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What is a wedding loan?
Written by
Shaun McGowanIt’s hard to believe the average Australian wedding costs $36,000.
Despite your best efforts, saving for your wedding is not always as easy as it sounds.
Rest assured, you can get a wedding loan if you want to.
It’s essentially a personal loan that you use to cover the cost of your wedding day and even your honeymoon.
Just like shopping around for your wedding outfits or cake, it’s important to do the same for your wedding loan.
Below we’ll cover off how to compare and choose the best wedding loan for your circumstances.
What to look for when choosing a wedding loan
Things to consider
- Interest rates
- Fees
- Loan term
- Flexibility
The four types of fees you should be aware of when comparing a wedding loan
- 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.
Even if you plan for your wedding to be expensive, it doesn’t mean your loan should be!
Try to avoid loans with upfront fees, at the very least, minimise these. And you definitely want to make sure you can make extra repayments or pay off your loan earlier without any penalty fees.
Choosing the right loan term
How long you have to repay a loan can greatly affect your repayments and the total cost of your loan.
A longer loan term will mean lower repayments, but you'll pay more interest over time and higher fees.
A shorter loan term has higher repayments and a lower overall cost.
You may wish to take a longer term loan but have the ability to make extra repayments when you can afford to (without fees of course).
Find the best deal on wedding loans
FIND YOUR LOANHow 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 over $25,000 per year
If you meet the basic eligibility for a wedding loan, you will then need to compare lenders and assess their individual approval criteria.
To get a wedding loan you will need to
- Submit a personal loan application to a lender
- Meet the lender’s approval criteria
- Sign a loan contract
The most important factor when gaining approval is to demonstrate your ability to meet the repayment schedule over the term of the loan. Learn about this here.
If you take our Money Matchmaker™ quiz and find a lender you want to apply with, you will be directed to the lender’s website.
After speaking with the lender, they may require you to provide additional documents;
- Proof of identity — e.g. passport or driver licence
- Proof of income — e.g. payslips, 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.
If you do not find any available offers to compare, you can work with a personal finance broker to assist in finding you a suitable deal and completing your application.
Brokers operate all across Australia — whether you need a wedding loan in Newcastle, Sydney, Melbourne, Canberra, Perth, Adelaide, or Brisbane, you'll be able to find one who can help you assess a range of suitable options specific to your financial circumstances. Note that a broker will most likely charge you a fee for their service.
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Here are the most popular questions people are asking about wedding loans
Can I get a wedding loan if I have bad credit?
Yes in most cases you can get a wedding loan with bad credit, although you may have to pay higher interest rates and fees.
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.
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.
The right wedding loan can save you $1,000s
FIND YOUR WEDDING LOAN
About the Author
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.