debt consolidation loan

Debt Consolidation
Loans

Keep things simple by combining multiple repayments into one. Apply for a Latitude Debt Consolidation Loan online in 7 minutes and get a response to your application in only 60 seconds.

Check your interest rate in 2 minutes with no impact to your credit score.
Check your rate

We’ll ask you a few quick questions about your circumstances and credit history to give you a personalised interest rate and repayment amount.

$
This won't affect your credit score
How the debt consolidation
process works
  1. Let’s work out your debt
    This could include multiple credit cards and loans with other providers.
  2. Let’s apply
    Our application process is fast and easy, and you can check your interest rate before you apply. Let's get started!
  3. Let’s handle your payments directly
    If approved, we get rid of the hassle and do all the hard work for you by:
    • Organising the consolidation of your debts
    • Paying your nominated credit providers directly
  4. Start making just one payment for all your debts
    Latitude will do all the organising to consolidate your debts, so you can breathe easier, take a break, and take control. All you need to do is pay down your loan, one easy-to-manage payment at a time. Now that’s better.

Interest Rates

Variable
Variable Rate
9.49
%
p.a.
^
to
29.99
%
p.a.
^
Comparison Rate
10.93
%
p.a.
*
to
31.83
%
p.a.
*
Fixed
Fixed Rate
9.49
%
p.a.
^
to
29.99
%
p.a.
^
Comparison Rate
10.93
%
p.a.
*
to
31.83
%
p.a.
*

Let's talk loan details


RateChoice of a Fixed or Variable loan

Loan amountsFrom $5,000

RepaymentsWeekly, fortnightly, monthly

Loan terms2 - 7 years
Secured and unsecured

Other benefitsFixed loan:
Rate and repayment fixed for the life of the loan
Variable loan:
No early termination fee

Other InformationLoans with a variable interest rate are subject to change throughout the duration of the loan

Fees & charges
Establishment Fee$395
Loan Service Fee$13 per month
Payment handling fee for using BPAY®$1.50 (increasing to $1.95, effective 5th March 2024)
Late Payment Fee:$40 (increasing to $45, effective 5th March 2024) in the event that you can’t make the minimum repayment by your agreed date
Early Termination Fee:Fixed loan:
$500 up until the last 3 months of the loan term
Variable loan:
No early termination fee
Other InformationLoans with a variable interest rate are subject to change throughout the duration of the loan

Calculators and tools

Personal loan
repayment calculator

What will my repayments be?

Car loan
repayment calculator

What will my repayments be?

Budget
planner

See where your money is going and how to save more

Why debt consolidation?

One easy-to-manage payment

There’s no need to manage multiple credit card balances or loans from multiple providers. One easy-to-manage payment comes straight out of your account.

Flexible repayments

You choose your payment schedule, whether it’s weekly, fortnightly or monthly. Plus, you can make extra repayments to pay down your loan faster.1

Extra help

We’re here to provide that extra help when you really need it, so you can manage your finances in a way that suits you. Just call us on 13 28 26.

How to apply

  1. Check your interest rate online in 2 minutes without impacting your credit score
  2. Apply online and receive a response in 60 seconds
  3. Provide required documents, such as banking statements and identification documents
  4. Accept your loan contract digitally
  5. Obtain funds within 24 hours of us receiving your online acceptance

Eligibility

You must:
  • Be 18 years or over
  • Be a permanent Australian resident
  • Be currently employed and earning at least $25,000 gross per annum
  • Be able to demonstrate a good credit history for the last 5 years
  • Be free from bankruptcy for the last 7 years

Frequently asked questions

About my Latitude Debt Consolidation Loan
  • What can I use my Latitude Debt Consolidation Loan for?

    <span>You can use a Latitude debt consolidation loan to combine multiple debts into one single loan. This means one interest rate (fixed or variable) and one weekly, fortnightly or monthly repayment. If you would like more information, give us a call 13 28 26 to discuss options to suit you.</span>

    What can I use my Latitude Debt Consolidation Loan for?
  • How much can I borrow with a Latitude Debt Consolidation Loan?

