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debt consolidation LOANS

The easy way to simplify your debt

Personal rates from 6.99%¹

Won't affect your credit score

Canstar winner 5 years in a row
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We make consolidating debt easier and fairer

Refinance debt 100% online in a matter of minutes

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Rolls multiple debts into one, so you only have to deal with one interest rate and one repayment schedule.

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Refinancing high-cost credit like credit cards and store cards can help you break free from the debt spiral.

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With our fair, personalised interest rates, you may qualify for a better rate than you’re currently paying.

Simple, 100% online

Step 1: Get to know you

We need to know about you, your finances and your goals for consolidating debt – to save on interest or simplify your repayments.

Step 3: Get your money

If you’re satisfied with your quote, we’ll get some final details from you to complete the application. Most people receive their money within 24 hours of approval.

Step 2: Get your quote

Everyone’s debts are different and your loan offer will be personalised to you. Your quote will be detailed, but easy to understand.

What we offer


Loan limits
3 or 5 years

Loan terms
$200 or $450

Establishment fee

Early repayment fee
  • All loans are unsecured
  • Rates from 6.99% - 29.99% p.a.¹
  • Your rate is fixed for the life of the loan
  • You can repay weekly, fortnightly or monthly
  • Establishment fee of $200 for loans under $5,000 ²
  • Establishment fee of $450 for loans $5,000 and over ²

Find out more about our rates and fees

Quick debt consolidation estimate

Try our debt consolidation calculator to see how much you could save with a new rate and single regular repayment.

Debt consolidation calculator

Common debt consolidation questions

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What is debt consolidation?

Debt consolidation is wrapping up multiple loans into a single loan with one regular repayment. Consolidating debt can help to make your life easier, as well as give you the chance to lower your interest payments and avoid penalties for missed payments.

Why do you need to know my goal when I go for a debt consolidation loan?

Knowing what your financial goals are means we can help you to meet them.

A debt consolidation loan from Harmoney could help you achieve one or more of the following:

  • pay less interest
  • make smaller repayments each month
  • simplify your debts with one easy-to-manage loan
Can I repay my debt consolidation loan early?

Yes. You can choose to pay back your debt consolidation loan early if you want to, with no early repayment fees. We encourage borrowers to pay off their loans sooner if they can, so they can save on interest costs and enjoy freedom from debt.

How many debts can I consolidate?

You can consolidate as many debts as you want to with a debt consolidation loan, as long as these are covered by the maximum loan amount. Each borrower’s loan limit will be based on their individual circumstances.

Should I use my mortgage to consolidate debt?

Taking advantage of a low mortgage rate can be appealing and is an option worth considering. However, any benefit a low rate may provide could be lost if the amount borrowed is paid back over a longer term with more interest payments. Consolidating debt using a home loan but continuing to make the minimum mortgage repayment could mean you end up paying a lot more for the privilege.

What is the difference between debt consolidation and refinancing?

Debt consolidation and refinancing are very similar, as in both cases, existing debt is transferred into a new debt so the borrower can take advantage of things like a better interest rate, lower repayments or a more flexible loan term.

This is usually referred to as refinancing if only one debt is involved, such as a property loan or other high value asset. Debt consolidation normally refers to multiple loans being refinanced, but this isn’t always the case – borrowers may also use a Harmoney debt consolidation loan to “refinance” a single debt.

Debt consolidation loans that work for you

Take a big step towards a debt-free future

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Interest rates are based on your individual credit assessment, not one-size-fits-all.

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Most debt consolidation loans on Harmoney are fully funded within 24 hours.

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100% ONLINE – 24/7

Your loan application is 100% online with no awkward face-to-face meetings.


About debt consolidation loans

Debt consolidation can be an effective way of managing debt and reducing stress, but it’s not a cure for all financial problems. Learning more about what consolidation involves should help you decide whether it’s the right choice for you.

What is a debt consolidation loan?

Debt consolidation is taking multiple debts – personal loans, credit card debt, Buy Now Pay Later debt or other debt – and combining them into a single loan with a new interest rate and repayment plan.

It can reduce interest and fees and make your outgoings easier to manage. It can also be used to reduce monthly repayments by spreading the loan over a longer term (though you’ll normally pay more total interest with a longer-term loan).

How does it work?

If you calculate the monthly cost of all fees and interest paid on multiple loans, it can quickly add up to a sizeable sum. There’s also the challenge of managing each of those individual loans, which often have different repayment amounts and repayment dates.

Consolidating debt simplifies this arrangement and often saves money at the same time, or reduces repayments so you’ll have more money left over to spend every month.

The process involves taking out a new loan – or extending existing credit such as a mortgage – and using the money to pay off existing debts in full. The result is the same amount of debt, but only one loan instead of many.

One loan is easier to manage than many, and with fewer fees to pay, it should be cheaper too. You also stand to save on the amount of interest you’ll pay if the new loan has a lower interest rate, or if your new loan gives you the flexibility to repay the loan faster without penalties.

A debt consolidation loan may also help to reduce monthly bill repayments and improve cash flow by spreading repayments over a longer term. Keep in mind that the total cost of borrowing will usually be higher for a longer loan term, as you’ll pay more total interest and fees.

It’s important to remember that debt consolidation doesn’t magically make your liabilities disappear, but it can be easier and cheaper than having multiple loans.

How does a Harmoney debt consolidation loan work?

