Personal Loans

Debt consolidation Loan


Step 1

Is a debt consolidation loan right for me?

If you feel like you’re not getting on top of your finances, it might be time to reassess your situation. Look at the cards in your wallet and your account in your online banking and answer a few questions.

Credit cards and store cards Show more

  • How many credit cards and store cards do you have?
  • What are the annual fees?
  • How much interest is charged?
  • Are your repayments reducing the debt or only paying off the interest?
  • How many personal loans (including car loans) do you have?
  • How much interest do you pay?
  • When are your repayments made?
  • What is your total debt?
  • What is the total amount of interest you’re paying?
  • What are the total fees you are paying?
  • What does your repayment calendar look like – what day and how often?
Quick questions
Debt consolidation loans can be helpful if you have many ‘small’ debts such as credit cards, store cards, overdrafts, private student loans, car loans or even in some cases, private debt.

Step 2

What are the benefits of consolidating debt?

If you have a number of debts, it can be hard to know where to start. By rolling all your debts into one, you can focus on paying off one amount. Having just one figure to focus on can help to reduce your debt faster.

One manageable repayment Show more

Pay just one repayment weekly, fortnightly or monthly on your payday or a day that suits you. It’s much easier to keep track of which means you can avoid late payment fees and even improve your credit rating.

If you choose a fixed rate debt consolidation loan, you’ll have peace of mind knowing your repayment amount won’t change throughout the life of your loan.

Consolidating debt stops you from paying multiple annual fees or account keeping fees, and it means you’ll only pay one lot of interest.

Interest rates for personal loans are often less than rates for credit cards and store cards too, meaning lower repayments.

If you only pay the minimum repayment across multiple cards and loans, you may only be paying off the interest and not reducing your debt. By rolling it into one, your repayments will actually make a difference.

Add extra repayments to the amount you were previously paying and you’ll be able to pay off your loan sooner.

Quick questions

A fixed rate loan means your interest rate is locked in from the day you take out your loan. If interest rates go up or down while you’re on your fixed rate loan, your repayments will remain the same.

A variable rate loan means that the interest rate you pay may go up or down throughout the life of the loan.

Step 3

What loan is right for me?

If you think consolidating your debt could help you take control of your finances, we offer a personal loan which could help you. If you do take out a loan, it’s important to make sure you pay off your loans and credit cards.

  • No monthly fees
  • No fee for early payout
  • Make unlimited extra repayments
  • Choose between weekly, fortnightly or monthly repayment options
  • Free redraw<|
What’s what?
Every loan has an interest rate as well as a number of fees associated with it (like an establishment fee, annual fees or monthly fees). Some loans may seem attractive, having a very low interest rate, but end up costing more than one with a higher interest rate once the fees are factored in. A comparison rate helps you compare ‘apples to apples’ by factoring all of the fees over the life of the loan into the interest rate.
The term of the loan is simply the amount of time you’ve agreed to take to pay it back.

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Important information Important information Show content

<| A $200 minimum withdrawal amount applies for redraws conducted in-branch. Redraw facility is available for CUA Personal Loan products on offer from 6 June 2017.