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Repay your cards up to 5X sooner

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Credit cards can be a decades long debt trap because there is usually no fixed monthly repayments or minimum term...

^CALCULATION ASSUMPTIONS

Credit Cards: Minimum credit card repayments of 2.5% of outstanding balance OR $20 (which ever is greatest). Credit Card Cutter: 7.99% p.a. interest rate (8.55% p.a. comparison rate) 1 to 5 years. Savings: Savings do not take into account credit card fees and charges of the Credit Card Cutter application fee.

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UNSECURED

Borrow $1,000 up to $30,000 without the need to secure against your home 

ADDITIONAL PAYMENTS

Use your cash and savings to save interest and repay your loan sooner

REDRAW

Redraw additional funds paid when you want them. (redraw fee applies)

EARLY TERMINATION

Repay your loan and close your account at any time without penalty

PRINCIPLE & INTEREST

Use your cash and savings to save interest and repay your loan sooner

APPLICATION FEE

A low once off application fee  which can be added to the  loan at settlement

$0 ACCOUNT FEES

Use your cash and savings to save interest and repay your loan sooner

FLEXIBLE TERMS

Choose the repayments that suit you. Choose to repay your loan from 1 up to 5 years.

Credit Card -v- Consolidate

Credit cards can look much the same as a personal loan. You borrow at an interest rate and repay over time. But there are four key differences which could be costing you time and a lot of money.

No fixed term

Credit cards don't have a fixed repayment term. This means you'll always have the temptation to draw your credit card right back up to the limit.

Reducing Repayment 

Minimum repayments are calculated as a percentage of the outstanding balance (usually 2% or 2.5%). The result can mean 4 to 5 times more interest than a consolidation loan and decades longer to repay.

Access to the money

Unlike a personal loan which you need to redraw to spend, a credit card is sitting right there in your wallet, ready to spend.

It's like carrying a packet of cigarettes with you when you're trying to quit smoking.

Honeymoon deals

Credit cards offer "honeymoon" deals that sound like incredible value. We all plan to transfer the balance when the intro rate is over, but few of us ever do.

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HOMEOWNER
SPECIAL

up to 5

YEARS

Variable interest rate

Comparison rate*

7.99

%

p.a.

8.55

%

p.a.

About the lender

A not-for-profit Customer Owned Banking Institution with a history of outperforming the major banks. Established in 1964.

NON HOMEOWNER

up to 5

YEARS

Variable interest rate

Comparison rate*

9.99

%

p.a.

10.56

%

p.a.

About the loan

An unsecured personal loan for the purposes of consolidating and cutting up your credit cards once and for all.

LOAN INFORMATION

Loan Details

General

  • No monthly account keeping fees
  • Use your money your way by making extra repayments without penalty and redraw your money as you need it
  • Pay your loan our early without penalty
  • Borrow from $1,000 to $30,000 with loan terms from 1 to 5 years
  • $10 membership fee applies (refunded on closure of account)
Acceptible Products covered by Credit Card Cutter
  • Credit cards and store cads
  • Personal loans accepted on case-by-case bases



Fees and Charges

Additional fees may also apply. Please refer to your lender for a schedule of fees and charges.

  • New application fee $395
  • $0 monthly and $0 annual fees
  • Redraw fees may apply
  • $10 membership fee applies (refunded upon closure of account)



Eligibility

You can apply if you:

  • Are over 18 years of age
  • Have a regular income
  • Are not bankrupt
  • Are an Australian citizen, a permanent resident or have an approved working Visa
  • Have not had defaults on any Loans, Credit cards, Interest free finance or Store cards in the last 5 years
  • Have been in your current job longer than 6 months
What you may need to apply:
  • Your personal details, such as your current and previous address, phone number and email address
  • Details of your income, employment, any assets (e.g. home, car or savings) and debts (mortgages, loans and credit cards) you currently have.
Self employed
  • Full documentation applicants acceptable.
Home Owner Special
  • You or your spouse must be an owner of a residential owner occupied or investment property in Australia



Comparison Rate Explained

The comparison rate is ASIC's standard for comparing loans of $30K over 5 years. Comparison rates may not be the best way to compare the value of loan options which are for different amounts and terms.



Hundreds of Australians speak to Parker Lane every month about ways to save money.

4.9

Out of 5

Australia's #1 finance service rated by customers

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© 2018 Parker Lane. 

Parker Lane is a trading name of Upside Downside Pty Ltd. Australian Credit License Number 482276

The information contained in this website may not be current or complete, or may not remain current or complete, and therefore under no circumstances should be relied upon. No warranty or representations as to its accuracy or completeness is provided. We are not liable to your or any other person for loss, damage or injury arising from the use of, or reliance on, this information, including but not limited to loss suffered in connection with incorrect or out of date information. It is not intended to be a substitute for professional financial advice and does not purport to guarantee any projected amount of borrowings. All applications for credit are subject to normal credit approval criteria. Parker Lane specifically disclaims any responsibility or liability for any losses or damages arising from any use of or reliance upon any calculations or conclusions reached using this website. See our credit guide for further details.

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