    <span>The minimum amount you can borrow with a Latitude personal loan is $5,000, with the maximum depending on your circumstances and current financial situation.</span>

    How much can I borrow with a Latitude Debt Consolidation Loan?
  • How do I make repayments on my Latitude Debt Consolidation Loan?

    <span><p>You can opt to make weekly, fortnightly or monthly repayments by Direct Debit or BPAY®.</p><p>Payment via BPAY® will incur a payment handling fee of $1.50.</p><p>BPAY® and the BPAY® logo are registered trademarks of BPAY Pty Ltd ABN 69 079 137 518</p></span>

    How do I make repayments on my Latitude Debt Consolidation Loan?
  • When should I consider a debt consolidation loan?

    <span><p>Considering a debt consolidation loan can be a smart financial move under certain circumstances. Here are some situations in which you should may consider a debt consolidation loan:</p><ol><li>High Interest Rates: If you have multiple high-interest loans or credit card debts, a debt consolidation loan can help you combine these debts into a single loan with a lower interest rate. This can save you money on interest payments over time.</li><li>Simplified Payments: Managing multiple debts with varying due dates and payment amounts can be overwhelming. A debt consolidation loan simplifies your finances by combining all your debts into one monthly payment, making it easier to manage your payments and stay organized.</li><li>Lower Monthly Payments: Debt consolidation loans often come with longer repayment terms, which can result in lower monthly payments compared to your original debts. This can make your debt more manageable, especially if you're on a tight budget.</li><li>Streamlined Finances: If you're dealing with multiple creditors, keeping track of payments, interest rates, and due dates can be challenging. Consolidating your debts streamlines your financial obligations, reducing the risk of missed payments.</li><li>Avoiding Default: If you're at risk of defaulting on one or more of your debts, a consolidation loan can help you avoid this situation by providing a more manageable repayment plan.</li><li>Getting Out of Debt Faster: If you're committed to becoming debt-free, a consolidation loan with a lower interest rate and a focused repayment plan can help you pay off your debt faster than if you continued making minimum payments on multiple debts.</li></ol><p>It's important to note that debt consolidation is not a one-size-fits-all solution. Before pursuing a debt consolidation loan, carefully consider the terms and fees associated with the loan, your ability to make the new payments, and your overall financial goals. Additionally, assess whether the underlying issue causing your debt has been addressed, so you don't find yourself accumulating more debt in the future. Consulting a financial advisor can help you make an informed decision based on your individual circumstances.</p></span>

    When should I consider a debt consolidation loan?
  • Will a debt consolidation loan impact my credit score?

    <span>When you apply for a quote for a personal loan, there will be no impact to your credit score. That is because a <q>soft check</q> is used during this process which cannot be used by credit bureaus to inform your credit score. However, when you make a full application for any type of credit (including personal loans, credit cards and mortgages), there will be a full credit check made on your credit file which will cause your score to drop slightly. If you take out a personal loan and consistently make your payments on time then your score will eventually improve again. Missing payments and making multiple applications for credit can negatively impact your credit score. </span>

    Will a debt consolidation loan impact my credit score?
  • Useful forms to manage your Latitude Debt Consolidation Loan

    <span><p>To help you manage your account, here are some useful forms.</p><a target="_blank" href="https://latitudefs.zendesk.com/hc/en-au/requests/new?ticket_form_id=360000137778">Direct debit set up form</a> [PDF]<br><a target="_blank" href="https://latitudefs.zendesk.com/hc/en-au/requests/new?ticket_form_id=360000130337">Third party authority</a> [PDF]</span>

    Useful forms to manage your Latitude Debt Consolidation Loan
Application and approval
  • When will I get a decision on my Latitude Debt Consolidation loan application?

    <span>In most cases, you can expect to receive a decision on your Latitude Debt Consolidation Loan application in 1-2 working days.</span>

    When will I get a decision on my Latitude Debt Consolidation loan application?
  • How long until I receive funds for my Latitude Debt Consolidation Loan?

