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Borrow from $2,000 to $100,000
Fixed or variable interest rates
Repayments to suit your budget
Terms from 1 to 7 years (most common is 3 years)
Secured & unsecured options
Australian Permanent Residents (& some visa holders)
Must be over the age of 18
Earn a minimum of $25,000 a year
Medical care can often be a major expense in many of our lives. Medical procedures and ongoing care and recovery can be hugely expensive if the costs are not covered by private health insurance or Medicare.
A medical loan is an option that can help cover a range of medical costs and expenses. Here’s everything you need to know before you apply.
A medical loan is a personal loan that can be used to pay for medical procedures, care and/or equipment. These loans work just like regular loans:
The lender agrees to let you borrow a certain amount to fund your care
You pay that amount back in weekly, fortnightly or monthly instalments with interest
Medical loans aren’t just for medical care, they can also be used to fund associated costs like travel, accommodation and medicine as well.
You’ll often get the best deal if you can compare multiple medical loan offers from multiple lenders.
Money Tip: Choosing the first offer you find may not always get you the lowest rate available or the lowest amount of initial or ongoing fees. You can do that simply by using our smart-form.
Different medical loans may have different qualifying criteria or usage criteria, but some may require that you disclose what you’re intending to use the loan for when applying. If you’re applying for a loan for medical purposes, that may include:
Specialist or doctor consultations
Medical and cosmetic procedures
Medicine and medical equipment
Travel and accomodation relating to your medical needs
In most cases, you’ll only be able to use the funds from your medical loan for travel and accommodation if you need to travel to get medical treatment. This might include travelling overseas for cheap cosmetic, dental or medical procedures.
Medicare, Australia’s public health system, will cover the costs of most necessary health procedures and treatments. If you don’t want to go through the public system, private health insurance is another option for covering the costs of medical treatment.
When these two alternatives aren’t an option, you may have to pay for your medical care out of pocket, and that’s when a medical loan may prove useful. Here are a few examples:
You’re having a cosmetic procedure
Non-essential cosmetic procedures are not covered under Medicare or private health insurance and they can be expensive. A medical loan can help to cover the costs of such a procedure, including travel expenses and aftercare.
You don’t want to wait for the public system
Australia’s public health system is one of the best in the world but, unfortunately, there are long wait times for many elective procedures. If you’re faced with a long wait time for medical treatment, taking out a medical loan and paying for private medical care could be an alternative.
Your procedure exceeds your private health insurance cover
Most private health insurance policies cap the amount that you can claim for any given procedure, and if you exceed these caps you’ll have to pay the remainder. A medical loan may be helpful in this instance.
You need dental care or laser eye surgery
Unfortunately, Medicare does not cover most dental procedures or laser eye surgery, so if you don’t have private health insurance (with dental cover) your only option may be to pay for the care yourself. These procedures tend to be expensive.
Comparing medical loans is a crucial aspect to consider before applying. You can browse various lenders and loan offers to compare the features and key aspects that best suit your circumstances. Consider speaking to a financial adviser before applying, and compare:
Some medical loans have useful features that may save you money and make paying them off easier. These might include:
Redraw facility - a loan feature that allows you to make additional payments to your loan to reduce interest, then withdraw any funds above the minimum repayment amount should you need them.
Bundling discounts - some lenders offer discounts if you purchase a medical loan with other products such as insurance or a home loan.
Flexibility - Your loan should be flexible to suit your lifestyle and your circumstances. Look for loans that allow you to choose whether to make weekly, fortnightly or monthly repayments to suit your pay cycle.
If your medical treatment won't require considerable ongoing care, you may also wish to consider a loan that allows fee-free extra repayments, which make it easier to repay your loan early and save on interest once you recover and improve your financial situation.
If you do not find any available offers to compare, you can work with a personal finance broker to assist in finding you a suitable deal and completing your application.
Brokers operate all across Australia — whether you need a medical expenses loan in Newcastle, Sydney, Melbourne, Canberra, Perth, Adelaide, or Brisbane, you'll be able to find one who can help you assess a range of suitable options specific to your financial circumstances.
Fees aren’t included in the advertised rate for a loan, and the true cost of a loan is found by looking at the comparison rate, which expresses all charges (interest plus fees) as a simple percentage.
If you are using our smart form, the advertised rate and comparison rate will be clearly displayed on your personalised results screen, which you can use to quickly compare and select the deal you think is best.
Variable fees are not included in the comparison rate - such as late-payment fees - so be sure to keep these in mind when comparing deals. The four types of fees you should be aware of when comparing lenders for a medical loan include:
Upfront costs - establishment fees and application fees
Ongoing fees - annual fees and monthly fees
Late payment fees - charged if you miss a payment
Extra repayment fees - charged if you make early repayments to reduce the amount of interest payable on the principal amount.
Money.com.au aims to clear up the confusion around rates and approval, so we can provide the best consumer experience possible. We only show you real, personalised rates from lenders who can give you approval on the loan.
We work with our Lender Partners to understand their risk appetite, approval criteria, and how they apply interest rates to various borrowers so that we can provide you with real, comparable loan offers.
No impact on your credit score, and no obligation. Just the best deals we can find, with no hidden fees, inflated interest rates, or paid promotions.
You can apply for a medical loan in Australia if you are:
Over the age of 18; and
An Australian citizen or permanent resident; and
Earn at least $25,000 per year; and
If you meet the basic eligibility for a medical loan, you will then need to compare lenders and assess their individual approval criteria.
To get a medical loan you will need to:
Submit a personal loan application to a lender
Meet the lender’s approval criteria for the personal loan
Sign a loan contract and agree to the terms of the loan
The most important factor when gaining approval is to demonstrate your ability to meet the repayment schedule over the term of the loan.
If you use our smart form and find a lender you want to apply with, you will be directed to the lender’s website and need to supply all documentation as you normally would when applying for a medical expenses loan, which may include:
Proof of identity — e.g. passport or driver licence
Proof of income — e.g. payslips, bank statements
Proof of address — e.g. utility bills, bank statements
Details of any current debts or other loans
You will need to provide personal identification and financial documents (usually your bank statements or recent payslips), as lenders will need to assess your financial stability and determine if you can service the loan amount.
Money Tip: Before applying, check how long it takes your selected lender to approve applications and pay-out funds. Make sure that you’ll receive the funds in time to pay for your medical procedure.
Medical loans are loans used to fund medical treatments, surgical procedures and associated costs. They may be useful in situations when you can’t or don’t want to fund a procedure or expense through Medicare or private health insurance, and can be used to pay for:
Specialist or doctor consultations
Medical and cosmetic procedures
Medicine and medical equipment
Travel and accommodation
Before choosing a medical loan, make sure you take time to compare all your options, paying close attention to fees, flexibility and loan features.
You may be able to get a medical loan if you have bad credit but each lender’s credit policy will apply. If you are struggling to get approved you may have more luck applying with a lender that specialises in bad credit loans.
Yes, most borrowers will lend to you even if your medical procedure is to be performed outside of Australia.
Medical loans have limits from $2,000 to $75,000. The amount that you can borrow will also depend on your credit history and debt servicing ability.
Yes, a medical loan can be used for any costs related to your medical procedure. That includes paying for essentials while you recover.