Debt Consolidation and Repayment

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Repaying your debt can be a hard task without the right advice.

Debt Consolidation can involve assessing your current situation in terms of your current credit card, home loan or personal loan, and combining (refinancing) those debts in to a new lower interest loan to make it easier for you make repayments and pay down your debt.

ANZ Low Rate

Debt Consolidation Credit Card

Consolidate your debt with a low interest rate offer on balance transfers and purchases.

  • $58 p.a. annual fee
  • 13.14% p.a. on purchases
  • 0% p.a. for 9 months on balance transfers
  • Cash Advance Rate of 21.49% p.a.
  • 55 days interest free
  • Minimum Income Requirement of $15,000 p.a.

Consolidate your credit card debt with a balance transfer offer:

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Interest rate (p.a.) Balance transfer rate (p.a.) Annual fee Cash advance rate (p.a.)
ANZ Low Rate
ANZ Low Rate
Offering a low interest rate on balance transfers and purchase, Plus a low annual fee. 13.14% p.a. 0% p.a. for 9 months $58 p.a. 21.49% p.a. Apply Now For The ANZ Low Rate
Read More About The ANZ Low Rate
HSBC Credit Card
HSBC Credit Card
Consolidate you debt with low interest rate on balance transfers. Plus no annual fee for the life of the credit card. 17.99% p.a. 0% p.a. for 6 months $0 p.a. 21.99% p.a. Apply Now For The HSBC Credit Card
Read More About The HSBC Credit Card
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
Virgin Australia Velocity Flyer Card – Balance Transfer Offer
Excellent long term balance transfer offer with a discounted annual fee for the first year 20.99% p.a. 0% p.a. for 8 months $64 p.a. annual fee for the first year ($129 p.a. thereafter) 20.99% p.a. Apply Now For The Virgin Australia Velocity Flyer Card - Balance Transfer Offer
Read More About The Virgin Australia Velocity Flyer Card - Balance Transfer Offer
Citibank Clear Platinum Card
Citibank Clear Platinum Card
Competitive interest rate on purchases and balance transfers offer plus enjoy a competitive annual fee. 0% p.a. for 6 months (reverts to 11.99% p.a.) on purchases. 12.99% p.a. from 1 October, 2013 0% p.a. for 6 months $49 p.a. annual fee for the first year ($99 p.a. thereafter) 0% p.a. for 6 months (reverts to 21.74% p.a.) Apply Now For The Citibank Clear Platinum Card
Read More About The Citibank Clear Platinum Card
Citibank ReadyCredit
Citibank ReadyCredit
No annual fee, no monthly servicing and no cash advance fees. Plus a long term balance transfer offer. 18.99% p.a. 5.9% p.a. for 24 months $0 p.a. 18.99% p.a. Apply Now For The Citibank ReadyCredit
Read More About The Citibank ReadyCredit
HSBC Platinum Credit Card
HSBC Platinum Credit Card
Earn bonus 25,000 reward points with high credit limits, prestige services including a personal concierge service.Plus low interest rate on purchases. 19.99% p.a. 0% p.a. for 8 months $129 p.a. 21.99% p.a. Apply Now For The HSBC Platinum Credit Card
Read More About The HSBC Platinum Credit Card
ANZ Platinum Credit Card
ANZ Platinum Credit Card
A low interest rate offer with a low annual fee. 19.39% p.a. 0% p.a. for 9 months $0 p.a. annual fee for the first year ($87 p.a. thereafter) 20.99% p.a. Apply Now For The ANZ Platinum Credit Card
Read More About The ANZ Platinum Credit Card
Citibank Rewards Credit Card - Platinum Card
Citibank Rewards Credit Card – Platinum Card
Consolidate your debt with a low balance transfer offer and a host of platinum privileges to enjoy. 20.99% p.a. 1.5% p.a. for 15 months $199 p.a. 21.74% p.a. Apply Now For The Citibank Rewards Credit Card - Platinum Card
Read More About The Citibank Rewards Credit Card - Platinum Card
Bankwest Breeze MasterCard
Bankwest Breeze MasterCard
A low interest Mastercard purchase rate and balance transfer offer from Bankwest. 0% p.a. for 4 months (reverts to 11.99% p.a.) 0% p.a. for 6 months $59 p.a. 21.99% p.a. Apply Now For The Bankwest Breeze MasterCard
Read More About The Bankwest Breeze MasterCard
Westpac Low Rate Card
Westpac Low Rate Card
Save with a low rate on balance transfers and purchases with a low annual fee. 0% p.a. for 6 months (reverts to 13.49% p.a.) 3.99% p.a. for 6 months $45 p.a. 21.49% p.a. Apply Now For The Westpac Low Rate Card
Read More About The Westpac Low Rate Card
St.George Vertigo
St.George Vertigo
The low rate credit card made for those who love to shop with a low rate on purchases, up to 55 days interest free and a low annual fee. 13.24% p.a. 2.99% p.a. for 6 months $0 p.a. annual fee for the first year ($55 p.a. thereafter) 21.49% p.a. Apply Now For The St.George Vertigo
Read More About The St.George Vertigo
Aussie Classic Low Rate MasterCard
Aussie Classic Low Rate MasterCard
A low interest rate offer combined with a low annual fee. 12.49% p.a. 5.99% p.a. for 5 months $0 p.a. annual fee* for the first year ($49 p.a. thereafter) 20.99% p.a. Apply Now For The Aussie Classic Low Rate MasterCard
Read More About The Aussie Classic Low Rate MasterCard

