Low rate personal
loans up to $50,000

Competitive rates from 7.95% p.a.
(9.33% p.a. comparison rate*),
with same-day money transfers.

*This comparison rate is based on our personal loan for an amount of $30,000 over 5 years, a $495 establishment fee and a $10 monthly fee. 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 a different comparison rate.

Why choose MyOzMoney?

We are straight forward,
great to deal with and are all
about making it easier for you.


Quick application

Applying online takes less
than 5 minutes. That’s fast.


Easy to complete

It’s so quick and simple,
with no paperwork required.


Same day transfer

Once approved, we send cash
straight to your bank account.

Personal Loan for Debt Consolidation

If you’re juggling multiple debts and find it difficult to keep on top of all your different loan repayments and due dates, taking out a personal loan for debt consolidation could help. By consolidating all your debts into one personal loan, you might find it simpler to manage your finances, and it may even save you money. MyOzMoney offers low rate personal loans from $2,100 to $50,000, and you can apply online in only 5 minutes. A personal loan for debt consolidation could be just what you are looking for to make your life easier.  

Is a debt consolidation loan worth it?

Before considering whether debt consolidation is worth it, what is debt consolidation? Debt consolidation is when you combine all your smaller debts into one larger debt. For example, if you have several credit cards, you might want to consider credit card debt consolidation and roll all your credit cards into one loan. One way of consolidating your debts is to take out a personal loan for debt consolidation, and there can be several advantages of doing this.

One benefit of debt consolidation is that you will need to deal with less monthly repayments and due dates. Having fewer debts to maintain can be helpful if you are finding it difficult to keep track of all your payments, and it can make planning and budgeting easier as well as saving you time. By simplifying your loan repayments, you’ll also be less likely to miss one inadvertently, which can help you avoid late payment fees. And unlike credit card debt, a personal loan will have an end date to work towards.

You could also save money on fees by taking out consolidation loans, as you’ll only be paying fees on one loan instead of several. You’ll need to check whether there are any early payment penalties for paying off any of your existing loans early, though, and factor in the fees and charges associated with your new loans, such as any establishment fees, monthly fees or other fees.

Taking out a new personal loan can also give you the opportunity to negotiate a lower interest rate, especially if your credit score has gone up since you applied for your initial loans. And if you are consolidating your credit card debt, personal loans also tend to have lower rates of interest than credit cards. You’ll need to take into account the interest rates, loan repayments and fees and charges when comparing loans and to decide whether debt consolidation is cost-effective for you.

Can I get a debt consolidation loan?

Like any other type of loan, the criteria, the application process, and the borrowing limits for a personal loan for debt consolidation will differ between money lenders. From unsecured or secured debt consolidation loans to large or small debt consolidation loans, there are several different types of debt consolidation loans on offer. Hence, it’s worth doing a personal loan comparison Australia to find the best debt consolidation loans for your circumstances.

If you are looking for a simple and flexible fixed rate personal loan for debt consolidation, MyOzMoney offers unsecured personal loans from $2,100 to $50,000. To apply for a MyOzMoney personal loan, you need to be at least 18 years old, currently employed and an Australian citizen or resident. With our super-fast application process, you can apply for a loan online from your computer, tablet or mobile phone in around 5 minutes.

The online application process is very straightforward, and you won’t need to provide a lot of paperwork. During our assessment processes, we’ll consider several factors, such as your income, expected living costs, and your credit history. To save you needing to send us individual bank statements, we can get access to a read-only snapshot of the last 90 days of your bank statements through a secure online portal. Once you’ve submitted your application, we can assess financial and social touchpoints in real-time using our proprietary loan management platform, so you’ll get an outcome very quickly.

MyOzMoney has an Australian Credit Licence and is committed to being a responsible lender, so we don’t want to lend you more money than we think you’ll be able to afford to repay. You can use the free costs calculator on our website before you apply to give you an estimate of what your loan repayments are likely to be based on how much money you want to borrow and your preferred loan repayment period. We are also very transparent about our fees and charges, so you’ll know what to expect before agreeing to the loan. The idea of a personal loan for debt consolidation is to reduce your financial stress, so you don’t want to make things worse by borrowing more than you can afford to pay back. We’ll consider several factors during our assessment processes, such as your income, living costs, and your credit history.

If you need help along the way, our team is on hand seven days a week from 8 am to 9 pm (AEST) Monday to Friday and 9 am to 9 pm Saturday and Sunday (AEST). Or you can send us an email or online message at any time, and we’ll get back to you as soon as we can. If you are tired of dealing with multiple debts, apply for a personal loan for debt consolidation online today and simplify your finances.

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