Include payday and short-term borrowing in the review, even if the amounts are small. The immediate priority is understanding whether your everyday budget can work without taking another loan to meet the next repayment.
Prepared for Reduce My Repayments by Monet Finance · Published 5 October 2026 · General information for Australian homeowners
List the borrowing sequence
Write down each lender, amount, fees, repayment dates and current payout balance. Mark whether a new loan was used to cover another repayment or an essential bill. Bring statements showing the pattern. This creates a more useful conversation than treating each account as an isolated small debt.
Test whether there is an ongoing shortfall
Start with essentials and current income. If food, housing and utilities already exceed income, a new loan structure cannot create income. Ask for help reviewing that shortfall before comparing refinance products. Be direct about expenses and other pressures so the response fits the situation.
Avoid borrowing to prepare for borrowing
Do not take another short-term loan just to make the accounts look tidy before an assessment. Discuss the present facts and ask what steps are appropriate. If a lending option is considered, compare its cost and repayment plan rather than relying on the idea that several small debts will disappear.
Use independent support where needed
If the borrowing cycle is difficult to stop, contact the National Debt Helpline. A financial counsellor can help you understand options and speak with creditors. A mortgage discussion may be useful later, but it should not delay assistance with an unaffordable current budget.
What to prepare
- All short-term loan statements.
- A timeline of borrowing and repayments.
- Essential living costs and current income.
- Any hardship requests or creditor notices.
Your questions answered
Are small payday balances worth mentioning?
Yes. Include the whole borrowing picture.
Can you guarantee consolidation of payday loans?
No. The full situation and lender requirements need assessment.
What if I need another loan to buy groceries?
Seek independent financial counselling and help with essentials rather than relying on another application.