Consolidation Loans

It can also help rebuild your credit rating as you meet a simple fixed-rate repayment schedule over time and consistently demonstrate positive credit behaviours - all of which is reflected on our new debt relief lending assessment tools.

Ozzie Loans offers flexible debt relief loans of up to $50,000 to help you consolidate your debt and avoid paying out excess interest if you’ve got multiple lines of credit at a higher interest rate. 

You can complete an application online and typically be approved on a personal loan for debt consolidation in just a few minutes. 

Everything you’ll need to get started is on our website. Take advantage of tools like our debt consolidation loan calculator, which can help you work out how much money you need to borrow and help you get an idea of repayment plans and terms. 

Getting ahead of your finances has never been easier - or quicker - than applying for consolidation loans with Ozzie Loans.

What is a consolidation loan?

Consolidation loans are a type of personal loan designed to help make payment on your existing debt easier. 

They typically save you money on interest being paid out across multiple lines of credit and offer peace of mind knowing you are making repayment toward a single balance that encompasses all of your debt. 

Ozzie Loans offers unsecured, small debt consolidation loans for things like credit cards and buy now pay later debt and secured debt consolidation loans for more significant debt. Our loan terms begin at 12 months for short term finance options, to longer periods of 5 years (60 months) for a larger consolidation loans balance of up to $50,000. 

How do consolidation loans work?

Debt consolidation loans are simple, powerful financial services that can help approved borrowers save and recover from high levels of debt more easily.

Traditionally, consolidation loans have not allowed for particularly flexible lending terms and criteria. If approved, the lending bank would pay off and close your existing creditor accounts on your behalf. You would never see the money borrowed to support your debt consolidation.  

Ozzie Loans works hard to empower your financial decisions. When applied and were approved for debt consolidation with us, we pay the total loan amount borrowed directly into your bank account. You then take on the responsibility to pay off your creditors with the funds provided. It is important to know that once your debts have been settled, you must close each account for which the debt consolidation funds were provided. 

We offer some of the best debt relief loans and financial services available online. Our fixed interest rates are highly competitive, and that means you’ll know exactly what to pay off your loan and when. We’re strong advocates for financial responsibility and won’t penalise you by charging early repayment fees in the instance you’ve worked hard and can pay your loan balance before your term ends.

We’re also totally transparent about our fees and charges. Once you’ve been approved, you’ll receive a copy of your loan contract online. You’ll find the full details on the repayment schedule, interest rate, and loan period being offered in those documents. 

If you’re happy with the debt consolidation loan terms offered to you, all you need to do is accept and sign your new loan contract online. Our consolidation loans team will process your loan funds immediately, and, assuming you applied during business hours, your approved funds ought to arrive in your bank account the same day.

How do I apply for a consolidation loan?

Ozzie Loans considers every request for debt consolidation loans individually.  We utilise the latest lending technology to ensure our consolidation loans assessments are fair and transparent so that we can offer you suitable debt relief.

To be eligible for any Ozzie Loans finance product, applicants must be at least 18 years of age, currently employed, and reside within Australia.

Our online application process only takes less than five minutes and doesn’t require messing around with uploads of supporting documents. All we require are two forms of formal identification, such as your driver’s licence, passport or Medicare card. 

Once you’ve completed your online consolidation loans application form, we’ll ask you to sign in to your online bank platform. It’s important to note that we don’t receive access to your account - our system simply requests a 90-day transaction statement in PDF read-only format from your bank.

After receiving it, we’ll use it to confirm the information you provided around income, existing debt and other expenses in your application. 

As a part of our assessment process, we’ll also take a look at your credit history. There have been changes previously in the way that credit is reported and recorded, and we’re huge fans. Whereas previously, your credit file only reflected any bad bits, such as where you may have missed a bill or defaulted on a line of credit, the new, comprehensive method of credit reporting allows us also to see your positive credit behaviours.

This means all your regular, on-time repayments are recognised, creating a much clearer, fairer, and more positive borrower profile.

Ozzie Loans believes in responsible lending and uses machine learning processes and algorithms to help you make informed lending decisions when you apply for debt consolidation loans. Decisions are based on your credit profile, income and employment history, bank statements and other factors.

All of this information combined gives us an accurate picture of your current borrowing capacity, including accounting for contingencies and allows us to craft a personalised debt relief loan suitable for your circumstances. 

As a responsible moneylender, we’ll only offer funds to customers who can demonstrate they can comfortably manage their new repayment schedule. When applying for consolidation loans, it’s important you are honest and include all of your existing debt and financial commitments. Your credit file will list all debt currently under your name, and returning a dishonest or fraudulent enquiry can severely damage your credit file and have a long-term negative impact on future loan or credit applications.

So, once you’re ready to regain control of your finances and save valuable time and money while you do, apply online at Ozzie Loans for one of our debt consolidation loans today. We offer speedy approval for consolidation loans between $5,000 and $50,000 at competitive fixed interest rates. 

Our debt relief loans application process is 100% paper-free for loan amounts up to $50,000 and will take as little as 5 minutes to complete. 

Oh - and we love rewarding our good customers! If our system identifies consistent positive credit behaviours on your account over time, you might be eligible for new, low rate loans and credit products.