As the average of the personal debt of each Australian has risen to $50,000 – twice the amount of a short five years ago – more and more people are struggling with debt consolidation and repayment. Yes, we certainly also do have more assets these days. But due to increased financial pressures most of us face, debt consolidation loans are being utilised at an all time high. Balance transfers also provide a valid means for credit card consolidation and are steadily increasing in popularity.

Overview of debt consolidation and repayments:

There are several ways with which you can consolidate your debts and we will look at them in this article. By understanding how debt consolidation works you will be able to make an informed decision about your financial future. First, let’s look at.

Personal Loans

Since a personal loan can be fixed at a rate of around 13%, you’re allowed to transfers your higher credit card debts into your personal loan and repay at it’s own rate. Contact your financial provider to find out if balance transfers are available on your personal loan. Compare the best personal loans if you’re interested in pursuing this method.

Debt Consolidation Personal Loan Offer

Aussie Personal Loan - Over $20,000

Aussie Personal Loan – Over $20,000

Aussie now offers Personal Loans for just about anything you like.
Whether for a holiday, home renovations, a special project or even a wedding, a Personal Loan from Aussie can help you pay for any worthwhile purpose. It’s even a smart way to take control of your credit card debt.

  • Min. Variable Interest Rate: 13.90% p.a.
  • Min. Comparison Rate: 14.84% p.a.
  • Min. Loan Amount: $3,000
  • Loan Term: 1 year
  • Application Fee: $199

Home Equity

Home equity is currently one of the most cost effective ways to pay back your existing debt. Provided you already have equity in your home, you could apply for an equity line rate loan which will draw money against your ‘equity’ (the portion of your home that has been paid off by you.)

Because of the all-time low interest rates we enjoy now, it is cheaper to draw money on a home loan than say with a credit card. Of course, you will need to factor in the time span here as well.

Debt consolidation loans

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Aussie Personal Loan - Over $20,000
Aussie Personal Loan – Over $20,000

Consolidate your multiple debts (credit cards, car loans, student loans and other personal loans) in to one low interest loan

