Debt Consolidation Loan Frequently Asked Questions
What is debt consolidation?
Debt consolidation involves gathering all your credit card debts, loans and other liabilities and combining them into one loan.

What are the benefits of debt consolidation?
Rolling all your debts into one debt consolidation loan means you'll just have one regular repayment to manage. You'll be saving yourself a lot of effort and paperwork; and you can look forward to becoming debt free sooner.

Better yet - the interest rate could be lower on a debt consolidation loan than on your credit cards, so you could also be saving money.

What type of debts can I consolidate?
A GE Money Debt Consolidation Loan lets you consolidate your credit cards, store cards, personal loans, car loans or small debts.

Can you help me pay out my credit cards?
Once your loan is approved, we can issue payout payments to credit providers on your behalf. If you're also closing your paid out accounts, we can send a letter to your credit providers on your behalf to request that the accounts be closed.

How much can I borrow?
The minimum loan amount you can borrow is $3,000 and the maximum will depend on your current financial situation.

How long do I have to pay it back?
The minimum term for a loan is 2 years, with a maximum of 7 years. Set a loan term that suits you - if you can afford to repay your loan sooner, get a shorter term. A longer loan term will incur additional interest charges but your regular repayments will be lower.

How long does it take to approve?
In most cases, you can expect to receive a decision on your loan application by the next working day.

How long until I get my funds?
Once your application has been approved, funds can usually be transferred into your nominated bank account by the next business day (timings may vary depending on your situation).

What's the eligibility criteria?
At a minimum, you will need to have a regular income, be an Australian Permanent Resident and be at least 18 years of age. Other credit and approval criteria will apply depending on your situation. We can usually let you know if your application is successful by the next working day.

What documents do I need to apply?
To receive final approval on your loan application, you will need to supply us with the following original documents:
How to apply
  • Apply now
    We'll contact you within 24 hours to advise the outcome
  • Call us on 1300 973 422
    Mon-Fri 9am to 5pm AEST

  • Visit us
    Find your nearest GE Money branch
Proof of identity
  • Option 1
    Current Australian Driver Licence/Learner Permit OR Proof of Age Card¹ OR NSW Birth Card showing current address
    		•
  • Option 2
    Passport (Australian or foreign) current or expired within 2 years OR Centrelink pension card OR non-photo current Australian Driver Licence PLUS one secondary ID document
    		•
  • Secondary ID documents
    Utility bill² OR Rates notice (less than 3 months old) OR Centrelink Statement OR ATO assessment Notice (less than 12 months old)
    		•
    Proof of income
  • Two of your most recent payslips or
    		•
  • If you are self-employed, your last two tax returns/financial statements PLUS your last two tax assessment notices
    		•
    Proof of residency
  • One form of identification as proof of residency, such as a current utility bill² or your current rental agreement
    		•

     

    ¹NSW Proof of Age Card is not accepted
    ²Excludes mobile phone bill

     

    Depending on the details of your application, we may also require other
    documents in addition to those listed above.
    What are the interest rates?
    Our interest rates start from 14.99% p.a. (comparison rate 16.00%³) and will vary depending on your application.

    ³Comparison rate based on a secured loan amount of $30,000 over 5 years. 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 may result in a different comparison rate.

    Is the interest rate on a GE Money loan variable or fixed?
    Both GE Money Personal Loans and Debt Consolidation Loans feature fixed interest rates, meaning repayment amounts stay the same throughout the life of the loan. Having this certainty makes budgeting simpler and more manageable.

    How is interest calculated?
    Interest is calculated daily and charged to your account on a monthly basis.

    What are the fees?
    There is a $250 once-off fee for establishing a new loan and a $10 on-going monthly loan service fee.

    Do I need to provide security?
    This will vary depending on your personal circumstances and the loan amount you have applied for.

    How do I make repayments?
    You can opt to make weekly, fortnightly or monthly repayments by Direct Debit.

    Will I be charged a fee for making additional repayments?
    Additional repayments can be made at any time and do not attract any fees*. However if you pay off your loan early, an early termination fee may apply. The amount will depend on how long you have left on your agreed term.

    Details on our fees and charges are available here.

    *Payment handling fees apply for additional repayments made at Australia Post or via BPAY®. BPAY and the BPAY logo are registered trade marks of BPAY Pty Limited 69 079 137 518.

    How is GE Money different from other lenders?
    As a leading alternative to the major banks in personal finance, we strive to treat every customer individually, fairly and with the respect you deserve.

    We believe that personal finance should be simple. Whether you're renovating your home, organising a holiday or consolidating your debts, you can count on GE Money to tailor a simple, easy to understand loan that suits your needs.

    Most importantly, we work quickly - so that you get what you want fast.

    Find out more about us by clicking here.

    Credit is provided by GE Personal Finance Pty Ltd ABN 54 008 443 810 trading as GE Money.