Money.com.au

Australia's Money Matchmaker™

Compare medical loan rates in 60 seconds

Get your best medical loan. Compare prequalified offers from 11 lenders. Apply with confidence.

  • Comparison rates from 4.99% p.a*
  • 100% free with no credit score impact
  • No hidden fees or broker fees
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Best match guarantee or $200* we're confident
Best match guarantee or $200* we're confident
Australia's Money Matchmaker matching you with your best loans across multiple lenders
My matching process checks multiple lender rates at once, making it super fast to shop around.

Why Money Matchmaker™

1
Personal loan rates from 11 lenders in 60 seconds with Money Matchmaker
Real rates, not click bait

Rate comparison websites show you a low rate that hardly anyone qualifies for. We show real loan rates based on matching you to lender rules.

2
Money Matchmaker is 100% free to use
No hidden fees or paid promotions

A broker can add up to $1000 to your loan. A rate comparison site gets as much as $50 per click to a lender, so they don't care if you get rejected. We only charge the lender and we only do that if you take out a loan through us.

3
Money Matchmaker puts you in control of your loan choices
No time wasting or sales calls

Googling options and applying to each lender wastes time and can affect your credit score. Using rate comparison sites often leads to annoying sales calls. We show you options in 60 seconds with no follow up calls.

“Super quick, I got lots of offers. All I had to do was choose which one! I went with Wisr because they were the cheapest. Thanks” - Angela

Medical loans

Written by

Shaun McGowan

Medical loans are personal loans used to pay for medical treatments, surgical procedures and basically anything not covered by Medicare.

This might include travelling overseas for cheap cosmetic, dental or medical procedures.

Keeping mind, you may need to disclose what you’re intending to use the loan for when applying with a lender.

Here’s everything you need to know before you apply.

Medicare cover or medical loans?

Medicare, Australia’s public health system, will usually provide cover for necessary procedures and treatments.

But what if the procedure isn’t covered by Medicare?

When you can’t or don’t want to fund a procedure or expense through Medicare or private health insurance, you can use a loan to pay for:

  • Specialist or doctor consultations
  • Medical and cosmetic procedures
  • Medicine and medical equipment
  • Hospital expenses
  • Travel and accommodation

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 the procedure
  • Travel expenses (if required)
  • Aftercare costs (if required)

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 to cover this difference.

You need dental care or laser eye surgery

Unfortunately, Medicare does not cover most dental procedures or laser eye surgery. These procedures tend to be expensive.

If you don’t have private health insurance (with dental cover) your only option may be to pay for the care yourself.

Australia's Money Matchmaker matching you with your best loans across multiple lenders
Money Tip: No matter the reason you are getting a medical loan, make sure to check that you’ll receive the funds in time to pay for your medical procedure.

How to choose a medical loan

Now that you’re ready to consider applying, let’s look at how to get a great deal on your loan.

There are a few things you’ll want to look at:

  • Borrowing amount - the amount of money you can get approved for
  • Interest rates - the standard, ongoing charge for borrowing money
  • Loan terms - how long you can borrow the money for. Longer means cheaper repayments but more overall interest.
  • Fees - the most common cost that can be avoided!

While we’re talking about fees, there are four types you should be aware of.

Some of these are one-off fees, while others may cause ongoing costs or complications down the line!

Medical loan fees 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.

Some medical loans have useful features that may save you money and make paying them off easier.

If your medical treatment won't require considerable ongoing care, you may also wish to consider a loan that allows fee-free extra repayments.

This can make it easier to repay your loan early and save on interest once you recover and improve your financial situation.

Find the best deal on medical loans

FIND YOUR LOAN
Private treatments are covered under Medical Loans

How to qualify and apply for a medical loan

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
  • Employed or have a regular source of income over $25,000 per year

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:

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 take our quiz 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.

Here are the most popular questions people are asking about medical loans

Can I get a medical loan if I have bad credit?

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.

Can I borrow for medical care performed overseas?

Yes, most borrowers will lend to you even if your medical procedure is to be performed outside of Australia.

How much can I borrow with a medical loan?

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.

Can I use a medical loan to cover costs while I recover?

Yes, a medical loan can be used for any costs related to your medical procedure. That includes paying for essentials while you recover.

Meet Money Matchmaker™

"Hey I’m Money Matchmaker™, I have a team of wizards making me super smart. I’ve been loaded up with all the information that lenders use, and when you take my quiz, I use your answers to check against all our lenders at once. I’m harmless, I don’t impact your credit score and I’ll show you the best loan matches I can with no brokers fees or annoying ads"

HOW IT WORKS
Money Matchmaker

Meet your Potential Medical Loan matches

Meet Plenti
  • No Early Repayment Fees
  • No Monthly Fees
  • Get Funds 24 Hours From Approval
Meet Wisr
  • Same day decisioning
  • No admin, early repayment or "risk" fees
  • Support from real people
Meet Fair Go
  • Build your credit score by making timely repayments
  • Once approved, loans are funded in minutes
  • Flexible repayments; weekly, fortnightly, monthly options
Meet Society One
  • No ongoing fees
  • No monthly fees
  • No Deposit Required
Meet Jacaranda
  • Apply in under 8 minutes
  • Once approved, cash transferred in 60 seconds
  • No early termination fees
Meet Money3
  • Pay your loan out early with no fees
  • Increase regular payments to suit your situation
  • Make extra repayments at any time
Meet Now Finance
  • Get a guaranteed, personalised rate in 2 minutes
  • Apply online in under 10 minutes
  • Weekly and fortnightly repayments
Meet Finance One
  • Pay your loan out early with no fees
  • Change payment dates and frequency at any time
  • Make extra repayments at any time
Meet Alex
  • $0 establishment fee
  • $0 ongoing fees, early repayment fees, exit fees
  • Multi Award winning and 100% digital

The right medical loan can save you $1,000s

FIND YOUR CAR LOAN

About the Author

Shaun McGowan from money.com.au

Shaun

McGowan

Shaun McGowan

Shaun is the founder of Money.com.au and is determined to help people pay as little as possible for financial products. Through education and building world class technology. Previously Shaun co-founded CarLoans.com.au and Lend.

*Information about comparison rates Comparison rates are designed to allow borrowers to understand the true cost of a loan by taking into account fees and charges, the loan amount and the term of the loan. The comparison rate is based on an unsecured fixed rate personal loan of $10,000 over 3 years. WARNING: Comparison rates are true only for the examples provided and may not include all fees and charges. Different terms, fees or loan amounts might result in a different comparison rate.

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Disclaimer

Money Pty Ltd (trading as Money.com.au) provides information about credit products and is authorised to do so as the holder of Australian Credit Licence 528698. Money.com.au does not compare every Lender in Australia. We are not a broker or credit provider and when we provide information via this website, we are not providing you with a recommendation or suggestion about a particular credit product. When you apply for a credit product via the Money.com.au website, you are not applying with us, you are applying directly with a Lender Partner. Before entering into any credit product from one of our Lender Partners, you should confirm the rates and product information with the Lender. All information on this website is general advice only and does not take into account your objectives, financial situation or needs. You should consider whether this advice is right for you and we encourage you to seek independent financial advice.