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Loans for weddings in Australia
It’s hard to believe the average Australian wedding costs $36,000.
And averages being averages, some weddings will cost a lot more than that.
Some people use a wedding loan to help finance their big day.
If you’re thinking about this option, I’ll explain what’s involved.
And I'll share some tips to help you keep your wedding loan costs as low as possible.
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What is a wedding loan?
A wedding loan is a personal loan that you can use to cover the cost of your wedding.
With a wedding loan, you borrow a set amount of money from a lender and repay it gradually (plus interest) over a fixed term.
It can usually also be used to pay for other related costs.
A common one is the honeymoon.
What are the wedding loan options?
This is what’s typically available with a wedding loan:
- Loan amounts up to $100,000
- Loan terms from 1 to 7 years (the average personal loan is just under three years)
- Weekly, fortnightly or monthly repayments
- Loans are usually unsecured but there may be secured options
- Fixed or variable interest rates available
- Your interest rate will be tailored to you
Cheapest wedding loan interest rates
Wedding loan interest rates currently start from 6.57% p.a. (comparison rate* 6.57% p.a.).
But the rate you get will depend on your risk profile. As we'll see in the table below, the rates can vary significantly even when it comes to what a single lender is offering different borrowers.
Best wedding loan interest rate comparison
Compare a selection of personal loan interest rates in Australia, with ranges based on the borrower's credit score and other factors. As you can see, the difference between a lender’s lowest and highest rate can be massive. This is why it's important to get personalised quotes from multiple lenders. The table is sorted by lowest comparison rate.
Harmoney | |
|---|---|
| Personal loan interest rate | 5.76% p.a. to 24.03% p.a. |
| Comparison rate* | 6.55% p.a. to 24.98% p.a. |
Plenti | |
| Personal loan interest rate | 6.57% p.a. to 24.09% p.a. |
| Comparison rate* | 6.57% p.a. to 26.28% p.a. |
NOW Finance | |
| Personal loan interest rate | 6.75% p.a. to 26.95% p.a. |
| Comparison rate* | 6.75% p.a. to 26.95% p.a. |
Pepper Money | |
| Personal loan interest rate | 6.75% p.a. to 26.95% p.a. |
| Comparison rate* | 6.75% p.a. to 26.95% p.a. |
ING | |
| Personal loan interest rate | 6.89% p.a. to 18.99% p.a. |
| Comparison rate* | 7.10% p.a. to 19.23% p.a. |
Our Money Market | |
| Personal loan interest rate | 6.57% p.a. to 18.99% p.a. |
| Comparison rate* | 7.19% p.a. to 21.78% p.a. |
Moneyplace | |
| Personal loan interest rate | 7.24% p.a. to 19.99% p.a. |
| Comparison rate* | 7.24% p.a. to 21.49% p.a. |
Liberty Financial | |
| Personal loan interest rate | 7.24% p.a. to 19.99% p.a. |
| Comparison rate* | 7.24% p.a. to 21.49% p.a. |
Bank of Melbourne | |
| Personal loan interest rate | 6.89% p.a. to 19.99% p.a. |
| Comparison rate* | 7.59% p.a. to 20.59% p.a. (variable rate): 7.81% p.a. to 20.83% p.a. (fixed rate) |
BankSA | |
| Personal loan interest rate | 6.89% p.a. to 19.99% p.a. |
| Comparison rate* | 7.59% p.a. to 20.59% p.a. (variable rate): 7.81% p.a. to 20.83% p.a. (fixed rate) |
St.George Bank | |
| Personal loan interest rate | 6.89% p.a. to 19.99% p.a. |
| Comparison rate* | 7.59% p.a. to 20.59% p.a. (variable rate): 7.81% p.a. to 20.83% p.a. (fixed rate) |
Great Southern Bank | |
| Personal loan interest rate | 7.49% p.a. to 19.99% p.a. |
| Comparison rate* | 7.74 % p.a. to 20.27% p.a. |
NAB | |
| Personal loan interest rate | 6.99% p.a. to 20.49% p.a. |
| Comparison rate* | 7.91% p.a. to 21.33% p.a. |
ANZ | |
| Personal loan interest rate | 7.49% p.a. to 19.99% p.a. |
| Comparison rate* | 8.18% p.a. to 20.58% p.a. |
