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Debt consolidation personal loans
Get back on track by consolidating debt into one simple repayment with our personal loan.
Debt consolidation personal loans
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What is a debt consolidation loan?
A debt consolidation loan is a personal loan that combines multiple debts, such as credit cards, car loans, personal loans and Buy Now Pay Later (BNPL) balances, into a single repayment with one interest rate. Unlike debt consolidation through a home loan, a debt consolidation personal loan doesn’t require you to refinance your mortgage or use your home as security. By rolling eligible debts into a debt consolidation loan, borrowers may find it easier to stay on top of their finances.
Borrow up to $80,000
Free up cash flow
Consolidate multiple debts
Loan terms of 3, 5 or 7 years
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Manage multiple debts with one personal loan repayment
Using a personal loan for debt consolidation can help simplify multiple repayments into one manageable loan with a single repayment schedule and interest rate.
For borrowers who own a vehicle, you may have the option to use it as security to access a lower rate, a higher lending limit, or both.1C
Rates start from 5.67% p.a. (6.10% p.a. comparison rate1A) for a secured personal loan. Use our online personal loan rate estimate to find out what rate applies to you. Checking your rate won’t affect your credit score.
What debts can I consolidate with a personal loan?
A debt consolidation personal loan can be used to combine a range of eligible debts into one repayment. With Liberty, you can consolidate an unlimited number of debts as long as the outcome has benefit and meets lending criteria.
Credit card debt
Credit card debt is commonly consolidated to help reduce the complexity of managing multiple balances and interest rates.
Personal loans
Existing personal loans may be consolidated to replace multiple loan repayments with a single loan and repayment schedule.
Car loans
Car loans can be included as part of a debt consolidation loan, helping borrowers manage multiple debts in one place.
Buy Now Pay Later (BNPL)
Buy Now Pay Later (BNPL) balances, including services such as Afterpay and Zip, may also be eligible.
Tax debt
Personal ATO tax debt may be eligible for consolidation, subject to and lending criteria.
Easy to understand features, variables and fees
Features
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Fees
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Getting started is simple. Check your tailored rate, complete your application online and, if approved, receive funds directly into your account.
Check your rate
Get your personalised rate online in just 2 minutes. It’s obligation free and won’t impact your credit score.
Apply online
If you’re ready to take the next step, complete your application online with our fast and fuss free system.
Receive funds
If approved, you could receive approval in as little as four hours with funds available within 24 hours.
Liberty debt consolidation loan FAQs
If approved for a debt consolidation loan, you will receive a lump sum into your nominated bank account. These personal loan funds are then repaid through regular repayments over 3, 5 or 7 years, depending on the agreed loan term. This could help you budget more effectively and reduce the risk of missing repayments.
There are two common ways to consolidate debt, and the preferred option will depend on your circumstances. A debt consolidation personal loan allows eligible borrowers to combine multiple debts into one loan without using a mortgage or property as security. It may suit renters, or homeowners who prefer not to use their home as collateral. Liberty offers debt consolidation personal loans up to $80,000 with a fast online application.
Home loan debt consolidation, on the other hand, involves refinancing or using available home equity to combine debts into your mortgage. This option can be better suited to homeowners looking to consolidate larger debt amounts. The application process and documents required may differ from a personal loan application.
If you’re a homeowner looking to consolidate debt into your mortgage, check out our home loan debt consolidation page for more information.
A secured personal loan for debt consolidation is a loan that requires an asset, such as a vehicle as security. By providing security, borrowers may be able to access a lower interest rate, higher loan amount or both. An unsecured personal loan for debt consolidation doesn’t require any property or assets as security. This can make it a practical option for renters or borrowers who do not want to use their assets as collateral. However, interest rates may be higher than those available on secured loans.
Liberty offers debt consolidation personal loans between $5,000 and $80,000, with repayment terms of 3, 5 or 7 years. The amount you may be able to borrow will depend on factors like your financial circumstances, income, expenses and ability to meet repayments. Try our personal loan repayment calculator to see what your repayments could look like. You can use it as many times as you like.
Approval timeframes can vary between lenders. Liberty offers a quick and convenient online application, so you can get a personalised rate in under two minutes and approval in as little as four hours. If you accept your personal loan offer by 3pm, we’ll send your funds the same day. If you’re with a major bank, you should receive the funds in your account on the same day. Otherwise, you’ll likely receive the funds the following day.
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Things you should know:
1ASecured personal loan interest rates will range from 5.67% p.a. to 19.19% p.a. and will depend on our assessment criteria and the personal loan product you qualify for. Comparison rates range from 6.10% p.a to 20.77% p.a. This comparison rate is based on a secured $30,000 loan over a 5-year term with no balloon for a new vehicle. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in different comparison rates.
1CVehicle eligibility criteria and age restrictions apply. Vehicle must be a passenger car or light commercial vehicle under 5-tonne gross vehicle mass.
2AOther fees and charges may apply, such as dishonour and late fees.
3CFor an unsecured loan: this fee ranges from between 0% to 5.50% of the loan amount, depending on your risk bank and the fee is capped at $950. For a secured loan: this fee ranges from $310 to $1,010 depending on your risk band, and includes a fee up to $60 for vehicle search and registration (PPSR).
Approved applicants only. Lending criteria apply. Fees and charges are payable. All rights reserved | Liberty Financial Pty Ltd ABN 55 077 248 983 | Credit provided by Secure Funding Pty Ltd ABN 25 081 982 872 | Australian Credit Licence 388133 | Both trading as Liberty Financial.