A simple guide to consolidating debt

We explain what debt consolidation is, outline the benefits and the types of debt you can consolidate.

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What is debt consolidation?

If you are currently paying off debts such as credit cards, car loans or personal loans, consolidating debt with your home loan could help you save money. Debt consolidation is essentially bundling all of your debt with your home loan to make one monthly repayment. Since home loans generally have much lower interest rates than unsecured debts, you could reduce the amount of interest you pay. That way you can pay the debt back over a longer repayment term at a lower interest rate.

What is debt consolidation?

If you are currently paying off debts such as credit cards, car loans or personal loans, consolidating debt with your home loan could help you save money. Debt consolidation is essentially bundling all of your debt with your home loan to make one monthly repayment. Since home loans generally have much lower interest rates than unsecured debts, you could reduce the amount of interest you pay. That way you can pay the debt back over a longer repayment term at a lower interest rate.

Calculate if you could save by consolidating debt

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Calculate if you could save by consolidating debt

Let us do the hard work. Get a quote in 30 seconds.

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What types of debt can I consolidate?

By consolidating these debts with your home loan, you could repay your debt at a lower interest rate.

Credit cards

These cards come with notoriously high interest rates and no final payback period.

Personal loans

These loans generally come with high interest rates and a set time to be paid back.

Car loans

These loans usually need to be repaid in approximately 1-5 years.

What types of debt can I consolidate?

By consolidating these debts with your home loan, you could repay your debt at a lower interest rate.

Credit cards

These cards come with notoriously high interest rates and no final payback period.

Personal loans

These loans generally come with high interest rates and a set time to be paid back.

Car loans

These loans usually need to be repaid in approximately 1-5 years.

What are the benefits of consolidating debt?

If you have existing loans, consolidating debt with your home loan can potentially save you a lot of financial stress.

  • Pay a lower interest rate overall
  • Make only one monthly payment
  • Save money and improve cash flow
  • Extend your repayment term
  • Avoid defaulting and damaging your credit rating

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What are the benefits of consolidating debt?

If you have existing loans, consolidating debt with your home loan can potentially save you a lot of financial stress.

  • Pay a lower interest rate overall
  • Make only one monthly payment
  • Save money and improve cash flow
  • Extend your repayment term
  • Avoid defaulting and damaging your credit rating

Want a home loan quote in 30 seconds?

Let us do the hard work. Apply online now and get approved faster.

Find a rate now

Am I eligible for a debt consolidation loan?

To qualify for a debt consolidation home loan you’ll generally need to show that you are trustworthy.

  • Have a good credit score
  • A history of stable employment and currently be employed
  • Evidence of regular home loan repayments over the last 6 months
  • Paid your credit card and other loans on time in the last 3 months

Am I eligible for a debt consolidation loan?

To qualify for a debt consolidation home loan you’ll generally need to show that you are trustworthy.

  • Have a good credit score
  • A history of stable employment and currently be employed
  • Evidence of regular home loan repayments over the last 6 months
  • Paid your credit card and other loans on time in the last 3 months

Get a debt consolidation quote in 30 seconds

Choose from all the major lenders and get approved quickly.

Find a rate now

Get a debt consolidation quote in 30 seconds

Choose from all the major lenders and get approved quickly.

Find a rate now

Get expert advice on your loan

Talk to a Home Loan Specialist

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Get expert advice on your loan

Talk to a Home Loan Specialist

  • 1300 323 181

Pick up the phone and give us a call.

We’re here to answer your questions

  • heretohelp@lendi.com.au

Drop us a line. We’re here to help you.

Live chat with us instantly

Chat with specialist

Got a question? Just start typing.

Ready to discover the right loan at a great rate for you?

Tell us a bit about yourself and we’ll match you with low rate loan options from over 30 different Australian lenders in seconds.

Get started