What is debt consolidation?
Debts can be challenging, but there's a way to keep better track of your debts to get you on the right path and put your mind at ease.
These debts can include:
- Car/boat/caravan loans
- Credit cards
- Wedding loans
- Travel loans
- Store cards
Debt consolidation is gathering your existing debts and putting them all in the one place – a new debt consolidation loan.
How do debt consolidation loans work?
What are the benefits of consolidating my debt?
Should you get a debt consolidation loan? These are some benefits to consider before you decide if placing all your debts into the one loan is the right choice for you.
How do I consolidate?
To consolidate your existing debts means to take out a new loan, which would be your debt consolidation loan that combines all loans together. People First Bank offers a range of personal loans that may be an option for your debt consolidation.
What is refinancing?
You want to consolidate your debts
You want to reduce your home loan repayments
Your fixed term loan is ending
You're planning to renovate your home
Your circumstances have changed
Most popular questions
To refinance an existing personal loan from People First Bank or from another financial institution, to a personal loan with People First Bank, you will need to apply to refinance either online, by calling us on 13 11 82 or by visiting your nearest branch.
During your application you will be required to provide some documentation so we can assess your situation. Examples include:
- Loan repayment history for the previous three months
- Bank statements
If you are applying to refinance online, please select 'Refinance' as the loan purpose on the online application form.
Refinancing is the process of replacing your current debt, such as a personal loan or home loan, with a more favourable debt often at another financial institution. The benefits of refinancing varies, however usually a more favourable debt includes lower interest rates or ongoing fees, potentially saving you money over time.
Refinancing your existing loan or consolidating debt with People First Bank can help you reduce account fees and interest payments, and save you money.
You can apply to refinance an existing personal loan with People First Bank online, over the phone or in a branch.
During your application you’ll be required to provide three months of loan repayment history and bank statements.
Yes, you might be able to refinance your personal loan. You can apply to refinance an existing personal loan from People First Bank or from another financial institution, to a personal loan with People First Bank either online, by calling us on 13 11 82 or by visiting your nearest branch.
During your application you will be required to provide some documentation so we can assess your situation. Examples include:
- Loan repayment history – for the previous three months
- Bank statements
- If you are applying to refinance online, please select ‘Refinance’ as the loan purpose on the online application form.
Tools and calculators
Related articles
Personal loans
What you need to apply for a personal loan
We go through the basics of applying for a personal loan.
Home loans
Six reasons to consider refinancing your home loan
Reasons why you should review your home loan and consider refinancing.
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