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Engagement Ring Personal Loans

Need extra cash to pop the question with a ring that rocks? Compare engagement ring loans and calculate your repayments below to start applying through BestFind.

Calculate your repayments

Loan Amount

$10,000

Term

3 months

Plenti

Unsecured Personal Loan - Exceptional Credit

EST Monthly Repayment
EST Monthly Repayment
6.57%
Advert. Rate (p.a)
Comparison rate
Borrow from $5,000 to $50,000 with a low interest personal loan. Choose a loan term between 3 - 7 years with $0 monthly fees. Get a rate estimate in as little as 60 seconds with no impact on your credit score.
OurMoneyMarket

Low-Rate Personal Loan - Excellent Credit - Zero Fee

EST Monthly Repayment
EST Monthly Repayment
6.57%
Advert. Rate (p.a)
Comparison rate
OurMoneyMarket are a multi-award winning Aussie finance provider offering simple, fixed, low-rate loans from $2,000 to $75,000, plus free extra repayments and free early exits. Apply online to get a quote in minutes and funds as soon as the next day.
Now Finance

NOW Finance Unsecured No Fee Personal Loan

EST Monthly Repayment
EST Monthly Repayment
6.75%
Advert. Rate (p.a)
Comparison rate
Pay ZERO fees on all loans with NOW Finance. That's right - no establishment fee, no monthly fees, no early payout fee on all loans between $8,000-$50,000. What's more, get your guaranteed, tailored interest rate in two minutes without impacting your credit score. Comparison rate can vary from 6.75% to 26.95% p.a.*
Liberty

Unsecured Personal Loan - Excellent Credit

EST Monthly Repayment
EST Monthly Repayment
7.24%
Advert. Rate (p.a)
Comparison rate
Loans for free thinkers. Starting out or starting over? Get fast access to the funds you need.
OurMoneyMarket

Low Rate Personal Loan (Fixed, Secured) - Very Good

EST Monthly Repayment
EST Monthly Repayment
6.49%
Advert. Rate (p.a)
Comparison rate
OurMoneyMarket are a multi-award winning Aussie finance provider offering simple, fixed, low-rate loans from $2,000 to $75,000, plus free extra repayments and free early exits. Apply online to get a quote in minutes and funds as soon as the next day.
OurMoneyMarket

Low Rate Personal Loan (Fixed, Unsecured) - Good

EST Monthly Repayment
EST Monthly Repayment
7.49%
Advert. Rate (p.a)
Comparison rate
OurMoneyMarket are a multi-award winning Aussie finance provider offering simple, fixed, low-rate loans from $2,000 to $75,000, plus free extra repayments and free early exits. Apply online to get a quote in minutes and funds as soon as the next day.
Harmoney

Unsecured Personal Loan - Excellent Credit

EST Monthly Repayment
EST Monthly Repayment
5.76%
Advert. Rate (p.a)
Comparison rate
Get what you want, without breaking the bank. Fast, easy & 100% online. Borrow up to $70,000 unsecured. No hidden fees or early repayment penalties. Harmoney's unsecured interest rates range from 5.76% p.a. to 24.03% p.a.
OurMoneyMarket

Low Rate Personal Loan (Fixed, Unsecured) - Average

EST Monthly Repayment
EST Monthly Repayment
8.49%
Advert. Rate (p.a)
Comparison rate
OurMoneyMarket are a multi-award winning Aussie finance provider offering simple, fixed, low-rate loans from $2,000 to $75,000, plus free extra repayments and free early exits. Apply online to get a quote in minutes and funds as soon as the next day.
Liberty

Secured Personal Loan - Excellent Credit

EST Monthly Repayment
EST Monthly Repayment
6.52%
Advert. Rate (p.a)
Comparison rate
Loans for free thinkers. Offering the certainty of fixed repayments at a rate just for you.
Plenti

Plenti - Personal Loan - Very Good Credit

EST Monthly Repayment
EST Monthly Repayment
12.49%
Advert. Rate (p.a)
Comparison rate
Borrow from $5,000 to $50,000 with a low interest personal loan. Choose a loan term between 3 - 7 years with $0 monthly fees. Get a rate estimate in as little as 60 seconds with no impact on your credit score.
Liberty

Secured Personal Loan - Good Credit

EST Monthly Repayment
EST Monthly Repayment
10.34%
Advert. Rate (p.a)
Comparison rate
Loans for free thinkers. Offering the certainty of fixed repayments at a rate just for you.
Liberty

Unsecured Personal Loan - Good Credit

EST Monthly Repayment
EST Monthly Repayment
11.49%
Advert. Rate (p.a)
Comparison rate
Loans for free thinkers. Starting out or starting over? Get fast access to the funds you need.
Bankwest

Flexible Personal Loan

EST Monthly Repayment
EST Monthly Repayment
10.99%
Advert. Rate (p.a)
Comparison rate
Whatever it is you’re dreaming about, a Bankwest Flexible Personal Loan puts you in control. Pay it off early, make additional repayments and redraw additional repayments you’ve made all at no extra cost!
St.George Bank

