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Debt consolidation · Sydney

Debt consolidation in Sydney: is one loan the right move?

Our team works from Bankstown, in Sydney’s south-west, and talks people through consolidation by phone. You won’t need to travel anywhere. We look at whether one loan would actually leave you better off, and say so plainly if it wouldn’t.
Answer 9 quick questionsCall 1300 351 008
Debt Negotiators is a fee-based service. Fees, and any commission we receive from a lender, are explained before you decide.
Worth knowing first
Consolidation moves your debt to a new lender. It doesn’t reduce what you owe
Lending criteria apply, and some applications are declined
Applying records a credit enquiry on your credit file
A longer term can cost more overall, and a loan secured on your home puts it at risk
LicensedAustralian Credit Licence 390820
Registered with AFSADebt agreement administrator 1403
Since 2009Bankstown-based team
Real reviewsOn ProductReview.com.au
The short version

What consolidating your debts involves

A consolidation loan pays out several debts, such as credit cards, personal loans and buy now pay later, so you have one repayment, one rate and one due date.

What changes is how you repay, not how much you owe. You come out ahead only if the new loan’s rate, fees and term cost less in total than your current debts. Our debt consolidation page covers loan types and the alternatives in more detail.

What we look at on the call
Each debt, its balance and its rate
Your income and regular spending
Your credit file
Whether you own a home or rent
What a new loan would cost in total
Weighing it up

Does consolidation fit your situation?

Signs it could work
Most of what you owe is on high-interest cards or loans
You can afford one regular repayment with some room to spare
The total cost of the new loan is lower than what you pay now
You plan to close the cards once they’re paid out
Signs it probably won’t
You’re already behind on several repayments
The only loan on offer costs more overall
Recent applications have been declined
You’d need to use your home as security and couldn’t risk it
Renting or buying

Whether you rent or own changes the options

The type of loan that may be available depends partly on whether you have a home to use as security. Each comes with trade-offs.
If you rent
An unsecured consolidation loan doesn’t need an asset as security.
Good to know: rates are usually higher than secured loans, and approval is harder with missed payments on your credit file.
If you own your home
You may be able to roll debts into your home loan. More on refinancing your home loan.
Good to know: your home becomes security for the debts, and spreading them over a long home loan can cost far more interest in total.
From Bankstown, by phone

How it works when you’re in Sydney

1

Answer 9 quick questions
About a minute, online. Start here.
2

A member of our team calls you
We go through your answers, ask a few more questions and look at whether a consolidation loan is realistic.
3

You hear the options, then decide
If a loan makes sense, we look at lending options through our panel. If it doesn’t, we explain the alternatives and their downsides.
More than consolidation?

This page is about consolidation loans. Our Sydney debt help page covers every option we work with, including informal arrangements and debt agreements.

What it costs: Debt Negotiators is a fee-based service. Fees are explained before you decide, and the first conversation costs nothing. If you take out a loan we arrange, we may receive a commission from the lender. We’ll tell you about it before you decide. The rates are in our Credit Guide.

Debt consolidation in Sydney: common questions

Do I need to come into an office?

No. Our team is based in Bankstown, NSW, and we work with people across Sydney and the rest of Australia by phone. You can answer the 9 questions online and we call you. If you’d prefer to meet face to face, you can make an appointment at our Bankstown office.

What time zone do you call in?

Sydney time. Our team works Monday to Friday, 9am to 5pm Sydney time.

Can I consolidate debts from lenders in different states?

Usually, yes. What matters is whether the new lender will pay out each debt, not where the original lender is based. Whether a particular debt can be included depends on the lender.

Will consolidation reduce what I owe?

No. A consolidation loan pays out your existing debts, so the balance moves to the new lender. A longer term can make each repayment smaller but cost more overall, so we compare the total cost before you decide.

Will applying affect my credit file?

Applying records a credit enquiry, and the new loan is listed on your credit file. Several declined applications in a short time can make the next one harder, which is why we check whether a loan looks realistic first.

Do you only work with people in Sydney?

No. We work with people right across Australia by phone. This page is for Sydney readers, but the process is the same wherever you live.

What if a loan isn't right for me?

We’ll say so and go through the other options, such as informal arrangements or a debt agreement, each with its downsides. Our Sydney debt help page covers them all.

Talk it through with our Bankstown team

Answer 9 quick questions, then we call to go through consolidation and the alternatives.
Answer 9 quick questionsCall 1300 351 008
Debt Negotiators is a fee-based service. The information on this page is general and doesn’t take your circumstances into account. Outcomes depend on your situation, and no outcome is guaranteed. Formal options such as debt agreements and personal insolvency agreements can affect your credit report and your ability to get credit. ACL 390820 · AFSA RDAA 1403.
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