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Intro fixed rate
6.90%
p.a. for 3 years on your initial balance transfer, then reverts to a standard variable rate of 22.49% p.a.
Borrow from $5,000 - $75,000 with Citi Ready Credit
Get a flexible line of credit that allows you to access funds when you need them. Fees, charges, T&Cs apply. Intro offer is for new applications only. This product is provided by National Australia Bank Limited, using certain trademarks temporarily under licence from Citigroup Inc.
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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 costs | Percentage 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% |
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.
Based on our analysis of wedding loan applications from Money.com.au, the average wedding loan amount is $14,035, with an average interest rate of 14.05% p.a.
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
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:
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.
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.
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.
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:
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.
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 in advance to ensure you’re in a good position
Submit a personal loan application to the lender online
Provide any supporting info requested (e.g. payslips, bank statements)
Wait for your loan application to be assessed
If you're 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 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
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.
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.
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 $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.
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.
^Comparison rate warning
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.
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For offers from Money.com.au lending partners, we will match you with lenders and rates based on the information you provide us. This won't affect your credit score. Some lenders displayed are not current Money.com.au partners and we can't guarantee rates from a specific lender.
Products, features and information displayed
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. We include a link to each provider on our table for you to also be able to see the relevant product information direct 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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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.
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