One repayment instead of six, with the numbers laid out first.
- Indicative answer within 2 business days
- Loans from $2K to $250K, secured and unsecured
- Salaried employees, self-employed ABN holders, and borrowers with irregular income
- Credit cards, personal loans, buy-now-pay-later, and car loans combined
- Full-doc (tax returns), low-doc or alt-doc (BAS, bank statements or an accountant's letter instead) options across our 90+ lender panel
Debt consolidation rolls several debts into one loan with one repayment and one end date. Done well it lowers what you pay each month, cuts the total interest, and gives you a date when the debt is actually gone. Done badly it lowers the monthly repayment by stretching the term, so the relief is real but the total cost goes up. Both outcomes are common, and which one you get depends on the structure, not on the marketing. Joseph Farhat and his team will model the total cost of both your current position and the consolidated one, and tell you plainly whether it is worth doing.
Before you borrow: options worth checking first
If repayments are already hard to meet, your credit providers are required to consider a hardship arrangement, which does not involve new borrowing. A free financial counsellor through the National Debt Helpline on 1800 007 007 can help you work through your position at no cost. We will still be here if consolidating turns out to be the better fit once you have those options in front of you.
Who we can help access finance
- Borrowers juggling several credit cards where the minimum repayments are barely touching the balances.
- People with a mix of card debt, personal loans, and buy-now-pay-later accounts falling due on different dates.
- Homeowners with equity who want to consolidate into the mortgage at a much lower rate.
- Borrowers whose repayments are manageable but whose interest cost means the balance is not moving.
- Self-employed borrowers and ABN holders who took on short-term debt through a lean period.
- People who have missed a payment or two and want to fix the structure before it becomes a default.
- Borrowers who have been offered a consolidation loan elsewhere and want to know whether the numbers stack up.
How Debt Consolidation Works
A new loan is approved for the total of the debts being consolidated. The funds pay those accounts out, and you are left with a single repayment. There are two broad routes. An unsecured personal loan is quicker and does not touch your home, and prices somewhere between a card and a mortgage. Consolidating into your mortgage prices far lower, because the debt is secured by property, but it converts short-term debt into debt spread over the remaining mortgage term, which can cost more in total interest even at a much lower rate. The right structure depends on how much you owe, whether you have equity, and how quickly you can realistically clear it. Joseph Farhat and his team will price both.
What Lenders Assess for Debt Consolidation
Total debt against income
the ratio of what you owe to what you earn is the first thing a lender looks at on this product.
Repayment history on the debts being consolidated
recent missed payments narrow the lender list considerably.
Credit profile
consolidation lending is risk-priced, so your file drives the rate you are offered.
Whether accounts will be closed
most lenders require the consolidated cards and accounts to be closed, not just paid to zero.
Security available
property equity moves you to a different pricing tier entirely, and a vehicle can help on a smaller loan.
Serviceability after consolidation
the lender tests the new single repayment, which is usually easier to pass than several separate ones.
Conduct
bank statements showing regular income and no dishonours matter more than the credit score alone at some lenders.
The Debt Consolidation Process: What to Expect
- List every debt with its balance, rate, and minimum repayment. Joseph Farhat and his team will total the real cost of your current position so there is a baseline to compare against.
- Provide the basics: identification, recent bank statements or payslips, and statements for the debts being consolidated.
- We model both routes, unsecured and, where you have equity, into the mortgage, showing the monthly repayment and the total cost over the full term for each. If neither improves on your current position, we will tell you that.
- We match your profile to the lenders most likely to approve it at a sensible cost, and lodge one application rather than several.
- On settlement the lender pays the old accounts out directly. Close them as they are cleared, because a consolidated card left open is how people end up with the same debt twice.
Indicative Finance Options
| Route | Pricing | Typical Amount | Loan Term | Security | Speed to Funding |
|---|---|---|---|---|---|
| Mortgage consolidation | Sharpest available pricing | $20K to $250K | Remaining mortgage term | Your property | 2 to 6 weeks |
| Bank personal loan | Mid-tier pricing | $5K to $75K | 1 to 7 years | Secured or unsecured | 3 to 10 business days |
| Non-bank personal loan | Priced for flexibility | $2K to $100K | 1 to 7 years | Secured or unsecured | Within 2 business days |
Indicative figures only. Actual terms depend on your circumstances and lender assessment at the time of application. We quote your rate and comparison rate for your specific loan amount and term before you apply. Terms are subject to change.
Why borrowers choose Settled With Joe for debt consolidation
We represent you, not the lender
Joseph Farhat and his team act in your interest, and on consumer lending that is a legal duty, not a slogan.
We will tell you when consolidating costs more
stretching card debt across 25 years of mortgage lowers the repayment and raises the total. That is a legitimate choice, but only if you make it knowingly.
Total cost, not the monthly repayment
the monthly number is what gets advertised and the total is what you actually pay. We show both, for your current position and the new one.
One conversation, not five applications
consolidation borrowers are often already carrying recent enquiries, and more of them make the outcome worse.
Both routes priced properly
unsecured and mortgage consolidation are genuinely different products, and we price both.
90+ lenders on one panel
bank, non-bank, and specialist, including lenders who look past a recent missed payment.
No judgement
debt accumulates for ordinary reasons and we have seen every version of it.
Private finance for unique scenarios
where bank and non-bank lenders are not the right fit, we can introduce you to private finance options.
