FREE YOURSELF FROM CREDIT CARD DEBT

Australia's #1 finance service rated by customers

Taking control of your credit cards is easy with a unsecured consolidation loan and Parker Lane. 

Repay up to 5X faster

Lower repayments

Save thousands

HOMEOWNER
SPECIAL

up to 5

YEARS

7.99

%

p.a.

Variable interest rate

8.26

%

p.a.

Comparison rate*

About the lender

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

Special offer

NON HOMEOWNER

up to 5

YEARS

Variable interest rate

9.99

%

p.a.

10.21

%

p.a.

Comparison rate*

About the loan

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

32 Billion reasons to consolidate.

There are 16 Million credit cards in circulation in Australia with an average balance of $2,062. That's a staggering $32 Billion of outstanding balances.

Credit cards are great for the daily expenses you plan to repay immediately. But for purchases you plan to repay over time, there are better options available.

When to consolidate?

If you're not repaying your card balances back to zero every month, your credit cards could be costing you a small fortune in interest.

 

Repay your cards up to 5X sooner

Credit cards can take decades to repay because there are no fixed monthly repayment or maximum repayment term...

interest

saved

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 (8.26&+% 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.

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.

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.

LOAN FEATURES

UNSECURED

Borrow $1,000 up to $50,000 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

$195 APPLICATION

One low application fee of $195 which can be added to the loan

$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.

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 $195
  • $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.





Amazing Rates - Amazing Service

Tom Sexton, Byron Bay NSW

Start your application

Found your finance? Get the ball rolling on your application via our all online intuitive application form. 

Book an appointment

Want to know the next step? Book a confidential and free 1 on 1 appointment with one of our expert lenders.

We Deliver WOW Every Time

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

4.9

Out of 5

Sunday, November 11, 2018

Fantastic and friendly service !!!

Parker Lane sorted my solar loan and were fantastic throughout the process. They found a low and competitive rate that I was very happy with and they were there during the whole process until the loan amount was ready to draw down. They went the extra step to negotiate with the credit union to customise my loan.
Highly recommended and I'll be back to Parker Lane when I need loan assistance in future.

Vincent

Sunday, October 07, 2018

Friendly and easy to deal with

Even though the consultant has changed(left Parker Lane), Melaine has handled my loan very well. Thanks for the quick turnaround time.

Sunil

Monday, June 04, 2018

Excellant and prompt service.

I was referred to Parker Lane to arrange our solar loan. From the outset we received prompt correspondence and the whole process was easy and well managed. Trisna and Veronica were great to deal with. I would definitely use and recommend them again.

Paul - South Brighton SA

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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.