How WeMoney helped Nick turn a car loan and two credit cards into one lower rate loan

Nick's story at a glance

• Member: Nick, 31 (ACT), a finance manager living in Canberra
• Before WeMoney: six bank accounts, two credit cards and a car loan spread across different providers, and no single view of where he actually stood
• What he did: downloaded WeMoney to see his accounts in one place, then applied for a debt consolidation loan through a matched lender
• How WeMoney helped: matched him with OurMoneyMarket, who combined his car loan and two credit cards into one loan at 8 percent, down from an 11.99 percent car loan rate
• His experience: deliberately went with just the one lender to protect his credit score, and it settled within about a week
• After: one fortnightly repayment, no more revolving credit, and more than $10,000 in savings for the first time
• Next: become debt free, then build a six figure savings account

Before WeMoney

Nick moved to Canberra from India in 2018 as an international student, completed a Master of Professional Accounting at the University of Canberra, and worked his way up through accounting roles to become a finance manager at a Canberra not for profit. He has since become an Australian citizen. Despite spending his career managing other people's finances, he says his own were a different story.

"Although we give advice to our clients or the employees who we work for, we've got problems with our own finances," he says. "It's so messy because you look at it all the time, you just don't want to deal with yours."

He was spread across six different bank accounts, a car loan he had taken out while on an employer sponsored visa, before he was a citizen and the rate was higher because of the risk the lender was taking on, and two credit cards, including one he would pay off in full most months only to put the same spending straight back on it. On top of everyday costs, he had spent years covering visa, agent and citizenship fees. "I was never a saver because I couldn't see how much I was saving," he says.

He tried a budgeting app called Pocketsmith first, for about three months. "It kind of didn't work for me. It wasn't that smart," he says. He also approached a broker to look at combining his debts, and that attempt stalled when the broker could not link his accounts. "They just couldn't get the electronic data they needed... there was no support as such, and I just deleted the application, didn't bother about it," he says.

How he found WeMoney

Nick found WeMoney by asking ChatGPT to list Australian providers that could consolidate his accounts into one place. He had not seen any ads for it beforehand, and says he searches in incognito mode specifically to avoid being retargeted once he has looked something up. Going in, he expected a way to see his net position, not a way to fix it. "I didn't know that it would help you with debt consolidation. It was just about bringing a net position of my finances. I didn't know that it could make it better," he says.

Once he was in the app, he also tidied up his banking itself, moving from six accounts down to two, with Macquarie and Commonwealth, so his balance would show as one total rather than a scatter of logins.

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How WeMoney helped

WeMoney matched him with a shortlist of lenders, with OurMoneyMarket first on the list. He decided to go with just the one rather than shop his details around, conscious that multiple loan applications can affect a credit score, and his own was one he was proud of. "I've always had a very high credit score. I think the most recent one I checked was 849, which is excellent credit score here in Australia," he says. He had already tried and failed with a broker, so there was little to lose. "The worst case they can do is say no, but what's the harm in trying," he says.

He had gone in planning to combine two credit cards. When OurMoneyMarket asked what else he was paying off, he mentioned the car loan, at what he recalls was close to a 12 percent rate, taken out back when his visa status made him a higher risk to lenders. "I said, if you're going to give me a combined total, please run through the numbers and come back with an offer," he says. By his recollection, they called back within about half an hour with a combined offer. "We're happy to combine it all and then put it at a 8% interest rate," he says he was told. One credit card was closed as a condition of the loan, the other he kept open. He estimates the combined loan will clear roughly 12 months faster than the original car loan alone would have.

By his account, the process moved quickly. Documents and identity checks were sorted within days, with OurMoneyMarket's team on the phone while he uploaded what was needed, and his old debts were paid out within about a week of applying. WeMoney's records show his application went in on 1 February 2026 and OurMoneyMarket settled it two days later, in line with what Nick remembers. As a thank you for completing the application, he was given a year of WeMoney's paid Pro subscription.

As with every WeMoney match, the lender, OurMoneyMarket in this case, remained responsible for the credit decision, the loan contract and the settlement and payout. WeMoney's role was to surface matched options and let Nick compare them before he chose to proceed.

Nick has also flagged one recurring niggle with the app since: most months he gets a notification that his credit score has updated, even when the number itself has not moved. "It says credit score updated, but there's no change to my credit score because I didn't ask for anything... that's the same notification every month," he says. WeMoney has taken the feedback to its product team to look into.

After WeMoney

Since the loan settled, Nick has moved his everyday spending to a charge card that has to be paid off in full each month, cancelled Afterpay and Zip Pay, and stopped using revolving credit altogether. "Now I'm in control," he says. "The credit card's gone and I don't use credit that way anymore."

He had been carrying a lot of pressure alongside a demanding job, and by his account his psychologist had encouraged him to remove some of that load rather than keep juggling it. "My psychologist had suggested that you're putting unnecessary pressure on yourself by having all these things that you're dealing with. This was unnecessary pressure you don't need," he says. Asked to describe the whole process, from downloading the app to getting the new loan, in one sentence, he did not hesitate: "Peace of mind."

The clearest sign, for him, is his savings. "For the first time ever, I have more than five figures in savings," he says. That buffer was tested in March 2026, when he was involved in a minor car accident. "I had to pay a thousand dollars for the insurance excess, and then the next month also I had to pay the entire year's insurance, so I spent about $2,700 in one month," he says. "But it didn't break me down anymore because I knew my finances were taken care of." A year earlier, he says, that bill would have gone straight back on a credit card.

He has also flagged what he would like to see next: something in the app that spots small recurring costs he is not getting value from, such as a monthly fee on a micro investing account he barely uses, and suggests cancelling them.

Thinking about consolidating your own debts?

Nick's experience shows what is possible once you can see every account, card and loan in one place and compare lenders side by side, rather than negotiating with one bank at a time. If you are juggling more than one debt and do not know where to start, WeMoney can show you what consolidating could look like for your own repayments.

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Nick's rate, repayment and timing are his individual experience. Eligibility and outcomes vary by member and lender, a lower repayment does not automatically mean a lower total cost since a longer loan term can increase the total interest paid, and his story is not a promise that another person will receive the same result.

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