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Personal loans Debt consolidation

debt consolidation LOANS

Simplify your debts and start fresh.

Won’t affect your credit score

Canstar's most awarded Personal Loan (Ever!)
CANSTAR 2015 2023 Outstanding Value Personal Loan OL
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We make managing your debt easier and fairer

Consolidate debt, 100% online in minutes - 24/7.

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Simplify your finances by combining multiple debts into one easy repayment schedule.

Note: When a debt consolidation loan is approved & paid, Harmoney will pay off your debts directly to your nominated creditors, rather than into your bank account.

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Consolidating high-cost debts into a single one-interest-rate loan can help you get back in control of your finances.

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Is your current interest rate too high? Our fixed-rate personalised interest rates are calculated based on your financial profile and may be lower than what you’re currently paying.

What our customers say

5.0 Quick. I was a little confused on which account to input for debt consolidation new zealand
5.0 Always a pleasure dealing with Harmoney. Debt consolidation experts. new zealand
5.0 i am happy as able to sort my debts pay over a timeline that I am able to meet... new zealand
5.0 Very fast approval. Thank you for all your help to consolidate my debt. new zealand
5.0 Thank you so much Harmoney for the fast approval to consolidate my debts.. I will definitely recommend you to my friends. new zealand
5.0 Excellent Service and ready to help Customer Care. Without Harmoney, I would not have able to consolidate my Debt. Thank you so much new zealand
5.0 Best customer service experience, everyone I debt with was very into it new zealand
5.0 Thank you for trusting in me and helping me consolidating my debts in order to pay it faster. new zealand
5.0 Harmoney is helping me get out of debt faster and I'm grateful for that. Thank u ever so much Harmoney. New Zealand
5.0 I've used Harmoney for years, the best user experience in the industry. The website design has improved consistently every few months. The speed of transactions is next to none, and they've helped me achieve lower interest rates year after year. Without Harmoney I would have never escaped my two loans + two credit card debt spiral.

Go Harmoney!
new zealand
5.0 Thank you Harmoney. I can now consolidate my debt and pay less interest new zealand
5.0 Excellent service. Delighted to get these debts into one manageable payment at a competitive interest rate new zealand
5.0 Saved my bacon.. Now serious work to decrease my debts. new zealand
5.0 I love and appreciate how hassle free this entire process is. I also appreciate that your customer service team are really helpful and non-judgemental. Thank you for helping me consolidate some of my debts. I really appreciate it. new zealand
5.0 Prompt and hassle free service. Thank you for making consolidation of debt super smooth and stress free. new zealand

Simple, 100% online

1. Get to know you

Tell us about your debt consolidation goals, a little about yourself and your personal finances to start us off.

2. Get your quote

We will create a personalised quote with all the important details including the loan term, interest rate and repayment plan.

3. Get your money

Once you’ve approved your quote, we will get a few more pieces of information from you, then send through your loan. Most loans are fully funded within 24 hours.

What we offer

$2K - $70K

Loan limits
3, 5 or 7 years

Loan terms

Establishment fee

Early repayment fee
  • You can get a 3, 5 or 7 year loan term¹
  • Secured fixed rates from 9.89%* p.a to 21.49% p.a.
  • Unsecured fixed rates from 9.99% p.a. to 24.99% p.a.²
  • Establishment fee of $150
  • You can repay weekly, fortnightly or monthly
  • Your rate is fixed for the life of the loan

* If you take out a secured loan and don’t meet the security conditions within 60 days of the loan advance, the loan will revert to unsecured and the interest rate will change to a higher unsecured interest rate.

Quick debt consolidation estimate

Discover your new rate and single payment estimate with our debt consolidation calculator.

Debt consolidation loans customised to your needs

We work with you to create a personalised debt consolidation loan.

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Your debt consolidation loan will have a personalised interest rate based on your individual credit assessment.

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Once you have approved your quote, your debt consolidation loan should be fully funded within 24 hours.

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100% ONLINE – 24/7

Every step from application to receiving your loan takes place online.

Common debt consolidation questions

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About debt consolidation loans

Debt consolidation is useful for many people, but no financial option has a one-size-fits-all benefit.

Debt consolidation loans offer a more manageable option for people with multiple debts – from loans, credit cards or elsewhere – that helps them reduce stress and typically repay their debt more quickly and efficiently.

What is a debt consolidation loan?

Debt consolidation is a way to take multiple debts and combine them into a single loan. Although this combined loan will be bigger, you’ll only have one repayment date to remember and can sometimes attract a smaller interest rate.

For example, having multiple credit cards can be tricky to manage. They’ll likely have different interest rates and fees, and any the interest free periods may vary. On top of that, there’s the monthly repayments, which may have different due dates, and it may be difficult to understand how long it will take to pay off the debt.

Combining those credit cards into a single debt consolidation loan is easier to manage. And if you’re trying to get rid of debt, you’ll know when your last repayment is due. Just remember - if your goal with debt consolidation is to reduce debt it can help to reduce access to credit after consolidating - it might be time to cut up those cards, or reduce their limit to cover emergencies only.

How does debt consolidation work?

A debt consolidation loan provides money to pay off existing loans. So instead of having to meet multiple repayment dates throughout the month with various interest rates, you just have to make one monthly repayment.

Once debt is consolidated into one loan it can look daunting, but in reality it’s the same amount of debt - it’s just in one place. This can make things easier to manage, with fewer fees to pay.

Debt consolidation doesn’t remove debt, but it can help make it easier to manage.

If being debt-free is a goal, reducing access to credit after consolidating debt - by retiring credit cards or closing credit accounts - can be a good move.