Apply Now For The Aussie Personal Loan - Over $20,000
Read More About The Aussie Personal Loan - Over $20,000
SocietyOne Low Interest Personal Loan
SocietyOne Low Interest Personal Loan
An Australian peer-to-peer lending platform. Access low rates of interest and fixed monthly repayments. No monthly fees, no early exit fees, or penalties for making overpayment. Apply Now For The SocietyOne Low Interest Personal Loan
Read More About The SocietyOne Low Interest Personal Loan
Citibank Personal Credit
Citibank Personal Credit
Unsecured line of credit with no fixed term – pay it off as fast or as slow as you want. Can be used as credit, to withdraw cash or pay by cheque. Apply Now For The Citibank Personal Credit
Read More About The Citibank Personal Credit
Fox Symes Debt Solutions
Fox Symes Debt Solutions
Consolidate your debt with a Fox Symes Debt Consolidation Solution. Fox Symes may be able to assist you to get back in control of your finances and start to reduce your debt whether it be your mortgage repayments, credit card, personal loan. Apply Now For The Fox Symes Debt Solutions
Read More About The Fox Symes Debt Solutions

Debt consolidation loans are already very popular in the AU. These loans are aimed at giving you the best deal to pay off several others loans, such as a student loan, a personal loan, or even credit card debt.

It is advisable to analyse your options thoroughly and always pay back more than necessary to reduce the debt much faster. Otherwise your debt will remain active for many years to come. Just by choosing the right product you can save thousands in the process. It certainly pays to shop around.

Credit card balance transfers

Credit card balance transfers allow you to choose a reduced interest rate credit card for a honeymoon period of between 6-months up to lifetime.

Just bear in mind that this is really only an option if you intend to pay off the card within the honeymoon period, otherwise you’ll end up paying hefty interest rates which will increase your debt.

Debt consolidation and repayment with this method will require discipline from you.

As mentioned frequently among Credit Card Finder® articles and guides, balance transfers are the epitome of cheap and effective debt consolidation. Some of your options for balance transfers include:

  • 2.99% for 6 months Balance Transfer offer on the St George Vertigo with a
    $55 annual fee.

There are plenty more balance transfer cards on offer which you can compare. If you’re unfamiliar with the balance transfer concept, or want to find out how you can avoid common pitfalls and ‘traps’ associated with them, see our balance transfer guide.

Basic knowledge you need to possess if you are to have a fighting chance of getting out of debt:

Anyone in debt needs to become an expert on the subject pretty quickly. No matter how lax you may have been previously with your finances, you should make sure you know every available option, where to turn, and who to speak to.

  • How you got into debt in the first place. This may give you some clues how to get out of it, and should certainly help you avoid it happening again. It may have happened for personal reasons, business reasons, or bad financial planning.
  • What exactly is your financial situation? You need to know what your income, expenditure and assets are to the dollar. Without this information, you cannot hope to make any positive changes.
  • Create a budget based on the above information. This will help you plan ahead to live the most frugal life possible until your debt issue is resolved. You will need to cut back, and maybe realise some assets or increase your employment workload.
  • Are you eligible for any government assistance? Depending on your situation, you may be able to get some help from the government. Information is available at the Centrelink website.
  • Are your lenders willing to help? Don’t be shy about speaking to your lenders and letting them know you’re in debt trouble. It is in their interest to have you remain solvent, and they may work out a more suitable payment plan for you to achieve this end. The alternative – your bankruptcy – would leave them with nothing.
  • Will your credit rating stretch to a consolidation of your debts? If so, you must still make certain that this is the right thing to do. If high fees and high interest rates are involved, you could end up in an even deeper debt hole.
  • Court proceedings. If you do end up in court, you can apply to have your debt repaid by installments. The amount has to be low enough for you to keep up with the repayments, but not so low that the court thinks you’re being unreasonable.
  • Bankruptcy. This is the last resort, but at least it draws a line under your current debt. The downside is that your will not be discharged as a bankrupt for three years, and during that time your ability to borrow will be severely restricted and you may be turned down for certain jobs.

Comparing different tactics of credit card repayment

If you have more than one credit card with an owing balance, there are two ways you can approach paying off your debt systematically. Both have its advantages and disadvantages, and will be subjective to different people.
For the sake of these calculations, we’ll use 3 credit cards. Their features are:

    Card A:
    Balance: $1000
    Interest Rate: 15%

    Card B:
    Balance: $2700
    Interest Rate: 20%

    Card C:
    Balance: $800
    Interest Rate: 15%

    Monthly Repayment: $500.

