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Compare Wedding Loans & Rates in Australia

  • Compare personal loans for a wedding from multiple lenders
  • Check your wedding loan rates for free with no impact to your credit score

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Wedding Loans with Money Matchmaker

Just some of the 30+ lenders we compare

Best wedding loan interest rate comparison

Compare some of the best wedding loans in Australia. We display all wedding loans on our database and we’re not paid by lenders if you click through to their website. The table is sorted by lowest interest rate. Use the filters to search for your best wedding loan options. Read the comparison rate warning and other important information.

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Rates updated 02 December 2024

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Why compare wedding loans with Money

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Compare loans from different lenders

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Get personalised rates

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No time wasting

What are the cheapest wedding loan interest rates?

Wedding loan interest rates currently start from 5.76% p.a. (comparison rate* 6.55% 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.

How much does a wedding cost in Australia?

The average wedding in Australia costs $40,700, according to a recent study by the Australian Bridal Industry Academy (ABIA). While many soon-to-be newlyweds stick to a budget, ABIA research found that couples typically blow their big day budget by up to 18%.

And averages being averages, some weddings will cost a lot more than that. ABIA’s Weddings’ Survey uncovered that Australians are willing to pay more than the average to celebrate their special day, as highlighted below:

Total wedding costsPercentage of couples

Less than $20,000

24.4%

Between $21,000 and $39,999

30.5%

Between $40,000 and $59,999

23.5%

Between $60,000 and $99,999

16.8%

Over $100,000

4.6%

Source: ABIA, ‘How much does a wedding cost in Australia?’, 2023.

What is a wedding loan?

A wedding loan is a personal loan that you can use to cover the cost of your special day. 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 expenses, such as your honeymoon.

With Australian weddings spanning from $20,000 to $100,000, it's no wonder couples often turn to financing options to make their dream day a reality. Whether it's for the engagement ring, the ceremony, or the honeymoon, personal loans provide Aussies with the flexibility to cover a variety of wedding expenses.

Wedding loans at a glance

  • Loan amounts up to $100,000
  • Loan terms from 1-7 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

How to find the best personal loan for your wedding

Just as you meticulously compare options when selecting a venue or caterer, taking the time to consider your wedding loan is equally important. After all, this financial commitment will play a significant role in shaping your postnuptial repayment costs. Here’s what you should keep an eye out for:

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Interest rates

Watch out for what can be deceptively low wedding loan 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.

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Fees & charges

The main fees to be mindful of are loan establishment and application fees as well as ongoing fees (annual and monthly). Other costs include extra repayment fees charged by some lenders if you repay more than the minimum, or an early payout fee if you pay off the loan before the set term is up.

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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 fees overall.

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Flexible repayment options

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.

Who’s eligible for a wedding loan?

You can apply for a wedding loan in Australia if you are:

  • Over the age of 18
  • An Australian citizen or permanent resident
  • 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 7 easy steps

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:

1

Compare loans tailored to you

2

Do a free credit score check in advance to ensure you’re in a good position

3

Submit a personal loan application to the lender online

4

Provide any supporting info requested (e.g. payslips, bank statements)

6

If you're approved, sign a loan contract

7

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 applications, 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 vs variable rates: Key considerations

Wedding personal loans can come with a fixed or variable interest rate. To put that in marriage terms, whether the loan is fixed or variable will dictate how much stability and certainty there is.
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Variable rate wedding loans

A variable rate wedding loan can come with ups and downs, but offers more flexibility.

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.

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Fixed rate wedding loans

A fixed rate wedding loan offers more certainty, but can be more restrictive.

Your rate and repayments will stay the same for the full term. If interest rates go 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 vs 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(s) 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.

Get your personalised wedding loan rates

See what wedding loan rates you actually qualify for by comparing multiple lenders at once.

Personal loan guides & resources

Not sure about the next steps? Our guides and resources can help.

FAQs about wedding loans

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.

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.

Yes, most lenders offer 100% online applications for wedding loans.

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.

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.

Sean Callery is the Editor of Money.com.au. He has over 15 years of international experience. He is qualified with a Certificate IV in Finance and Mortgage Broking (FNS40821) and is compliant to provide general advice in Tier 1 General Insurance (RG 146) products.

