Are you feeling weighed down by multiple debts or wondering if you are eligible for a loan to consolidate you existing debts, in Australia? Debt consolidation is a way to simplify repayments, reduce stress and regain financial control.
At Stellify, we approach finance with, passion, integrity and collaboration – to build trust and to help you make confident decisions that empower your financial future.
Key Takeaways
- To qualify for a consolidation loan, you need to be at least 18, have Australian residency or citizenship and show a steady income.
- Debt consolidation combines several loans into one manageable repayment, simplifying your finances and reducing stress.
- Using a finance broker can improve your chances of approval and help you avoid common application mistakes.
- Preparation and good documentation – like payslips, bank statements and ID – make the process smoother.
- Even if you’re not sure where to start, a Stellify finance broker can guide you every step of the way.
- Refinancing may be a simpler option if you have one main loan you want to restructure for better terms or repayments.
What Is Debt Consolidation?
Debt consolidation means combining multiple existing debts – such as credit cards, personal loans or car finance – into a single, simpler loan.
Think of it like having several streaming subscriptions billed at different times. Debt consolidation is like bundling them into one, easy-to-manage plan. Instead of juggling five payments, you make one.
This not only helps you stay organised but can also make your monthly repayment more affordable.
Empowerment – We help you take control of your finances with clarity, confidence, and care.
How Do You Qualify for a Consolidation Loan in Australia?
Most lenders look for a few key criteria:
- You’re at least 18 years old.
- You’re an Australian citizen or permanent resident.
- You have a stable income or employment.
- You can show a positive repayment history or improving financial behaviour.
Lenders also check your credit score (to learn more about credit score read this) and current debt levels to make sure the new loan is affordable.
If you’re unsure about your eligibility, don’t stress – our Stellify team can review your current finances by carrying out a financial health check, guide you through the process and help you understand your options.
Integrity & Trust – We believe in honest, transparent advice that puts your best interests first.
Contact us today for a FREE finance health check.
Documents You’ll Need
When applying for debt consolidation, preparation makes all the difference. You’ll usually need:
- Payslips or proof of income
- Bank statements showing your spending and income
- Photo ID (driver’s licence or passport)
- Tax returns (if you’re self-employed)
A broker can help you prepare everything correctly and check what lenders need before you apply – saving you time and stress. In fact, we have put together a Loan-Prep Checklist to help you pull together all the relevant information.
Collaboration – We work alongside you to make the process smooth, supportive, and stress-free.
Contact us with code CHECKLIST25 to request our FREE Loan-Prep Checklist to get you started.
How Debt Consolidation Works: Step-by-Step
Here’s how the process usually works:
- Assess your current debts – Start with a FREE Finance Health Check to understand your obligations and see what can be consolidated.
Note: Depending on the number and value of your existing loans, we may not be able to consolidate everything in one go. Sometimes, multiple rounds are needed, or only selected loans are consolidated first. Our brokers love this “puzzle” and will structure it for the best outcome.
- Gather your documents – Collect proof of income, ID, and bank statements. Use our Loan-Prep Checklist to ensure nothing is missed (Contact us to request a copy, use code CHECKLIST25).
- Compare lenders – Either research options yourself or let your broker leverage their expertise and lender relationships to find the best fit.
Refinancing is another option if you only need to restructure one main loan rather than consolidate multiple debts.
- Submit your application – Your broker lodges the loan application on your behalf and liaises with the lender throughout.
- Sign the contract – Once approved, the lender arranges repayment of your existing loans, consolidating them into one.
- Make one simple monthly payment – Enjoy easier, more manageable repayments and the peace of mind that comes with simplified finances.
Empowerment & Collaboration – We guide you every step of the way, providing clarity, reducing stress, and ensuring the solution fits your long-term goals.
If you want to know more about how Stellify works to help you take control of your finances, check out our “Stellify Framework”.
If You’ve Been Declined
Don’t lose hope. Rejections happen for many reasons.
A broker can identify what went wrong, work with you to strengthen your application and match you with a lender better suited to your situation or help build a plan to get you there in a couple of months.
Passion – We love solving complex financial problems that make a real difference in people’s lives.
Debt Consolidation FAQ
Can I qualify with bad credit?
Maybe – some lenders work with lower credit scores. A broker can help you find options that fit your profile.
Do I need an asset to consolidate debt?
Not always. Some loans are unsecured. Secured loans may use a car or property as collateral and often have lower rates.
How long does approval take?
Once your documents are ready and you’ve found the right lender, approval can take as little as 24-48 hours.
Will it affect my credit score?
Applying for a loan can cause a temporary dip, but managing a single repayment responsibly can actually help improve your score over time.
Final Thoughts
Debt consolidation can be a powerful tool to simplify your finances, reduce stress and regain control – but it works best when guided by experts who genuinely care.
At Stellify, we bring clarity, trust and collaboration to every client relationship – helping you move from uncertainty to confidence.
💬 Ready to take the next step?
Book your FREE Financial Health Check and let’s build a strategy that empowers your financial future.
Dream It! Plan It! Stellify It!
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What is the admin cost please.
Does it get taken out of funds or do you need to pay upfront thanks
Hi Mandy, thank you for your question. There are no upfront fees for our broking services. There are fees associated with taking a loan, including a brokerage fee, these are added onto the loan amount and included in the monthly repayments. That means that you can work with us to explore your options and you don’t pay fees unless you settle a loan. If this is still unclear or you just want to chat something through, please reach out through our contact us page (https://stellify.com.au/contact/) and we can organise a time to chat.