Usually no direct cost to you
as a broker we are typically paid by the lender on settlement.
An honest answer early
if consolidating will not improve your position, we will say so rather than write the loan.
Frequently asked questions
What is debt consolidation?
Debt consolidation is taking one new loan to pay out several existing debts, leaving you with a single repayment and a single end date. The debts commonly consolidated are credit cards, store cards, buy-now-pay-later accounts, personal loans, and car loans. It can be done through an unsecured personal loan, a secured personal loan, or by folding the debts into your mortgage if you own property. The debt does not reduce, it is restructured.
Will consolidating actually save me money?
Sometimes yes, sometimes no, and the honest answer depends entirely on the structure. Moving card debt at a high rate onto a personal loan at a lower rate over a similar timeframe usually saves real money. Moving the same debt into a 25 year mortgage lowers your monthly repayment substantially and can still cost more in total interest, because you are paying it over decades instead of years. We model both against your current position so the comparison is on total cost, not just the monthly figure.
Will applying affect my credit score?
Every credit application is recorded on your file. This matters more than usual for consolidation borrowers, who often already have recent enquiries from the debts they are trying to consolidate. Several applications in a short window is one of the most common reasons a reasonable consolidation application gets declined. We work out which lender fits before anything is lodged, so your file carries one enquiry. Consolidating can improve your position over time, because fewer open accounts and a clean repayment record both help.
What is a comparison rate, and why are no rates shown on this page?
A comparison rate combines the interest rate with the standard fees into a single figure so two loans can be compared honestly. An advertised rate on its own can look sharp and still cost more once fees are counted, and consolidation lending is risk-priced, so the headline is what the strongest applicants receive. A comparison rate is also only meaningful for a specific amount and term. We quote your rate and comparison rate for your real numbers instead of advertising a figure most borrowers will not receive.
Do you act in my best interests?
Yes. When we provide credit assistance on consumer lending we owe you a best interests duty. We make reasonable enquiries into your financial situation, requirements, and objectives, and we must not suggest or help you apply for a loan that is unsuitable for you. On this product that duty is why we will tell you when consolidating does not improve your position. Before we provide credit assistance you will receive our Credit Guide.
Do you work with borrowers with bad credit?
Yes, we do. Defaults, arrears, or a thin credit file do not rule you out, and it is not something we will make you feel awkward about. Several lenders on our panel weigh your current income and conduct more heavily than the credit file, and price for the risk rather than decline it. Telling us early lets us approach the right lender first.
Can I consolidate debt into my mortgage?
If you own property and have sufficient equity, yes, and it is the cheapest route by interest rate by a wide margin. Two things to weigh. First, you are converting unsecured debt into debt secured against your home, which changes the consequence if you cannot pay. Second, spreading it over the remaining mortgage term can cost more in total. A common middle path is to consolidate into the mortgage but keep making the higher repayment, so the debt clears in a few years rather than decades.
Do I have to close my credit cards?
Most lenders require it. The single most common way people end up worse off after consolidating is by paying the cards to zero, leaving them open, and gradually running them back up alongside the new loan. Lenders will usually make closure a condition of settlement and will want evidence. If keeping one card for emergencies matters to you, say so early, because some lenders will allow a single card at a reduced limit.
Can I consolidate buy-now-pay-later debt?
Yes. Buy-now-pay-later accounts are increasingly visible to lenders through your bank statements and, in some cases, your credit file, and a lot of them showing regular activity will affect your assessment. They can be included in a consolidation like any other debt. Closing them at settlement matters as much as closing cards, for the same reason.
What if I have already missed payments?
It narrows the lender list rather than closing it, and the timing matters: recent arrears are harder than an old, settled default. If you are behind now, contact the credit provider about a hardship arrangement first, which they are obliged to consider and which does not involve borrowing. A free financial counsellor through the National Debt Helpline on 1800 007 007 can also help. Joseph Farhat and his team will tell you honestly what is achievable in your situation.
Why work with Settled With Joe to consolidate your debt?
Because the monthly repayment is what gets advertised and the total cost is what you actually pay, and on this product those two numbers routinely point in opposite directions. Most of the people we help are everyday Australians, self-employed borrowers, and ABN holders carrying a mix of cards, personal loans, and buy-now-pay-later that accumulated for entirely ordinary reasons. There is no judgement in the conversation. What matters is your total debt against income, your recent repayment history, and whether you have equity, because those decide both the route and the price. We will model your current position against both consolidation routes and tell you if neither improves on it. Our panel covers 90+ bank, non-bank, and specialist lenders. We are based in Sydney and work with borrowers Australia-wide. Joseph Farhat and his team will tell you honestly and early what is achievable.
Do you give financial advice?
No. We do not guide you on your finances, nor give financial advice. We focus on outcomes and solutions of presenting your unique scenario to the right lender so you can access funding in a timely and compliant manner.
Do you help with debt consolidation outside Sydney?
Yes. Settled With Joe is based in Sydney and arranges debt consolidation Australia-wide, covering both metro and regional areas. We work with clients in Sydney, Melbourne, Brisbane, Perth, Adelaide, and Canberra, as well as regional areas including Newcastle, Wollongong, Geelong, Gold Coast, Sunshine Coast, and Toowoomba. Lender appetite does not vary much by location on this product, though property-secured consolidation depends on the valuation. Joseph Farhat and his team will identify which lenders on the panel are the best fit for your situation.
