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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.
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. |
BankSA | |
Personal loan interest rate | 6.89% p.a. to 19.99% p.a. |
Comparison rate* | 7.81% p.a. to 20.83% p.a. |
St.George Bank | |
Personal loan interest rate | 6.89% p.a. to 19.99% p.a. |
Comparison rate* | 7.81% p.a. to 20.83% p.a. |
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. |
Bank of Melbourne | |
Personal loan interest rate | 6.89% p.a. to 19.99% p.a. |
Comparison rate* | 8.01% p.a. to 21.02% 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. |
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. |
Society One | |
Personal loan interest rate | 9.20% p.a. to 25.89% p.a. |
Comparison rate* | 9.20% p.a. to 26.31% p.a. |
Commbank | |
Personal loan interest rate | 8.49% p.a. to 20.49% p.a. (fixed); 7.50% p.a. to 20.00% p.a. (variable) |
Comparison rate* | 9.88% p.a. to 21.78% p.a. (fixed); 8.90% p.a. to 21.30% p.a. (variable) |
Wisr | |
Personal loan interest rate | 9.04% p.a. to 23.29% p.a. |
Comparison rate* | 9.88% p.a. to 24.56% p.a. |
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* | 10.37% p.a. to 30.69% 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. |
BankSA | 6.89% p.a. to 19.99% p.a. | 7.81% p.a. to 20.83% p.a. |
St.George Bank | 6.89% p.a. to 19.99% p.a. | 7.81% p.a. to 20.83% p.a. |
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. |
Bank of Melbourne | 6.89% p.a. to 19.99% p.a. | 8.01% p.a. to 21.02% 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. |
Westpac | 7.99% p.a. to 20.49% p.a. | 9.18% p.a. to 21.61% p.a. |
Society One | 9.20% p.a. to 25.89% p.a. | 9.20% p.a. to 26.31% p.a. |
Commbank | 8.49% p.a. to 20.49% p.a. (fixed); 7.50% p.a. to 20.00% p.a. (variable) | 9.88% p.a. to 21.78% p.a. (fixed); 8.90% p.a. to 21.30% p.a. (variable) |
Wisr | 9.04% p.a. to 23.29% p.a. | 9.88% p.a. to 24.56% p.a. |
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. | 10.37% p.a. to 30.69% 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. |
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% |
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.
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GET STARTEDGET STARTEDJust 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 and 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.
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GET STARTEDGET STARTEDYou 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.
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 to apply
Submit a personal loan application to the lender online
Provide any supporting documentation 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 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.
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.
A variable rate wedding loan can come with ups and downs, but offers more flexibility:
A fixed rate wedding loan offers more certainty, but can be more restrictive:
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.
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.
Hear from people who found the right loan
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.
*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.