When you apply for a loan, we’ll take a look at what debts you have and ask you which ones you want to consolidate. Should your loan be approved, we’ll provide you with your loan terms, including a personalised interest rate and the maximum amount you can borrow. If you accept your loan terms, we’ll do a final review of the liabilities you want to consolidate, then Harmoney will take care of paying out those so you don’t have to.

With those now paid, you can begin making regular repayments on your Harmoney loan for the term of the loan, which is either 3 or 5 years (or sooner if you wish – you can repay your loan faster than the loan term without any early repayment fees).

Things to consider if you’re looking at consolidating debt

What are your current monthly repayments?

You’ll need to know this to understand whether you’ll really be better off.

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

Calculating the total fees as well as the interest rate you currently pay will help you to understand the total cost of borrowing.

Will an exit fee or penalty apply to any of your current credit accounts?

These costs should be factored into the benefits of switching to a debt consolidation loan.

What is your credit like?

Your credit history can have a material effect on both your access to credit (whether or not you’ll be approved) and the cost of that credit (the interest rate).

Debt consolidation vs. refinancing

Debt consolidation is a type of refinancing and the terms are often used interchangeably. In both cases, new debt is being used to help manage existing debt. One of the key differences is that debt consolidation usually involves multiple debts, whereas refinancing is usually applied to a single debt, such as a property or other large asset.

Debt consolidation options

There are a number of options available. We cover 3 common and popular options below. What you want to achieve from your debt consolidation will help you to decide which is best for you.

Personal loan

This involves taking out a personal loan for debt consolidation or extending an existing personal loan. This is the type of loan that Harmoney offers, with simple fees, personalised interest rates and 3 or 5 year terms.

What’s more, all Harmoney loans are unsecured, so you don’t have to put up your car or house as security. Plus, you can repay a Harmoney loan earlier than planned and not face any early repayment fees – great if you want the flexibility to pay off a loan sooner than the 3 or 5 year terms.

The most important factors to consider are the interest rate and fees. The faster you pay off the loan, the less total interest you’ll pay.

Refinance using your mortgage

This is a popular option for homeowners, because low mortgage interest rates can look competitive next to the higher rate of a personal loan.

But there can be a sting in the tail – unless you’re super disciplined about repaying the additional debt within a 3 or 5 year period, you won’t see the benefits of a lower interest rate. And if you make only your minimum mortgage repayment each month, you could end up paying considerably more than with a loan.

If you’re on a floating rate, or fix your mortgage at a new rate, this can have an impact on the cost of consolidating debt.

Credit card balance transfer

Some credit card providers offer their new customers a low promotional interest rate and a high initial balance, giving people the ability to transfer existing debts to their credit card.

The important things to consider here are how long the promotional rate applies and what the rate will be once the period ends. These promotions also often have high fees to offset the low promotional interest rate.

What kind of debt can be consolidated?

You can consolidate almost any type of debt, including:

  • Personal loan balances

  • Credit card balances

  • Car finance

  • Store card balances

  • Buy now, pay later balances (e.g. Laybuy, Afterpay, Partpay, Oxipay, GenoaPay)

Those are just a few examples. Wherever you have an existing debt, a debt consolidation loan could make it easier to manage.

How to get the best from a debt consolidation loan

Reduce your monthly repayments

Debt consolidation with Harmoney offers a lot of flexibility. Depending on the terms of the existing debts you have and their interest rates, it may provide a way to reduce your monthly repayments by combining multiple bills into one and spreading repayments over a longer term, such as 5 years.

Pay it off sooner and save

On the other hand, the sooner a loan is paid off the better, because you’ll pay less interest overall. To make sure you’ll save on interest, you’ll need to compare the interest rates of your existing debts with the interest rate of the debt consolidation loan, taking into account how long it will take to repay. Tools like our debt consolidation calculator can help you understand how this could work for you.

Reduce your credit limits

If you’re serious about getting debt free, another important step is to reduce the limits on any credit you have access to, such as cancelling credit cards or reducing their credit limits.

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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Purchase a new or used vehicle. It can be a car, van, ute, motorcycle – almost any personal vehicle.

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Cover costs like fees to attend university, or accommodation like halls or residence, books and equipment.

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Simplify or refinance your debt by combining multiple debts into a single loan, making them cheaper or easier to manage.

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Don’t delay your holiday, get the cash you need for airline tickets, accommodation, travel insurance, car rental and more.

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Getting the medical treatment you need can be life changing. Let us know how we can help you or your family.

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Make sure your wedding day is full of wonderful memories that you and your loved ones can cherish for years to come.

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A home improvement loan can give you the finance needed for landscaping, repairs, extensions and other renovations done without delays.

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Personal loans designed to help your small business get off the ground, step up to the next level or help with cashflow.

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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 live chat and one of our more than 30 specialists will be there to lend a hand.

Other ways to contact usVisit our help centre

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Terms and conditions

1. Subject to approval and funding. Harmoney’s interest rates range from 6.99% p.a. to 29.99% p.a. and are offered based on the individual borrower’s credit assessment according to Harmoney’s credit scorecard. In order to be approved and list your loan you must meet Harmoney’s credit criteria and responsible lending requirements. Fees, charges, terms and conditions apply. 99% of loan applications are funded within 24 hours of loans terms being accepted (based on loans submitted in 2018).

2. Establishment fee of $200 for loans from $2,000 to below $5,000 and $450 for loans from $5,000 to $50,000. Fixed rates range from 6.99% p.a. to 29.99% p.a. on 36 to 60 month terms, with no early repayment penalties.