Compare loans

Debt consolidation loans – compare in Australia

We compare 10 offers. Updated 13 May 2026.

Best offers – Debt consolidation loans 2026

Harmoney

Online loans up to $50 000

$2,000 – $50,000 Interest from 6.99% Approval: 15 minutes
★★★★☆ 4.0
Details Apply ad

MoneyMe

Online loans up to $35 000

$2,100 – $35,000 Interest from 8.99% Approval: 1 hour
★★★★★ 5.0
Details Apply ad

Pepper Money Personal Loan

Secured and unsecured personal loans from Pepper Money, an Australian non-bank lender. No establishment or early repayment fees.

$5,000 – $100,000 Interest from 5.95% Approval: 1-2 business days
★★★★★ 4.2
Details Apply ad

Liberty Personal Loan

Secured and unsecured personal loans from Liberty Financial. Borrow up to $80,000 with rates from 5.67% p.a. for secured loans.

$5,000 – $80,000 Interest from 5.67% Approval: 1-3 business days
★★★★☆ 4.0
Details Apply ad

What is a debt consolidation loan?

A debt consolidation loan combines two or more debts, such as credit cards, personal loans or buy-now-pay-later balances, into a single loan with one monthly repayment. The aim is to reduce the overall interest rate and simplify your finances.

For example, if you carry $15,000 across three credit cards at 20% p.a. and can consolidate into a personal loan at 10% p.a., you save on interest. Over 3 years at the lower rate, you would pay roughly $2,500 less in interest.

When does it make sense?

  • Your existing debts carry high interest rates, typically above 15% p.a.
  • You are juggling multiple repayment dates and amounts.
  • You have a stable income and a good enough credit score to qualify for a lower rate.

Watch out for

A longer loan term can reduce the monthly repayment but increase the total amount of interest paid. Consolidating at a lower rate onto a 7-year term can cost more than keeping a higher-rate debt over a 2-year term. Always compare the total cost, not just the rate.

Early repayment fees on your existing loans may also apply when you pay them out. Factor these into your calculation before switching.

Secured vs unsecured consolidation

Secured loans, backed by a car or property, carry lower rates but put your asset at risk if you cannot repay. Unsecured consolidation loans have higher rates but no asset risk. Most Australians use unsecured personal loans to consolidate smaller debts.