If you have a number of debts at high interest rates, it may be better to refinance them into one loan. This is called debt consolidation, and may mean you will pay less interest overall.
Having one loan is also easier to manage, as you only have one payment, and you can have certainty about when you will be debt free.
An ASB Debt Consolidation Loan can take all of your hire purchase, store cards, credit cards and personal loans and roll them up into one loan. The interest rate is usually lower than credit cards and things on hire purchase.
Go to our Debt Consolidation section to see whether a Debt Consolidation Loan could be right for you. You should also check whether any break fees will apply if you repay your current debt early.
If you own your home and have a mortgage, you may be able to consolidate your debts by topping up your home loan, rather than taking out a personal loan. This means you will be able to take advantage of current home loan rates. Call in to your nearest branch or call the ASB Home loan line on 0800 100 600 to discuss this option. Please note, a low equity fee may apply if the amount of your loan after the top up is more than 80% of the value of your home.