    Once your Latitude Debt Consolidation Loan is approved and contracts signed, your funds are usually available the next business day or no more than two working days (depending on your circumstances).

    How long until I receive funds for my Latitude Debt Consolidation Loan?
  • What is the eligibility criteria for a Latitude Debt Consolidation Loan?

    <div><p>At a minimum, you will need to:</p><ul><li>be currently employed and earning at least $25,000 gross per annum</li><li>be an Australian Permanent Resident</li><li>be at least 18 years of age</li><li>Be able to demonstrate a good credit history for the last 5 years</li><li>Be free from bankruptcy for the last 7 years</li></ul><p>Other credit and approval criteria will apply depending on your situation. In most cases, you can expect to receive a decision on your loan application in 1-2 working days.</p></div>

    What is the eligibility criteria for a Latitude Debt Consolidation Loan?
  • Do I need to provide security for my Latitude Debt Consolidation Loan?

    <span>Whether you need to provide security or not will vary depending on your personal circumstances and the loan amount you have applied for.</span>

    Do I need to provide security for my Latitude Debt Consolidation Loan?
Fees, charges and interest
  • Will the interest rate on my Latitude Debt Consolidation Loan be Fixed or Variable?

    <span>You can choose whether your Latitude loan is fixed or variable. Interest rates may vary depending on the type of Latitude debt consolidation loan you apply for. Fixed loans have a fixed interest rate for the term of the loan. With a Latitude Variable debt consolidation loan the interest rate could change during the term of your loan.</span>

    Will the interest rate on my Latitude Debt Consolidation Loan be Fixed or Variable?
  • How is interest calculated on a Latitude Debt Consolidation Loan?

    <span>Interest is calculated daily and charged to your account on a monthly basis.</span>

    How is interest calculated on a Latitude Debt Consolidation Loan?
  • Will I be charged a fee for making extra payments?

    <span>With a Latitude personal Loan, you can make extra payments whenever and however you like. Be aware that for a Fixed personal loan, an early termination fee of $500 applies if you payout your loan in full up until the last 3 months of the loan.</span>

    Will I be charged a fee for making extra payments?
  • How can I avoid paying late fees on my Latitude Debt Consolidation Loan?

    <span><ul><li>Paying by direct debit saves you time and the hassle of manual repayments, it also helps you to avoid fees from missed or late payments.</li><li>Make sure you have sufficient funds in your account so all direct debits and other scheduled payments can be made.</li><li>If your circumstances change which could affect your repayments, call us on <a href="tel:132826"> 13 28 26</a> to discuss your options.</li><li>You can also make additional repayments so you pay off your loan sooner and save on interest<sup>1</sup>.</li></ul><p><sup>1</sup>Early termination fee applies.</p></div></span>

    How can I avoid paying late fees on my Latitude Debt Consolidation Loan?

Important information

^ Approved customers only. Terms, conditions, fees and charges apply for Latitude Personal Loan. All applications are subject to lending and approval criteria.

Loan terms range from 2-7 years for Latitude Personal Loan.

Latitude Fixed Personal Loan rates range from 9.49% p.a. to 29.99% p.a. (comparison rates 10.93% p.a. to 31.83% p.a.).
Latitude Variable Personal Loan rates range from 9.49% p.a. to 29.99% p.a. (comparison rates 10.93% p.a. to 31.83% p.a.).

* The Comparison rate for the above products are based on $30,000 over 5 years.

WARNING: These comparison rates apply only to the example or examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

EXAMPLE: A personal loan of $30,000 borrowed for 5 years with an interest rate of 15.99% p.a. (17.40% p.a. comparison rate), would equate to a total amount payable of $45,418 (including a $395 establishment fee and $13 monthly loan servicing fees).

Results from the calculators should be used as an indication only, and they do not represent either a quote or pre-qualification or approval for a loan. The calculator should only be used as a guide to see how loan repayments can vary when you change the loan amount, interest rate and loan term. Fees and charges are payable and the calculators do not take these into account.

1 You can make additional payments at any time, however, an early termination fee may apply on a Fixed loan up until the last 3 months of your loan term.