Rating based on 16 reviews


  • Debt consolidation loans up to $40,000
  • Low-interest starting from 12.99%
  • Repayment up to 7 years

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Author BankSA. Screenshot of BankSA website.
[Accessed May 24, 2023]

About BankSA

Convenience and speed is what you can expect when you bank with one of the biggest financial services providers in Australia offering debt consolidation loans and a comptitive range of debt reduction solutions.

A division of Westpac

BankSA is currently a division of Westpac Banking Corporation has been a part of St. George Bank before Westpac and St. George Bank merged in 2008.

BankSA has over 100 branches in South Australia and the Northern Territory making it one of the country's largest and most successful financial services providers.  

Convenience is key at BankSA

Interested in paying for goods and services without your credit card? BankSA offers Apple Pay and Android Pay on their cards and it’s simple to get started!

Want to know how?

  1. Login to the BankSA Mobile Banking app (available on iPhone and Android devices)
  2. Select the ‘Cash’ icon
  3. Complete the one time set up by accepting the Terms and Conditions and completing the Secure Code SMS authentication
  4. Once set up, choose an eligible transaction account to withdraw money from the amount and select ‘Get cash code’
  5. To withdraw your cash, select ‘Cardless withdrawal’ at any BankSA, St. George, Bank of Melbourne or Westpac ATM and enter your cash code and amount.

BankSA Services

There are financial service providers that still take client’s financial needs into consideration and BankSA is certainly one of them.

Sometimes a great invention or business idea may need a little financial push in the right direction. BankSA offers business loans to small and commercial businesses and is one of the country’s biggest supporters of local businesses and entrepreneurship.

Personal loan details:

  • Loan terms from 1 to 7 years
  • Choose how often you want to pay (weekly, fortnightly, monthly)
  • The instalments pay both the interest and capital

The best part about debt consolidation is you get to pay off one loan instead of all the multiple smaller loans. This may give you better interest rates and lower monthly repayments which means you’ll have more spending money for other things!


Juggling multiple payments can be difficult. Many accounts sometimes get forgetful or problematic to manage. With debt consolidation, you don’t have to worry about forgetting to render payment as you will only be paying for one combined loan.

BankSA – Consolidation loan

  • Loan Type Debt consolidation loans
  • Interest Rate from 12.99%
  • Loan Amount up to $40,000
  • Repayment 12 months to 7 years

Benefits of BankSA

  • Reliable debt consolidation loans up to $40,000
  • Low-interest rates starting from 12.99%
  • Repayment periods up to 7 years

At Bank SA we strive to help Australians become debt free

When it comes to taking out a personal loan to consolidate debt you can opt for either a secured or unsecured loan and you can apply via BankSA’s online loan application.

Are your debts out of hand?

Sometimes our debts become too much of a financial burden for us and we can’t help but feel depressed every time payday comes.

Debt consolidation is simply the process of acquiring one loan to pay off all the smaller ones that you have and that is becoming a nuisance to manage.

Secured loan

This loan is exactly what the title means – a loan secured against an asset, typically your home. The interest rate is also lower to giving the consumer an affordable payment plan.

Unsecured loan

Unsecured loans have higher interest rates but are safer for those that don’t want to risk losing their assets.

Understanding debt consolidation

  • Debt consolidation is when you roll several small debs into one bigger debt
  • The new loan will always have a lengthier loan period as you are merging numerous debts
  • Debts that can be consolidated are unsecured debts as well as personal loans, credit cards and store accounts
  • Debt consolidation loans can be secured and unsecured
  • Consolidation is not always the low-priced option and may sometimes cause your debt situation to deteriorate
  • Since you are breaking credit contracts with several creditors you may be charged discredit fees, initial repayment forfeits and other charges for paying off the credit agreement former than settled

A debt consolidation loan does not mean that your debt will be erased instead it is the process of replacing multiple debts and accounts with a more manageable option. There are two main types of debt consolidation loans available.

Debt review consolidation

This process is slightly different as you are able to speak to a debt counsellor that will assess your current debt then negotiate with your creditors on your behalf to get you a lower interest rate and more easy to manage payment terms.  Each month you will pay the debt counsellor one monthly instalment and they will pay your creditors.

This way you will save money and only need to pay one easy to manage amount each month. This will help you budget more efficiently and make it easy for you to repay your debt faster.

A debt consolidation loan works in a similar manner by combining your debt into one easy to manage loan.

Does debt consolidation affect my credit score?

Applying for a debt consolidation loan will not have a negative impact on your credit record. If you apply for debt review this will reflect on your credit report and you will no longer have access to additional credit.

A debt consolidation loan is seen as a higher risk loan because of your past credit history. Lenders will charge a higher interest rate but you will benefit from lower monthly instalments. To qualify for a debt consolidation loan you will need to show your ability to afford the payments or in some cases provide an item of collateral as security against the loan.

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BankSA is a trusted & reliable provider of debt consolidation loans

In our review, BankSA adheres to the compliance criteria in accordance with the National Consumer Protection Act, where the granting the loan will not cause financial distress to the consumer.

✅ BankSA is a registered credit provider in Australia: ACL 233714

Customer Reviews & Testimonials

April 2019

I was able to save so much money by consolidating my debt into one easy to manage loan. I only get one statement in the mail and was able to pay off my loan quickly and budget more efficiently. T...

Jordey S
— South Australia —

January 2019

I was able to save so much money on interest by combining my debt using a debt consolidation loan. The process was so simple and I was kept informed every step of the way. My life is so much less...

Warren W
— North Australia —

BankSA Contact

Contact Number


  • not available


Physical Address

Postal Address

  • GPO Box 399, Adelaide, 5001, Australia

Opening Hours

  • Monday 09:30 – 16:00
  • Tuesday 09:30 – 16:00
  • Wednesday 09:30 – 16:00
  • Thursday 09:30 – 16:00
  • Friday 09:30 – 17:00
  • Saturday – Closed
  • Sunday – Closed