Lowest Balance First (The ‘Snowball’ Method)

This method consists of paying off your smallest balances first, regardless of interest rate and other factors. It is a popular method as although you may end up paying more, it gives a sense of achievement by clearing a balance sooner than later.
Using our credit card calculator, by using the snowball method, it was found that:

Snowball Debt Consolidation Method

The ‘Snowball Method’ input into the calculator, using the hypothesized features.


Highest Interest First

In the majority of cases, this method will yield lower interest repayments over the life of your balance repayments. The results for paying off the highest interest cards first were:

High Interest Repayment First Method

The ‘Highest Interest Repaid First’ technique input into the calculator, using the hypothesized features.


The Results

By paying off the highest interest cards instead of lowest balance first, you would have saved $45.29. Next time you need to pay off multiple balances, give our free calculator a go to help you budget accordingly.

Important tips

If you do look into debt consolidation and repayment then please remember that extra payments each month will help you to reduce your loan a lot faster. You’ll save thousands of dollars in the process and come away debt-free a lot sooner.

We have written a number of articles covering the topic of Debt Consolidation and Repayment which will hopefully make your journey to becoming debt free faster and a lot easier:Debt Consolidation and Repayment.

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15 Responses to Debt Consolidation and Repayment

  1. Default Gravatar
    ellen ewart | March 19, 2013

    i have a vertigo visa st george credit card i would like to transfer my ge credit card debt to my st george card can i do that

    • Staff
      Jacob | March 19, 2013

      Hi Ellen. Yes, this is possible. Balances can be transferred from credit cards and store cards to the St.George Vertigo MasterCard. Thanks.

  2. Default Gravatar
    claire blowes | April 6, 2013

    I am travelling in a number of European countries shortly, and rather than carry cash I am looking for either a debit or credit card which offers reasonable exchange rates

    • Staff
      Jacob | April 6, 2013

      Hi Claire. Thanks for your question. Check this page, it has a comparison of travel debit cards, travel friendly credit cards and travel money cards. There are credit cards that do not charge a cross currency conversion fee (Bankwest Platinum range of cards, Aussie Low Rate Platinum Card & the 28 Degrees MasterCard, but the exchange rate is set by the card scheme [Visa, MasterCard and American Express] rather than the card prover). Travel debit cards have a fluctuating exchange rate too. A travel money card allows you to lock in the exchange rate at the time you load funds onto the card. Hope this has helped. Let us know if you would like further information about the above. Jacob.

  3. Default Gravatar
    Val | April 14, 2013

    Hi I am thinking of consolidating my credit cards on the 0 interest cards but, I want to know if I could move the debt after the 0 interest period to another bank and how many times is one allowed to do this i.e. can I chop and change until the debt is finalized.

    • Staff
      Jacob | April 14, 2013

      HI Val. Thanks for your question. With balance transfers, you can keep transferring your debt between credit cards provided that you can keep getting approved for cards – the low interest balance transfer promotion is available to new customers only. So, the number of times you can technically transfer a balance is subject to the credit card approval criteria of the banks and other lenders. Some things to be aware of. You can’t transfer a balance between two cards offered by the same institution, you can only transfer up to a percentage of your approved, available credit limit with most cards. Let us know if you have any further questions about this. Jacob.

  4. Default Gravatar
    pouli | April 23, 2013

    What’s the maximum transfer balance can I apply for?

    • Staff
      Jacob | April 23, 2013

      Hi Pouli. Thanks for your question. This really depends on a number of things – mainly your credit limit. You can’t balance transfer more than the amount you’re approved for on your new credit card. Institutions will allow you to transfer up to a percentage of your approved credit limit. For instance, ANZ allow you to transfer 95% of your approved limit – if you have a credit limit of $10,000, you can use $9500 of this for a balance transfer. Jacob.

  5. Default Gravatar
    Tan | April 29, 2013

    Hi there,

    I have 3 cards that i would like to consolidate – totalling around $25k am I better to apply for a new card for these or a low rate personal loan? I earn $50kpa and also have around $300 equity on our home loan, have been thinking to just refinance the home loan and combine the lot… thoughts??