How does a Harmoney debt consolidation loan work?

Like all personal loans on Harmoney, we look at your financial and personal situation when assessing your quote or loan application.

Part of the process involves us asking for details of all your existing loans. Should you approve Harmoney’s quote (including interest rate and repayment terms), we’ll then pay off the loans and debts listed in your loan agreement. This may be all your debts, or only some of them - it depends on the approved maximum loan limit.

When managing their Harmoney loan, borrowers can log onto the borrower portal, to see their total debt balance as well as their next repayment dates and totals.

Things to consider if you’re looking at consolidating debt

What are your current monthly repayments?

By working out how much you’re currently paying, you can compare your current situation with the quote Harmoney provides to see which is more favourable to you.

How much interest are you paying and what are the fees?

As well as how much you’re paying back, you should consider the interest charged on your loan. You may find a debt consolidation loan reduces your payments over time.

What is your credit like?

With a Harmoney loan, approved borrowers with an excellent credit history are generally offered lower interest rates. So it’s a good idea to develop or maintain good credit behaviour - reduce unused available credit, be selective about applying for credit, and keep up to date with all bill payments.

What income is available to service a loan?

It’s important to show you have enough income to service a loan, above and beyond other outgoings you have. Therefore, it can help to reduce any outgoings that aren’t necessary. Not only will it leave more in your pocket, it will be available to help service a loan should you need one.

Debt consolidation vs refinancing

Debt consolidation and refinancing are very similar – they’re both ways to assess current debt levels and to restructure that in your favour.

In most cases, refinancing refers to just a single debt – like your mortgage – while debt consolidation is about combining multiple debts into one loan.

Debt consolidation options

There are different ways to consolidate debt. Here are three of the most popular:

Debt consolidation personal loan

A personal debt consolidation loan means you take out a new loan to replace your existing debt.

On Harmoney, all loans are unsecured (meaning you don’t risk any of your assets when you take one out) and you can choose between repayments over three, five or seven years.

When looking at debt consolidation loans, be vigilant with terms and conditions. Among these, you want to make sure you understand the interest rate, any fees and what your repayments will look like.

Refinancing by putting the debt on your mortgage

Because mortgage rates tend to be lower than other loans, some people like to increase their mortgage to pay off other debts.

As always, the devil is in the detail. Even though a mortgage may have a lower interest rate than a personal loan, because the loan term is much longer, you may end up paying a lot more in interest fees.

Credit card balance transfer

Many credit cards offer a low-interest or even an interest-free introductory offer, which entices some people to move their debt to a new card.

However, once that offer is over, the interest rates on credit card debt are some of the highest on the market and, if the debt isn’t paid off quickly, it can quickly become very expensive.

What kind of debt can be consolidated?

Almost any kind of debt can be consolidated into a personal loan on Harmoney.

Some of the most common debts include personal loans, credit cards, car financing and buy-now-pay-later balances.

When applying for a debt consolidation loan on Harmoney, you’ll be asked to list the debts you want to include in your loan. These will be reviewed and you’ll be told which can and can’t be included.

How to get the best from a debt consolidation loan

Reduce your monthly repayments

When you have multiple loans and credit cards, it’s likely that you have lots of repayment dates. The more admin you have to take care of, the easier it is to miss a repayment and face a late fee.

With a debt consolidation loan, you place all of your debt into one loan. It’s a lot more manageable for many people because there’s just one monthly repayment to make.

Pay it off sooner and save

Debt consolidation loans are normally paid off quicker than multiple loans, for two reasons.

One is that there is a fixed end date. You’ll know that so long as you meet all your repayments, a loan through Harmoney will be paid off within three, five or seven years. With a credit card, there is no end date attached to debt, so repayments and interest accrual can continue indefinitely.

As well as that, with just one payment to make, it’s easier to chip away at your debt and even pay it off ahead of schedule. Without having to hold anything back for other debts, you can add a little bit onto your monthly payment or put a lump sum towards reducing the total.

Reduce your credit limits

Each credit card you own adds to the amount of total credit you can access. This can work against you when applying for loans or mortgages – even if the balance on all of them is zero.

Reducing the amount of credit you can access (by retiring credit cards, for example) or taking out a debt consolidation loan, could go towards building an even stronger credit history and opening the doors to more financial products and service in future.

Consolidate debt today

Taking control of your debt is the first step to being debt-free.

Types of loans

Harmoney has a personal loan for almost anything you need.

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Whatever vehicle you want to buy, whether it’s new or used, a car, van, ute, motorcycle or motorhome, a car loan can help get you on the road.

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Education can be expensive. An education costs loan can help with tuition fees, accommodation, computers, equipment and living expenses so you can focus on learning.

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Refinance your existing debts into a single debt consolidation loan, with one interest rate and repayment schedule.

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Ready for a getaway? Get the cash to book your accommodation, flights and activities with a holiday loan.

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Whatever business expenses you have an online business loan from Harmoney can help.

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Find out how a medical loan could ease the financial burden of your medical expenses.

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Don’t delay, get the ball rolling on your home improvements with an online renovation loan.

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Create a day you’ll remember forever with the help of an online wedding loan.

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We're real people and here if you need us

If you need help, just give us a call on 0800 427 666 or jump on to online chat and one of our more than 30 specialists will be there to lend a hand.

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Terms and conditions

1.Loan terms subject to availability.

2. Subject to approval. Harmoney’s interest rates are offered based on the individual borrower’s credit assessment according to Harmoney’s credit scorecard. In order to be approved you must meet Harmoney’s credit criteria and responsible lending requirements. Fees, charges, terms and conditions apply.