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Personal Loan for Debt Consolidation
Debt consolidation may be a way to help manage your debt by bringing your eligible loans together into one single repayment with a clear end date.
What is Debt Consolidation and how can it help me?
Debt consolidation is combining your existing debts like Credit Cards or other Personal Loans together, into one new Personal Loan – which may provide a more competitive interest rate and lower fees
ONE loan amount
ONE repayment amount
ONE end date
Add up the debts you want to consolidate and ensure you’re eligible
Calculate your repayments or estimate your borrowing capacity
Apply online. We’ll contact you to review your application and let you know what documents we need.
If approved, you’ll be able to pay off one loan with one end date
Establishment fees and monthly fees are waived for Suncorp Home Package Plus customers.
For a complete guide to the fees and charges on our Personal Loans, download our Lending Fees and Charges.
Does this apply to me?
Self employed is anyone who pays their own tax to the ATO – this could be a Sole Trader, Partnership, Pty Ltd Company or Trust.
- Be at least 18 years of age;
- Be a permanent resident of Australia;
- Be an employee earning a steady income (if you are self-employed, please call our Contact Centre on 13 11 55);
- Have kept a good credit record for the last 5 years;
- Not be, or have been bankrupt or insolvent and;
- Have no past, present or pending judgements or claims against you
Note: If you are self-employed, call us on 13 11 55.
Debt consolidation is combining your existing debts like Credit Cards or other Personal Loans together, into one new Personal Loan – which may provide a more competitive interest rate and lower fees.
Having one loan for a set period of time, rather than multiple loans with multiple timeframes, means you’ll have a clear end date for your repayments. This can provide you with a clear overview of your debt and provide peace of mind with a set end date.
Car Loans
Personal Loans
Credit Cards
Store Cards
Can’t consolidate: Phone, Internet, Rent, or Utility
These are considered day to day expenses. Because these are reoccurring costs, these can’t be consolidated.
Payday loans are also considered as finance for day to day expenses, and cannot be consolidated.
Yes, you can use Debt Consolidation to pay off your Credit Cards. However, if you have an interest free period on your Credit Card, you may want want to consider whether this is a cost benefit.
The amount of interest you pay over the course of the loan will depend on your loan amount and loan term. You can calculate your repayments based on the loan size and term by using our Repayments Calculator. By repaying your loan more frequently, such as weekly or fortnightly, you may save more interest over the loan term.
The comparison rate is a rate that includes the interest rate, plus any fees and charges that may apply to the loan. The total figure is converted into a percentage rate to help you work out the true cost of the loan.
To apply for a Personal Loan, you must be 18 years or older and a permanent resident of Australia.
If you are self-employed, please call us on 13 11 55
Here’s a checklist of what you may need to complete your application:
- Most recent payslip
- PAYG summary
- Statements of any loans, cards and transaction accounts (e.g. mortgage, credit cards, etc.)
- Personal Identification, e.g. driver’s license, medicare card and/or your Passport
We will advise you of any additional documents that will be required
Apply online and get a response in 15 minutes from the time you submit your application. The final loan decision may take 3 - 5 days once we have received all of your supporting documents. Once settlement documents are returned,your funds should be in your account within 24 hours.
Insights and stories
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Showing 2 of 4 articles
Showing 1 of 4 articles
If you’re feeling overwhelmed by your financial liabilities, or you’d simply like to have more control over your cashflow, consolidating your debts might be useful for you.
While debt consolidation is a popular option to tackle your loans, it's not necessarily the right path for everyone. Learn about other methods to get your debt under control.
A good credit score can unlock doors. Learn how to improve your score and get the keys to your new home sooner.
Want to know more?
Call 13 11 55Mon - Fri 8:30am - 7pm (AEST/AEDT)
Visit your nearest storeto talk it through face to face
* Rates effective 28 September 2020, and subject to change at any time.
^ Comparison rate is based on $30,000 loan over 5 years. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.
1 Where a loan has a fixed rate component, an early fee applies if you repay your loan within 12 months of settlement and the term of the loan exceeds 12 months.
Banking products are issued by Suncorp-Metway Ltd ABN 66 010 831 722 Australian Credit Licence number 229882 (“Suncorp Bank”) to approved applicants only. Please read the relevant Product Information Document and Terms and Conditions before making a decision regarding a Suncorp Banking product. Fees, charges, terms and conditions apply and are available on request or at Product Information Documents and Forms page.
Does this apply to me?
Self employed is anyone who pays their own tax to the ATO – this could be a Sole Trader, Partnership, Pty Ltd Company or Trust.
Fixed Rate
Lock in your interest rate and repayment amount
Comparison Rate
A comparison rate is a rate that indicates the true cost of a loan. This rate incorporates certain fees and charges that are applicable for the chosen product.
Variable Rate
A rate that is variable and is subject to change over the loan term.
