Debt Consolidation Loans

A personalised interest rate is determined in large part by your credit score. This is based on a range of factors including your history of repaying loans, credit cards, and other bills. In short, the better your credit score, the lower the interest rate you’re likely to be offered.

Speaking of which, it's worth noting that while submitting a full application will likely result in a small, temporary dip to your credit score, simply getting your estimated personalised rate will not impact it.

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.

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.