Borrow between $3,000 and $30,000 in one easy loan, including fee free redraw facilities with access to these funds
if required (minimum $250).
To combine all your debts into one payment you need to apply for a debt consolidation loan. This loan will cover all your existing debts and leave you with a single loan to pay off, usually with a lower interest rate.
While every individual is different, there are some key indicators which show that a debt consolidation loan might be right for you:
It’s important to bear in mind that a debt consolidation loan isn’t the right choice for everyone. There are also a number of factors which may impact your ability to get a debt consolidation loan:
If you’re feeling unsure about whether a debt consolidation loan is the right option for you feel free to get in touch with our friendly team for expert advice.
A debt consolidation loan is a common way to streamline your debts, however, there are alternatives to applying for a debt consolidation loan which you may also consider.
It’s important to note that every situation is different, and the right solution for you will depend on your unique financial situation, credit history and other factors. Talk to one of our consultants to find the right solution for you.
You will need to be a Gateway Bank Member to hold a loan with us, however, you may submit your application prior to becoming a Member. Please note, if approved your loan won’t be funded until you have become a Member with us. Signing up as a Gateway Bank Member is quick and easy, and can be done online. Apply to be a Gateway Bank Member.
We’re one of Australia’s foremost customer-owned banks, and 100% of profits are used to benefit our Members.
Yes. Debt consolidation is the process of paying off your existing debts and replacing them with a single loan – sometimes called a “debt loan”. The purpose of a debt loan is to pay off your existing debts and replace them with a single, low-interest loan which is easier to pay off. This process can also be called “refinancing”.
At Gateway Bank our Members can borrow from $3,000 to $30,000 with a debt consolidation loan.
The amount you’re able to borrow will vary depending on your personal circumstances, your credit score and other factors. If you need to borrow more than $30,000, talk to one of our consultants to discuss your options. To find out exactly how much you can borrow, apply for a debt consolidation loan online today.
Absolutely! In fact, we highly encourage our Members to pay off their loans early. As Australia's foremost Member-owned bank, our loans are designed to benefit our Members. Paying off your loan early not only means you’ll pay less in interest but it can also improve your credit score in the long run. We allow unlimited extra repayments to help you pay off your debt consolidation loan as early as possible, with no penalties for additional payments.
We also offer flexible repayment options. You can choose to pay off your loan weekly, fortnightly or monthly and can make additional payments whenever you like.
Plus, if you need extra cash unexpectedly, our redraw facility allows you to access any additional funds from your debt consolidation account of $250 or more.
Your debt consolidation loan will be funded once we’ve received your signed offer and correctly completed loan documentation.
Once we’ve received your signed contracts, you will need to allow two to seven business days for your loan to be funded.
We understand that extenuating circumstances and financial difficulties can strike at any time – and the sooner you act in these situations, the better. If you are experiencing genuine financial hardship and are unable to keep up with your loan repayments we encourage you to contact us immediately on 1300 728 995 (Monday - Friday, 8am - 6pm AEST). One of our financial consultants will discuss your situation and present you with options to help you regain control of your finances.
Yes. We offer fee-free redraw facilities on our debt consolidation loans with a minimum redraw of $250 required. If you need access to your funds, you can redraw any additional payments that you’ve made as long as there is a minimum redraw value of $250.
A redraw facility allows you to access any additional payments you’ve made on your loan. So, if you’re ahead of schedule with payments on your debt consolidation loan, you can use some of the funds accumulated from those additional payments. For instance, if you’ve got an extra $1,200 paid off against your consolidation loan and your car needs an unexpected repair, you can use that $1,200 to pay for the repair.
There are many benefits to consolidating your debts with a personal debt consolidation loan.
To discuss the benefits of a debt consolidation loan and to find out whether it’s the right option for you, please get in touch with us online or call 1300 302 474 to talk to one of our friendly, expert consultants.
Rates advertised apply to principal and interest repayment types only. Gateway reserves the right to vary these interest rates at any time. Interest rates quoted are for new lending only. Existing borrowers should contact Gateway to discuss their requirements. Applications for finance are subject to our standard credit assessment criteria. Full terms and conditions are included in the loan offer. Fees and charges apply.
1 Comparison rate is calculated based on an unsecured personal loan amount of $10,000 over a 3 year term. WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
2 Minimum redraw amount is $250.
3 Fixed rates revert to the corresponding product's variable base rate upon expiry of fixed rate term.