Debt Consolidation Loan Calculator

What is debt consolidation? If you have multiple debts, consolidating them into one personal loan provides you debt relief by helping you manage your finances. By doing this, you can streamline your payments, which in turn reduces interest costs and fees. Small debt consolidation loans can also free up your borrowing capacity for bigger financial goals, such as setting aside money for a home deposit.

Our free online debt consolidation loan calculator helps you determine how affordable a new cash loan would be. We recommend using it before you apply for any kind of loan with us. To use it, simply select the loan term starting at 12 months to 60 months (5 years) as well as your desired loan amount. You can also modify the pre-filled interest rates to explore costs you'll potentially get with higher and lower rates. However, the repayment costs suggested by our loan calculator are only meant to serve as guides for budgeting for a new cash loan.

What is a good interest rate on a debt consolidation loan?

Fortunately, Ozzie Loans has hard-to-beat interest rates, including low fees and charges on all of our credit products. However, our interest rates will still depend on factors like existing debt, income status, credit file, and the loan balance you've applied for.

Ideally, consolidating debts using our debt consolidation loan calculator and putting all into one loan repayment and one creditor helps make your existing credit commitments more manageable. A personal loan for debt consolidation is considered to have a good interest rate as you are given a lower rate than what you're paying for now. At Ozzie Loans, when you're approved for a new cash loan, we send you an online contract that displays your total cash loan amount, our offered interest rate on that balance, the repayment terms, and all other applicable fees and charges. The total cost of your loan will be clearly presented.

Is it difficult to get a debt consolidation loan?

After you’ve used our debt consolidation loan calculator, ensure your secured debt consolidation loan eligibility. Australia requires applicants to be at least 18 years old, have a job, and have a permanent residential address in the country to qualify for these types of loans. When you apply with Ozzie Loans, you will be asked to indicate your income information, rent and mortgage details, general living costs, including bills and debts you may have. We've made our online loan application process incredibly easy — you just need 5 minutes to complete it.

Upon completing our digital form, you will be redirected to a secure platform online, where you will need to sign in to your bank's website. Rest assured that we use encryption software similar to your bank's — and we will never be given access to your login information. Once you are logged in, you will be prompted to send your latest 90-day bank statement to our team of loan assessors. We will use it to verify the details you’ve put in your application. This simple but thorough method allows us to forego usual steps in verification processes like contacting you or your employer.

However, we are still required to look at your credit file and score as standard lending practice. But this shouldn't concern you too much if you currently don't have a high enough credit score. Applying for debt consolidation solutions helps lenders understand the purpose of your loan and take into account what your financial position will be in the future once you've cleared all your debt. Your 24-month transaction history on your credit file is also provided to us, giving our loan assessment team a visual of the steps you've taken to fix any credit issues you've had.

We've also made it possible for you to get your approval and new loan money, all within 24 hours of your application. Our debt consolidation loan service and free online debt consolidation loan calculator are available to all residents of Australia, with same day loans in Sydney, Brisbane, Melbourne, Perth, and other surrounding regions. Make sure to submit your application within our business hours so you can potentially receive your funds the same afternoon. If not, you may receive your money the next business day.

Set aside 5 minutes of your time today to apply for a personal loan with balances of up to $50,000. Make sure you've used our debt consolidation loan calculator to find out how you can start managing your finances better so you can achieve your financial goals quicker.