debt consolidation loan

Debt Con­sol­i­da­tion
Loans

Ready to simplify your life?
Take control of your finances. Apply online and get a response in 60 seconds.
Start here
Find out your estimated interest rate in 2 minutes

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.

Get an estimate of your repayments

I'd like to borrow

$20,000

Loan term

7 years

At an interest rate of

16.00% p.a.

9.49% Interest rate p.a.^

29.99%

(10.93% Comparison rate p.a*)

(31.38%)

Estimated repayment including typical fees

$0 / week

Total interest paid
$0

Total amount paid
$0

View Fee Breakdown

Ready to get started? Get your tailored rate in just 2 minutes, with no impact to your credit score.

Get my rate estimate

This calculator is provided for illustrative purposes only and does not constitute a quote or pre-qualification. The interest rate you may be offered can differ from the interest rate displayed above and will be based on your personal circumstances. The total amount paid includes establishment and monthly fees. See all Fees & ChargesFees & Charges for this product.

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.

Compare our fixed and variable loan options to find the right fit

Frequently asked questions

How is my interest rate determined?

What is a comparison rate?

What is redraw?

Secured vs Unsecured loan?

Fixed Loan

Best for stability

Variable Loan

Best for flexibility

Interest rate from
9.49
%
p.a.^
to
29.99
%
p.a.^
Comparison rate from
10.93
%
p.a.*
to
31.38
%
p.a.*
Interest rate from
9.49
%
p.a.^
to
29.99
%
p.a.^
Comparison rate from
10.93
%
p.a.*
to
31.38
%
p.a.*
  • Rates remain fixed for the entire loan term
  • $500 early termination fee (up until the final 3 months of loan term)
  • Flexible repayment options with weekly, fortnightly, or monthly repayments
  • Rates are subject to change throughout the loan term
  • No early termination fee
  • Flexible repayment options with weekly, fortnightly, or monthly repayments
  • Redraw extra repayments at no cost

Why choose a fixed rate?

A fixed rate provides stable, predictable repayments, making budgeting easier. It's ideal if you want certainty and peace of mind, knowing your payments won't change.

Why choose a variable rate?

A variable rate offers flexibility. Ideal if you want to pay off your loan early with fewer restrictions.


Frequently asked questions

How is my interest rate determined?

What is a comparison rate?

What is redraw?

Secured vs Unsecured loan?

Calculator and tools

Loan repayment calculator
Budget planner

Applying for a Latitude Debt Consolidation Loan is simple

1. Check your rate

Get your personalised rate online in 2 minutes without impacting your credit score.

2. Apply online

Submit your ID details and proof of income. Get a response within 2 business days.

3. Accept

Accept your loan contract digitally through our customer portal.

4. Get your funds

Funds released within 24 hours of receiving your signed contract and banking details.

Check your eligibility

Recommended reads

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

  • What is redraw?

    <span><p>Redraw is a feature of Latitude Variable Rate Personal Loans that gives access to additional repayments you've made on your loan. There's no cost to redraw and no need to reapply for a new loan. Just flexible access to funds when you need them. Call 1300 973 422 to see if you are eligible.</p></span>

    What is redraw?

  • Do all Latitude personal loans allow redraw?

    <span><p>Only Latitude Variable Rate Personal Loan have redraw available.</p></span>

    Do all Latitude personal loans allow redraw?
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 31.38% 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 31.38% 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.