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

Important information

Unless otherwise stated, personal loan comparison rates are calculated based on a loan amount of $30,000 repaid over a 5-year term. The comparison rates only apply to the examples given. Different loan amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees and cost savings such as fee waivers are not included in the comparison rate but may influence the cost of the loan. Check with the provider for full loan details, including rates, fees, eligibility and terms and conditions to make sure the product is right for you.

General information only The information on this page is general in nature and has been prepared without considering your objectives, financial situation or needs. You should consider whether the information provided and the nature of any personal loan product is suitable for you and seek independent financial advice if necessary.

We are not providing you with a recommendation or suggestion about a particular personal loan. You should read the relevant disclosure statements or other offer documents before deciding whether to apply for or continue to use a particular product.

What products, features and information are shown While we make every effort to ensure all personal loans available in Australia are shown in our comparison tables, we do not guarantee that all products are included.

Our product comparisons may not compare all personal loan features and attributes relevant to you. Product information, such as interest rates, fees and charges, is subject to change without notice. Before acting on any information, you should confirm the relevant product information with the lender.

How personal loans are sorted and filtered by default Users can easily change the sort order and apply product filters to our product comparison tables. However, when you arrive on a page initially, by default personal loans are sorted by:

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  • Lowest loan interest rate, then;
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  • Lowest establishment fee, then;
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  • Lowest ongoing fee, then;
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  • Provider name (A-Z)

Some personal loan products listed in our tables are available through a broker. These are the products with an option to ‘Check Eligibility on Money.com.au’. Brokers may not be able to offer loans from every provider and there may be more suitable loans for your personal circumstances. Brokers are not authorised by Money's Australian Credit Licence and operate under their own Australian Credit Licence, or as a credit representative of another Australian Credit Licensee. Brokers can make recommendations about loan products that may suit your objectives, financial situation and needs.

Our tables feature all personal loans available from lenders on our database that match the search criteria selected. Lenders do not pay to feature in our tables, nor do we earn commission if you click to visit a lender’s website. The order of the products in the table is not influenced by any commercial arrangements.

If you get a personal loan as a result of visiting this page, we may earn a commission.

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Our Money Promise

Money Pty Ltd (trading as Money) (ABN 42 626 094 773) Australian Credit Licence 528698 provides information about credit products. Money does not compare all products or issuers available 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. We may receive a commission when you apply for a home loan as a result of outbound links on this website.

This material has been prepared by Money Pty Limited (ABN 40 664 954 536) (Money, ‘us’ or ‘we’). Money is a corporate authorised representative (CAR 001307399) of 62 Consulting Pty Limited (ABN 88 664 809 303) (AFSL 548573) (62C). The material is for general information only and is not an offer for the purchase or sale of any financial product or service. The material is not intended to provide you with financial or tax advice and does not take into account your objectives, financial situation or needs. Although we believe that the material is correct, no warranty of accuracy, reliability or completeness is given, except for liability under statute which cannot be excluded. Please note that past performance may not be indicative of future performance and that no guarantee of performance, the return of capital or a particular rate of return is given by 62C, Money, any of their related body corporates or any other person. To the maximum extent possible, 62C, Money, their related body corporates or any other person do not accept any liability for any statement in this material.

The information on this website is intended to be general in nature and has been prepared without considering your objectives, financial situation or needs. You should read the relevant disclosure statements or other offer documents prior to making a decision about a credit product and seek independent financial advice. Whilst Money.com.au endeavours to ensure the accuracy of the information provided on this website, no responsibility is accepted by us for any errors, omissions or any inaccurate information on this website.

Interest rates, fees and charges are subject to change without notice. Before acting on any information, you should confirm the interest rates, fees, charges and product information with the provider. For clarity, where we have used the terms “lowest” or “best” these relate solely to the rates of interest offered by the provider and not on any other factor. The application of these terms to a particular product is subject to change without notice if the provider changes their rates.

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Assumptions:

  • The calculations do not account for changes in interest rates or other market conditions that may occur.
  • Results are approximations and may differ from actual payment schedules or amounts.
  • The calculator does not include all fees and charges that you may incur in relation to a financial product.

Limitation

  • This calculator does not guarantee the availability of any financial product or the accuracy of the calculations. Please consult a financial advisor or the relevant product provider to obtain specific advice tailored to your circumstances.
  • money.com.au does not accept any liability for errors or omissions, or for any loss you may suffer as a result of relying on these calculations.
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