G&C Mutual Bank | |
| Personal loan interest rate | 7.99% p.a. to 16.99% p.a. |
| Comparison rate* | 8.20% p.a. to 17.22% p.a. |
Society One | |
| Personal loan interest rate | 8.20% p.a. to 24.89% p.a. |
| Comparison rate* | 8.27% p.a. to 25.64% p.a. |
Westpac | |
| Personal loan interest rate | 7.99% p.a. to 20.49% p.a. |
| Comparison rate* | 9.18% p.a. to 21.61% p.a. |
Wisr | |
| Personal loan interest rate | 9.04% p.a. to 23.79% p.a. |
| Comparison rate* | 9.88% p.a. to 24.56% p.a. |
Commbank | |
| Personal loan interest rate | 8.49% p.a. to 20.49% p.a. (fixed); 8.00% p.a. to 20.00% p.a. (variable) |
| Comparison rate* | 9.88% p.a. to 21.78% p.a. (fixed); 9.40% p.a. to 21.30% p.a. (variable) |
MoneyMe | |
| Personal loan interest rate | 9.20% p.a. to 25.20% p.a. |
| Comparison rate* | 10.58% p.a. to 26.58% p.a. |
Latitude Financial | |
| Personal loan interest rate | 9.49% p.a. to 29.99% p.a. |
| Comparison rate* | 10.93% p.a. to 31.83% p.a |
Fair Go Finance | |
| Personal loan interest rate | 21.90% p.a. to 25.90% |
| Comparison rate* | 27.54% p.a. to 33.80% p.a. |
Jacaranda Finance | |
| Personal loan interest rate | 17.95% p.a. to 24.95% p.a. |
| Comparison rate* | 32.40% p.a. to 39.63% p.a. |
| Personal loan interest rate | Comparison rate* | |
|---|---|---|
Harmoney | 5.76% p.a. to 24.03% p.a. | 6.55% p.a. to 24.98% p.a. |
Plenti | 6.57% p.a. to 24.09% p.a. | 6.57% p.a. to 26.28% p.a. |
NOW Finance | 6.75% p.a. to 26.95% p.a. | 6.75% p.a. to 26.95% p.a. |
Pepper Money | 6.75% p.a. to 26.95% p.a. | 6.75% p.a. to 26.95% p.a. |
ING | 6.89% p.a. to 18.99% p.a. | 7.10% p.a. to 19.23% p.a. |
Our Money Market | 6.57% p.a. to 18.99% p.a. | 7.19% p.a. to 21.78% p.a. |
Moneyplace | 7.24% p.a. to 19.99% p.a. | 7.24% p.a. to 21.49% p.a. |
Liberty Financial | 7.24% p.a. to 19.99% p.a. | 7.24% p.a. to 21.49% p.a. |
Bank of Melbourne | 6.89% p.a. to 19.99% p.a. | 7.59% p.a. to 20.59% p.a. (variable rate): 7.81% p.a. to 20.83% p.a. (fixed rate) |
BankSA | 6.89% p.a. to 19.99% p.a. | 7.59% p.a. to 20.59% p.a. (variable rate): 7.81% p.a. to 20.83% p.a. (fixed rate) |
St.George Bank | 6.89% p.a. to 19.99% p.a. | 7.59% p.a. to 20.59% p.a. (variable rate): 7.81% p.a. to 20.83% p.a. (fixed rate) |
Great Southern Bank | 7.49% p.a. to 19.99% p.a. | 7.74 % p.a. to 20.27% p.a. |
NAB | 6.99% p.a. to 20.49% p.a. | 7.91% p.a. to 21.33% p.a. |
ANZ | 7.49% p.a. to 19.99% p.a. | 8.18% p.a. to 20.58% p.a. |
G&C Mutual Bank | 7.99% p.a. to 16.99% p.a. | 8.20% p.a. to 17.22% p.a. |
Society One | 8.20% p.a. to 24.89% p.a. | 8.27% p.a. to 25.64% p.a. |
Westpac | 7.99% p.a. to 20.49% p.a. | 9.18% p.a. to 21.61% p.a. |
Wisr | 9.04% p.a. to 23.79% p.a. | 9.88% p.a. to 24.56% p.a. |
Commbank | 8.49% p.a. to 20.49% p.a. (fixed); 8.00% p.a. to 20.00% p.a. (variable) | 9.88% p.a. to 21.78% p.a. (fixed); 9.40% p.a. to 21.30% p.a. (variable) |
MoneyMe | 9.20% p.a. to 25.20% p.a. | 10.58% p.a. to 26.58% p.a. |
Latitude Financial | 9.49% p.a. to 29.99% p.a. | 10.93% p.a. to 31.83% p.a |
Fair Go Finance | 21.90% p.a. to 25.90% | 27.54% p.a. to 33.80% p.a. |
Jacaranda Finance | 17.95% p.a. to 24.95% p.a. | 32.40% p.a. to 39.63% p.a. |
Get your personalised wedding loan rates
See what wedding loan rates you actually qualify for by comparing multiple lenders at once.
GET STARTEDGET STARTEDHow to find the best wedding loan
Just like shopping around for your wedding outfits or caterers, you should do the same for your wedding loan.
Here’s what I generally tell borrowers to look out for.
Wedding loan interest rates
Watch out for what can be deceptively low rates you’ll see advertised.
Those rates are rarely what borrowers actually get.
You’ll need to compare options based on quotes tailored to you.
And your other half if it’s a joint loan.
Tailored rates will depend on your credit score, income, employment status and other factors.