Unsecured Personal Loan (Fixed)

EST Monthly Repayment
EST Monthly Repayment
12.99%
Advert. Rate (p.a)
Comparison rate
Whether you're taking control of your finances, planning a special event, or making a large purchase, our Unsecured Personal Loan may be the right solution.
St.George Bank

Unsecured Personal Loan (Variable)

EST Monthly Repayment
EST Monthly Repayment
12.99%
Advert. Rate (p.a)
Comparison rate
Whether you're taking control of your finances, planning a special event, or making a large purchase, our Unsecured Personal Loan may be the right solution.
Westpac

Westpac Unsecured Personal Loan

EST Monthly Repayment
EST Monthly Repayment
11.99%
Advert. Rate (p.a)
Comparison rate
A personal loan can help you to get what you’ve always wanted. Plan ahead with a flexible loan term of between 1 and 7 years. Apply for between $4,000 and $50,000 (conditions apply). Make extra repayments to pay your loan off sooner (prepayment fee may apply). Choose a repayment frequency to suit when you get paid - weekly, fortnightly or monthly.
NAB

NAB Variable Rate Personal Loan

EST Monthly Repayment
EST Monthly Repayment
12.69%
Advert. Rate (p.a)
Comparison rate
1-7 years flexible loan term, borrow from $5,000 up to $55,000 and redraw additional repayments you've already made
NAB

NAB Fixed Rate Personal Loan

EST Monthly Repayment
EST Monthly Repayment
12.69%
Advert. Rate (p.a)
Comparison rate
Borrow from $5,000 up to $55,000 for 1 to 7 years flexible loan terms
Wisr

Platinum Unsecured Personal Loan

EST Monthly Repayment
EST Monthly Repayment
11.40%
Advert. Rate (p.a)
Comparison rate
Wisr provide personalised low rates for applicants with good credit. Borrow between $5,000 and $50,000 with transparent terms and easy online application.
People's Choice Credit Union

Unsecured Personal Loan

EST Monthly Repayment
EST Monthly Repayment
13.99%
Advert. Rate (p.a)
Comparison rate
As a member owned organisation, our first priority is to help you. We continually focus on providing high levels of personalised service and value for money products – such as our Personal Loans– there to help you make those life-changing purchases.
Plenti

Plenti - Personal Loan - Good Credit

EST Monthly Repayment
EST Monthly Repayment
14.99%
Advert. Rate (p.a)
Comparison rate
Borrow from $5,000 to $50,000 with a low interest personal loan. Choose a loan term between 3 - 7 years with $0 monthly fees. Get a rate estimate in as little as 60 seconds with no impact on your credit score.
The Mac

Personal Loan Unsecured

EST Monthly Repayment
EST Monthly Repayment
15.99%
Advert. Rate (p.a)
Comparison rate
Whether you're dreaming of far away destinations or of revolutionising the world with your next big invention, our Unsecured Personal Loans are a flexible and simple solution from an ethical and trusted team.
Arab Bank

Unsecured Personal Loan - Variable

EST Monthly Repayment
EST Monthly Repayment
15.60%
Advert. Rate (p.a)
Comparison rate
You can use your personal loan for things like purchasing a new car, consolidating your debts, renovating your home, paying for university studies or to go on your dream holiday!
ANZ

ANZ Variable Rate Loan

EST Monthly Repayment
EST Monthly Repayment
15.99%
Advert. Rate (p.a)
Comparison rate
Whether you're looking to buy a new car, take a holiday, renovate your home or you want to consolidate debt, ANZ could help you with a Variable Rate Personal Loan.
Regional Australia Bank

Personal Loan

EST Monthly Repayment
EST Monthly Repayment
15.99%
Advert. Rate (p.a)
Comparison rate
All-purpose Personal Loan for quick and easy funds when you need them.

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Minimum and maximum loan periods vary between 6 months and 10 years. Comparison interest rates vary between 6.55% and 20.89% p.a. Total interest repayments vary between $1,387 and $4,165 over the life of the loan. *Comparison rate is based on an unsecured loan of $10,000 for a term of 3 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. These rates can change without further notice. All rates quoted are per annum. For more information regarding fees click on "View fees & additional info +" for each product or contact the provider.

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engaged couple holding hands

Engagement ring loans – Pay for that sparkler the smart way

Of course, cash is king, but if you can’t cover the full outright cost of an engagement ring, financing can be a gem. If a simple Google search is to be believed, the average engagement ring in Australia is parked between $5,000 and $6,000. So you may need some help when buying the perfect ring for your partner.

Let’s throw light on the finance options available to you, including personal loans and interest-free finance.

What are the different ways of financing an engagement ring?