    • Staff
      Jacob | April 29, 2013

      Hi Tan. Thanks for your question. We just made a post about a question similar to yours – check our page, ‘the best way to pay down $50K in debt‘ for more information about this. Jacob.

    • Default Gravatar
      Tan | April 29, 2013

      thanks Jacob, will check it out :)

  6. Default Gravatar
    Vanessa | May 1, 2013

    Do any of the cards allow you to transfer an overdraft as well as normal credit balances. I have a business account i wish to close if i can transfer the overdraft to a card

    • Staff
      Jacob | May 1, 2013

      HI Vanessa. Thanks for your question. You may want to consider a Citibank credit card. Citibank (and Virgin, who Citibank underwrites) allow you to transfer lines-of-credit and personal loans as well as store cards and credit cards to their accounts. Jacob.

    • Default Gravatar
      Vanessa | May 1, 2013

      Hi are there any others i can look at in relation to my other question

    • Staff
      Jacob | May 2, 2013

      Hi Vanessa. If you’re referring to transfer an overdraft account and a credit card, Citibank are likely to the institution to go for, Citibank and Virgin are the only two institutions that currently allow the consolidation of personal loans and lines-of-credit . However, you may want to try and consolidate with a business loan. If the credit card is for personal use and the overdraft is for business use, it may be difficult consolidating the loan under one or the other’s name. Jacob.

Credit card offers:

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HSBC Credit Card Bankwest Zero Platinum Credit Card Virgin Flyer Credit Card ANZ Low Rate
HSBC Credit Card Bankwest Zero Platinum Virgin Flyer Credit Card ANZ Low Rate

0% p.a. for 6 months

on balance transfers & no annual fee

0% p.a. for 9 months on balance transfers & platinum benefits

0% p.a. for 8 months

on balances transfers & reward points

0% p.a. for 9 months

on balance transfers & low rate

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Credit Cards Comparison

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Interest rate (p.a.) Balance transfer rate (p.a.) Annual fee Cash advance rate (p.a.)
ANZ Low Rate
ANZ Low Rate
A low rate on purchases, balance transfer and a low annual fee. 13.14% p.a. 0% p.a. for 9 months $58 p.a. 21.49% p.a. Apply Now For The ANZ Low Rate
Read More About The ANZ Low Rate
HSBC Credit Card
HSBC Credit Card
No annual fee for the life of the credit card. Plus a low balance transfer offer. 17.99% p.a. 0% p.a. for 6 months $0 p.a. 21.99% p.a. Apply Now For The HSBC Credit Card
Read More About The HSBC Credit Card
Bankwest Zero Platinum MasterCard
Bankwest Zero Platinum MasterCard
Exclusive Offer to Credit Card Finder. No annual fee credit card with platinum benefits. 17.99% p.a. 0% p.a. for 9 months $0 p.a. 21.99% p.a. Apply Now For The Bankwest Zero Platinum MasterCard
Read More About The Bankwest Zero Platinum MasterCard
Commonwealth Bank Low Rate Credit Card
Commonwealth Bank Low Rate Credit Card
A low interest rate offer on purchases and balance transfers. 0% p.a. for 5 months (reverts to 12.99% p.a.) 5.99% p.a. for 5 months $78 p.a. ($48 for qualifying customers) 21.24% p.a. Apply Now For The Commonwealth Bank Low Rate Credit Card
Read More About The Commonwealth Bank Low Rate Credit Card
ANZ Platinum Credit Card
ANZ Platinum Credit Card
No annual fee for the first year and a balance transfer offer. 19.39% p.a. 0% p.a. for 9 months $0 p.a. annual fee for the first year ($87 p.a. thereafter) 20.99% p.a. Apply Now For The ANZ Platinum Credit Card
Read More About The ANZ Platinum Credit Card

* The credit card offers compared on this page are chosen from a range of credit cards CreditCardFinder.com.au has access to track details from and is not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms 'Best' and 'Top' are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your own personal financial circumstances when comparing cards.