Managing multiple debts can be tough. A personal loan for debt consolidation can help you take control of your finances.
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.
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.
Designed to help you pay your debts off easier, our loans come with:
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.
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.
Estimate your repayments and find your loan today.
Pay it off your way.
From personalised interest rates to no monthly account fees, you’ll be saving smarter, not harder.
That means no shareholders. Our profits go back into new products and clever ways to help you manage your money.
Got a question? Find the answers to frequently asked questions, explained in easy-to-understand terms here.
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 your credit score will be considered when calculating your personalised interest rate.
Learn more with our guide to understanding our personal loan interest rates.
A comparison rate will help you identify the true cost of the loan, which includes the interest rate plus all the relevant fees and charges for a loan.
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.
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.
Fees
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.
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.
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.
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.
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.
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.
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.
A secured loan is 'secured' against the asset you are borrowing for, such as a car. If you are unable to repay the loan, the lender can sell the asset to cover the costs of the loan.
An unsecured personal loan is a loan that does not require an asset as security. Your income and ability to repay the loan is still assessed, however you don't need an asset to secure the loan.
Your credit score is a number used by lenders to assess how likely you are to repay a loan. Your score is based on the information in your credit report, including:
Learn more with our guide to Understanding our personal loan interest rates.
An ideal loan for many purposes, such as debt consolidation, home improvements, new or used cars and motorbikes of any age, boats, caravan and more.
For buying or refinancing a new or used car or motorbike up to seven years old.
For buying or refinancing an electric or hybrid car up to seven years old.
For eligible green purchases, including solar panels, battery packs, solar hot water systems and hot water heat pump systems.
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 29 November 2023 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. $3,000 minimum loan amount in branch, $5,000 minimum loan amount online. Available loan term is 1 to 7 years.
4. 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 personalised rate won’t be confirmed until you receive an offer from us (if approved) and is subject change before your loan settles.
Your application ID is in the confirmation email we sent from [email protected]. For help, call us on 133 282.