When love can’t or won’t wait, the following financial products can help pay for your heart’s desire:

  • Interest-free finance. Zip and Afterpay are some providers with interest-free loan offers, and they work with many jewellery stores and retailers. You pay off any amount you borrow in smaller instalments that are less financially taxing.
  • Unsecured personal loans. Lenders offer between $2,000 and $50,000 for unsecured personal loans if your credit score is in good shape. Loan terms range from 1 to 7 years for both secured and unsecured options.
  • Secured personal loans. Secured personal loans open the door to more borrowing with amounts of up to $100,000 depending on the form of collateral used. Cars, homes, and even the engagement ring you’re buying can all work as a guarantee for your debt. While this bags you a lower rate, you also take on the risk of losing your high-value asset if repayments stall.
  • Credit cards. The famous rule for using credit cards applies here: Go for a 0% purchase rate credit card. This option allows you to buy anything interest-free for a period of up to 12 months, sometimes more. But once the deal is off the table, any outstanding debt is charged interest. So be sure to wipe out what you owe in time to avoid eye-watering bills.
  • Jewellery store financing. Various Australian jewellers offer in-store financing, which is convenient since you only make one stop. Like personal loans, the arrangement may have fees, rates, and terms and conditions that apply. Get familiar with these before signing up.

Fun fact: Valentine’s Day proposals vs Christmas Day proposals

Popping the question on Valentine’s Day might be predictable, but many still can’t resist. But contrary to popular belief, February 14 isn’t where the proposal stampede happens. According to an Easy Wedding’s Annual Wedding Survey conducted in recent years, Christmas Day vies for the top spot and could easily be the winner.

It seems all that mistletoe creates the perfect setting for the joyous couple. After all, what’s better than sealing a happy engagement with a snow-themed kiss? But holly-decked Christmas Eve engagements and red-themed Valentine’s Day proposals are not the only way to go.

According to an Easy Wedding 2019 Survey, New year’s Eve and February 29 are also popular dates for getting down on one knee with a rock in hand.

How to compare engagement ring loans in Australia

Here’s a quick list of features to review so you can efficiently narrow down options when shopping for an engagement ring loan:

  • Interest rates.  Personal loan rates can be fixed or variable. Compare available options in the comparison table above and find the most favourable rate that’s accompanied by suitable features. For interest-free finance, check for how long and under what conditions the promotional rate applies. Also find out what the regular interest rate will be when the promotional rate knocks off.
  • Fees. Fees and charges can pile up, resulting in less affordable debt even when you have the cheapest rates. Keep an eye out for application fees, establishment fees, plus monthly fees, and late payment fees. Figure out how much they contribute to the total cost of your loan.
  • Loan amounts. As mentioned earlier, Aussies spend between $5,000 and $6,000 on average per engagement ring. You may be planning to go for a modestly priced ring or a dazzling rock with an equally stunning price tag. Whatever the amount you’re spending, make sure the lender has offers in that range.
  • Loan terms. Personal loan terms start from a year and go up to seven years. Credit cards and interest-free finance have promotional periods that generally apply for between 3 months and 15 months. The loan term, however, usually continues after that at a higher rate. Repayment plans for in-store finance vary between jewellers, so check to make sure you can afford to repay the full amount in the specified time.
  • Monthly repayments. What does your monthly household budget look like? Make sure your repayments fit in comfortably with other expenses and bills you have. Our engagement ring calculator at the top of this page will help you with your estimations.

There are no hard and fast rules for how much to spend

Jewellers like Micheal Hill and Tiffany regularly feature engagement rings worth a whopping $40,000 or more. But there are also engagement rings for $500 and much less, and some won’t even turn your finger green.

Finding a ring that matches your financial situation and preferences shouldn’t be a hassle with such a wide range. Forget about diamonds being a women’s best friend and the two-months-salary rule for how much you should spend on an engagement ring.

While De Beers might have successfully conditioned buyers in the past, it seems many millennials are just as happy with modestly-priced rings, especially if no-one can tell the difference by merely looking. So when taking out an engagement ring loan, remember, it’s all about what you can afford and what makes you and your partner happy. If you’re shopping together, you may even split the bill to accommodate a more expensive taste.

Checking for a return policy is always a safe bet

Thinking about it is a mood killer, but there’s always a chance your marriage proposal gets turned down. If you’re paying for the ring with borrowed funds, checking for the jeweller’s or retailer’s return policy might save you more heartache. But keep in mind that some lenders charge early repayment and early exit fees if you repay your loan in full ahead of time.

Engagement ring loans FAQs

How do I apply for a personal loan to buy an engagement ring?

Compare our personal loans in the product table above, then click “Go to Site” to apply online for your preferred option.

Are interest-free offers too good to be true?

The catch is that the interest-free period doesn’t always last. Once it’s over, high rates and fees often apply. To make a profit, most providers rely on borrowers who don’t clear their debt in time.

Can I use the funds to also pay for my wedding?

An engagement ring is generally a precursor to more romantic vibes in the form of weddings. If you’re using a personal loan, it’s possible to borrow enough to cover nuptial costs. Read our wedding loan guide to find out more.

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