Wedding loan fees
The main ones to watch out for are:
- Loan establishment fees and application fees
- Ongoing fees (annual and monthly)
- Extra repayment fees charged by some lenders if you repay more than the minimum
- Early payout fee if you pay off the loan before the set term is up
Loan term
In terms of desired duration, a wedding loan is the opposite of a marriage.
You want your loan term to be as short as possible.
The shorter your wedding loan term is, the less you’ll pay in interest and ongoing loan fees overall.
Wedding loan fees
Look for a wedding loan that allows you to make repayments weekly, fortnightly or monthly.
Being able to make extra repayments on the loan and pay it off early without penalty can also be beneficial.
Ideally you want the freedom to make a quick ‘divorce’ from your loan to save on interest.
This will also make it easier to refinance your personal loan down the track if you find a better deal.
Ready to compare wedding loans?
Get your best offers from multiple lenders. There's no obligation and checking your rates won't impact your credit score.
GET STARTEDGET STARTEDHow to qualify and apply for a wedding loan
You can apply for a wedding 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.
These are the most basic eligibility criteria for a wedding loan.
If you meet them, you’ll also need to demonstrate that you’re able to meet the repayment schedule over the term of the loan.
How to get a wedding loan in Australia
Knowing weddings, the process of getting your finance lined up may well end up being one of the more straightforward parts of planning your big day.
Here’s what’s involved:
- Compare loans tailored to you
- Do a free credit score check your in advance to make sure you’re in a good position to apply
- Submit a personal loan application to the lender online
- Provide any supporting document requested (e.g. payslips, bank statements)
- Wait for your loan application to be assessed
- If approved, sign a loan contract
- The loan funds will be transferred to your nominated bank account
The whole process from start to finish may be completed in 1-2 business days.
That’s if it’s a straightforward application.
For more complicated ones, like a bad credit personal loan or a low doc personal loan for self-employed borrowers the process will likely take a bit longer.
Fixed versus variable rate wedding loans
Wedding personal loans can come with a fixed or variable interest rate.
To put that in marriage terms, this helps dictate how much stability and certainty there is in the relationship.
Variable rate wedding loans
A variable rate wedding loan can come with ups and downs.
- Your lender could put your interest rate up, which would mean
higher repayments. - But your interest rate could also go down, meaning you
pay less. - You generally get more flexibility with a variable rate wedding loan.
For example being able to repay the loan early.
Fixed rate wedding loans
A fixed rate wedding loan offers more certainty.
- Your rate and repayments will stay the same for the full term.
- If interest rates are heading up, you’re protected.
- But you won’t benefit if rates go down.
- You also generally have less flexibility to pay off the loan early.
Secured versus unsecured wedding loans
The other option you may have is whether to get a secured or unsecured wedding loan.
Unsecured wedding loans are much more common.
You usually only get secured loans for purchasing an asset, like with a car loan, motorhome loan or boat loan.
BUT it can be possible to get a secured loan where a different asset you own is used to secure it.
This could be your home, a vehicle, shares or cash savings.
If you can’t repay your wedding loan, the lender can sell your asset to recover its costs.
The advantage is you can generally get a lower interest rate on a secured wedding loan compared to an unsecured personal loan.
Wedding loans frequently asked questions
Get help from a real-life Money Matchmaker® from start to finish.
Can I get a wedding loan if I have bad credit?
Yes, in some cases you can still get a wedding loan with bad credit.
But you may have to pay higher interest rates and fees.
You’ll also have fewer lenders to choose from as many of the bigger banks and credit unions will not lend to bad credit borrowers.
There are specialist bad credit personal loan providers who may lend to you.
How much do wedding loans cost?
The cost of wedding loans depends entirely on the amount you borrow, your loan term and the interest rates and fees you’re charged. A longer loan term usually costs more.
You can use a personal loan calculator to estimate the total cost of your wedding loan based on the amount you want to borrow and the loan terms.
Can I apply for a wedding loan online?
Yes, most lenders offer 100% online applications for wedding loans.
How much can I borrow with a wedding loan?
Depending on your personal situation, you can get a loan for your wedding up to $75,000.
How much can I borrow with a wedding loan?
Depending on your personal situation, you can get a loan for your wedding up to $100,000.
Like your interest rate, the amount you can borrow will be determined by your risk profile.
The safer you are seen to be as a borrower, the more you will be able to borrow.
Can I use my wedding loan to pay for a honeymoon?
Most personal loans are flexible when it comes to how the loan funds are spent. Wedding loans are typically no different.
So chances are you’ll be able to spend the money on whichever costs you wish to cover, including your honeymoon.
Shopping around for the right loan can save you thousands of dollars in interest and fees.
Personal Loans guides and resources
The great thing about personal loans is they can fund almost anything. They are perfect when you need that bit extra to cover expenses, start a project or reset your finances to get back on track.
Written by
Loans Expert
Shaun McGowan
Reviewed by
Editor
Sean Callery
AS FEATURED IN
*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.
