Debt Consolidation Calculator
Debt 1
Debt 2
New Consolidated Loan
Debt vs Consolidated Loan
Summary
Current Total Interest: $
New Loan Interest: $
Interest Saved: $
Compare Live Personal Loan Rates
Below are live rates from Australian lenders. Updated automatically.
Frequently Asked Questions
Consolidation makes sense when your consolidated rate is lower than your current average rates, you can afford the repayments, and you commit to not taking on new debt. It typically saves money when rolling high-rate personal loans or credit cards (15-25%) into a lower rate.
Yes — mortgage refinancing can consolidate personal loans and credit cards at a lower rate. However this extends short-term debt over 25-30 years, which can dramatically increase total interest paid. Always calculate the full cost, not just the monthly saving.
Key risks: extending short-term debt over a long period (paying more interest overall), securing previously unsecured debt against your home, and the temptation to accumulate new debt on paid-off credit cards. A budget plan alongside consolidation is essential.