121 Finance
Amount, $1 000 - $20 000 ;Term, 6 - 36 months
$1,000 – $20,000
Rate from 9.00%
Approval: 6 - 36 months
Debt Consolidation Loans in New Zealand
We compare 23 offers. Updated 17 Oct 2026.
Best Debt Consolidation Loans 2026
Admiral Finance
Amount, $1 000 - $50 000 ;Term, 6 - 60 months
$1,000 – $50,000
Rate from 23.95%
Approval: 6 - 60 months
ANZ
Amount, $3 000 - $40 000 ;Term,6 months - 7 years
$3,000 – $40,000
Rate from 12.90%
Approval: 6 months - 7 years
ASB Personal Loan
Personal loan from one of New Zealand's largest banks. Flexible terms, competitive rates, fast online application.
$1,000 – $100,000
Rate from 12.90%
Approval: 1-2 business days
Avanti Finance
Amount, $1 000 - $100 000 ;Term, 1 - 5 years
$1,000 – $100,000
Rate from 7.00%
Approval: 1 - 5 years
BNZ Personal Loan
Personal loan from BNZ – one of New Zealand's big four banks. Competitive rates, no early repayment fees.
$1,000 – $30,000
Rate from 12.65%
Approval: 1-3 business days
Breezy Loans
Amount, $300 – $10 000 ;Term, 91 days – 24 months
$300 – $10,000
Rate from 108.00%
Approval: 91 days – 24 months
Finance Now Personal Loan
Finance Now offers personal loans and retail finance in New Zealand, with quick online applications and fast decisions.
$1,000 – $50,000
Rate from 12.95%
Approval: 24 hours
Gem Personal Loan
Amount, $2 000 - $200 000 ;Term, 6 - 84 months
$2,000 – $200,000
Rate from 9.99%
Approval: 6 - 84 months
Harmoney
Amount, $2 000 - $50 000 ;Term, 3 - 5 years
$2,000 – $50,000
Rate from 6.99%
Approval: 3 - 5 years
Heartland Bank Personal Loan
Heartland Bank offers online personal loans in New Zealand with fast approval and no early repayment fees.
$2,000 – $70,000
Rate from 13.95%
Approval: 24 hours
Instant Finance
Amount, $500 - $50 000 ;Term, 3 months - 7 years
$500 – $50,000
Rate from 9.95%
Approval: 24 hours
Jacaranda Finance
Amount, $300 - $10 000 ;Term, 12 - 24 months
$300 – $10,000
Rate from 18.00%
Approval: 12 - 24 months
Kiwibank Personal Loan
Kiwibank personal loans offer competitive rates for New Zealanders, with online application and fast decisions.
$2,000 – $50,000
Rate from 13.85%
Approval: 1-2 business days
Lending Crowd Personal Loan
Independent NZ review of Lending Crowd peer-to-peer loans from $2,000 to $200,000.
$2,000 – $200,000
Rate from 5.03%
Approval: 2 – 5 years
Loansmart
Amount, $1 000 - $10 000 ;Term, 6 - 60 months
$1,000 – $10,000
Rate from 13.95%
Approval: 6 - 60 months
MyFinance Personal Loans
Amount, $1 000 - $50 000 ;Term, 6 - 60 months
$1,000 – $50,000
Rate from 13.95%
Approval: 6 - 60 months
Nectar
Amount, $1 000 - $20 000 ;Term, 6 - 48 months
$1,000 – $20,000
Rate from 11.95%
Approval: 6 - 48 months
Rapid Loans
Amount, $1 000 - $10 000 ;Term, 6 - 48 months
$1,000 – $10,000
Rate from 15.95%
Approval: 6 - 48 months
SBS Bank Personal Loan
SBS Bank is a customer-owned mutual bank offering personal loans in New Zealand with competitive rates.
$1,000 – $50,000
Rate from 12.95%
Approval: 1-3 business days
The Cooperative Bank Personal Loan
The Cooperative Bank is customer-owned, offering personal loans with competitive rates and ethical banking values.
$1,000 – $50,000
Rate from 12.95%
Approval: 1-3 business days
TSB Personal Loan
TSB Bank offers competitive personal loans for New Zealanders, with fixed rates and straightforward application.
$2,000 – $50,000
Rate from 12.95%
Approval: 1-3 business days
Westpac Personal Loan
Westpac offers fixed-rate personal loans with no early repayment fees. Apply online and get a decision quickly.
$3,000 – $50,000
Rate from 12.95%
Approval: 1-2 business days
What is a debt consolidation loan?
A debt consolidation loan combines multiple debts into a single loan with one monthly repayment. You borrow enough to clear your existing balances, such as credit cards, store cards or personal loans, then repay the new loan over an agreed term. The goal is usually a lower interest rate or a simpler repayment structure.
In New Zealand, credit card rates typically sit between 20% and 28% p.a. A consolidation loan at 12% to 18% can reduce your monthly interest costs significantly. The saving depends on how much you owe and how long you take to repay.
Is debt consolidation right for you?
Consolidation works best when the new loan rate is lower than the average rate on your existing debts, and when you have the discipline not to run up new credit card balances afterwards. Stretching repayments over a longer term reduces monthly costs but increases total interest paid. Run the numbers carefully before committing.
Most personal loan lenders in New Zealand allow consolidation purposes. Harmoney, Nectar and Lending Crowd are popular choices for debt consolidation, as they offer fixed rates and no early repayment fees on some products.
Debt consolidation vs a balance transfer credit card
A 0% balance transfer credit card can beat a consolidation loan's interest cost, but only for the promotional period, which is usually 6 to 18 months – after that, the rate jumps, often above 20%. A consolidation loan locks in one rate for the full term, which suits borrowers who know they need longer than the promotional window to clear the debt.
Common mistakes to avoid
The most common mistake is consolidating debt and then running the credit cards back up again, ending up with both the new loan and fresh card debt. Close or freeze the accounts you consolidate, or at least set a firm budget, before taking out the loan.
Frequently Asked Questions – Debt Consolidation Loans
Applying triggers a credit enquiry, which can cause a small, temporary dip. Longer term, making consistent repayments on one simpler loan, instead of juggling several cards, tends to help your score more than it hurts it.
It is harder but not impossible. Expect a higher interest rate than someone with a clean credit history, and consider a secured option if you have an asset, which can improve the rate you are offered.