Important disclosure

Medical Loans & Medical Finance

If your savings and healthcare insurance won’t cover you, a medical loan could be your lifeline. Compare medical loans from top Australian lenders below. Use our calculator to estimate a repayment that won’t put your budget in critical condition.

Compare medical loans for

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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stethoscope

Medical loans in Australia – Finance your surgery or procedure

For most Aussies who need medical treatment or surgery, medical loans provide the best way to get the extra cash required. Whether it’s a serious expense or a large insurance deductible, your emergency fund might not be healthy enough to handle the financial strain.

Here’s what you need to know when finding a medical loan that perfectly suits your needs.

How do medical loans work?

Personal loans tend to have many green lights when it comes to how you use the money. A medical loan is simply a personal loan that targets your medical expenses instead of wedding costs, car payments, or other common bills.

As with most personal loans, the everyday arrangement involves receiving a lump sum of money from a lender. Once the funds pay for your medical needs, you repay the debt over time, usually between 1 and 5 years. The lender will also slap on interest payments and fees so that they can make a profit.

How far will a medical loan take you?

In Australia, finance providers will generally part with between $2,000 and $100,000 for every successful medical loan application. How much you end up with depends on how robust your income and credit score is. Generally, any lump sum you qualify for can stretch to cover the following:

  • Cosmetic surgery. Commonly includes tummy tucks, facelifts, breast augmentation, rhinoplasty, and reconstructive surgery.
  • Dental procedures. An out of the blue dental visit can easily set you back thousands of dollars. The same goes for multiple dental visits, whether it’s to take care of root canals, tooth fillings, or implants. A personal loan can, therefore, help you settle your dues with your dentist.
  • IVF treatments. Starting a family through IVF means you might need a medical loan to get over the high-cost bar. This is especially so if there’s a need for several treatments.
  • Other treatments, tests, and procedures. These include all elective, optional, or medically necessary treatments, tests, and procedures carried out by specialists or doctors. A medical loan also allows you to spread the cost of expensive medication and equipment.
  • Related medical costs. Sometimes Medicare or your insurance might not cover travel and accommodation expenses. There are also many other related costs you can rack up when you undergo medical treatment.

Types of personal loans you can use for medical expenses

If you’re in the market for a medical loan, here’s a quick narrow down of the common types available:

  • Unsecured/Secured. If you need a loan with fewer strings attached, try an unsecured personal loan, which doesn’t require collateral. But, if you’re looking for a marked down interest rate, check out secured personal loans. These require an asset to guarantee repayment in exchange for favourable terms from the lender, who now faces a lower risk.
  • Variable/Fixed. A variable interest rate has ties to market rates, which means your repayments and budget will fluctuate. A fixed rate means you won’t have to play catch up with your budget. Since the rate doesn’t change, you also won’t have to deal with increased repayments. However, this closes you off from any savings should the rate fall.
  • Specialist finance. Some providers offer specialty finance for specific medical procedures. For instance, you can apply for cosmetic surgery loans, dental loans, and IVF loans.
  • Payment plans. If you want to knock off finance costs, you can negotiate a payment plan with your medical provider. Depending on whether the medical provider uses third-party finance or in-house finance, you can have 0% interest on your repayments. Usually, this requires you to settle the bill within a specified period.
  • Medical credit cards. You can also use specialised credit cards from specific medical providers. These tend to have a 0% interest option if you repay the debt over a short term.
  • Debt consolidation. Already have a medical loan with less than stellar terms? You can refinance if a better bargain is up for grabs. You could also consolidate existing medical debts to manage them better.

How to compare personal loans for medical bills

Need a medical loan shopping guide? Here are key factors to consider if you want a deal that stays true to your needs:

  • Comparison rate and fees. The comparison rate spotlights the real annual cost of the loan. It lumps together the interest rate and other standard charges such as establishment fees and monthly fees. Be sure to check the fine print for fees and charges that are not blended into the comparison rate. Overall, checking the interest rate, comparison rate, and fees is a sure-fire way to spot bargain options.
  • Repayment options. A flexible medical loan should afford you the chance to make extra repayments without facing early repayment fees. You should also have a free ticket to choose from weekly, fortnightly, or monthly repayments.
  • Loan amount. Sometimes medical treatment comes with extra expenses. Paying out of pocket may not be an option, especially if you need time off from work. Check to make sure the lender will advance you enough funds to take care of necessities during the recovery period.
  • Turnaround speed. A medical emergency or urgent procedure requires a lender with quick reflexes. Find out how fast the lender can move to deliver the funds.

How to apply for a medical loan

  • Compare loans. Use the product table above to spot pick a loan with the right features for your needs.
  • Calculate repayments. Our medical loan calculator lets you enter your amount and term so you can find a suitable repayment. Keep in mind that long term debt carries more interest. However, you can slash finance costs by choosing a short loan term, although you’ll have to make larger repayments.
  • Apply on the lender’s website. Click the “Go to Site” button for the provider you want. Basic lending criteria require you to be over 18 years and an Australian resident. You’ll also need documents for proof of residence, such as bank statements and payslips.

Medical loans FAQ

Can I get a loan if I’m self-employed?

Yes, but you might have to submit more paperwork such as tax returns and profit and loss statements.

What are my loan options if I have bad credit?

If your credit history is not up to the mark, try a joint application or secured loan to improve your approval chances.

How soon can I get the money after applying?

This varies from lender to lender, with some approvals taking as long as several days while others take only minutes. Online applications are your best bet if you wish to speed up the process.

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