts today.
Apply now

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Get in touch
We are here to help.
Call 133 282

Mon - Fri: 8:00am - 7:00pm (AEST)
Sat: 8:00am - 4:00pm (AEST)

Find a branch
Speak to one of our friendly staff at a branch near you.
Connect online
Chat to us or browse help topics and FAQs.
Important Information

Loans are issued by Great Southern Bank, a business name of Credit Union Australia Ltd ABN 44 087 650 959, AFSL and Australian Credit Licence 238317. Lending criteria, limits, conditions and fees apply.

Rates current as at 9 June 2024 and subject to change.

Your loan contract will state the minimum monthly repayment amount. You can arrange with us to make repayments on a weekly or fortnightly basis.

You will need to hold a Great Southern Bank everyday account when the loan is funded.

1. Comparison rate examples are accurate for a personal loan amount of $30,000 secured loan over a term of 5 years. WARNING: Comparison rates are true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

2. Comparison rate examples are accurate for a personal loan amount of $30,000 unsecured loan over a term of 5 years. WARNING: Comparison rates are true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

3. A $200 minimum withdrawal amount applies for redraws conducted in-branch. Redraw facility is available for Great Southern Bank Personal Loan products on offer from 6 June 2017.

*The rate you are offered is calculated based on your personal circumstances and credit history. A few different factors are considered, including:

  • Your credit score.
  • Information provided in your application.
  • Existing loans.
  • The loan amount and your perceived ability to repay the loan.

Your personalised rate won’t be confirmed until you receive an offer from us (if approved) and is subject change before your loan settles.