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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

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. The comparison rate can vary from 5.95% to 17.95%

Overview

Minimum loan amount$8,000

Maximum loan amount$50,000

Minimum term (years)1.5 years

Maximum term (years)7 Years

Personal loan interest rates (base)5.95%

Personal loan comparison rate5.95%

Monthly repayments (approx)$303

Total repayments (approx)$10,943

Total interest repayments (approx)$943

Rate typeFixed

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee$0

GO TO Now Finance

Other Fees & Information

Monthly fee$0

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityNo

Repayment scheduleWeekly, Fortnightly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$0

For debt consolidation?Yes

Sponsored Yes

Telephone1300 275 669

Data accurate as of23/02/2021

GO TO Now Finance

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OurMoneyMarket offer competitive low rates on loans up to $50,000, plus free extra repayments and fee-free redraw facility.

Overview

Minimum loan amount$2,001

Maximum loan amount$50,000

Minimum term (years)1 year

Maximum term (years)7 Years

Personal loan interest rates (base)5.45%

Personal loan comparison rate6.07%

Monthly repayments (approx)$309

Total repayments (approx)$11,134

Total interest repayments (approx)$1,134

Rate typeFixed

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee$250

GO TO OurMoneyMarket

Other Fees & Information

Monthly fee$0

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityYes

Repayment scheduleWeekly, Fortnightly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$25

For debt consolidation?Yes

Sponsored Yes

Telephone1300 990 115

Data accurate as of30/06/2021

GO TO OurMoneyMarket

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Fast and easy online application. Money can be in your account same-day. Flexible repayments with no early exit fees. Comparison interest rates from 7.64% to 13.32% p.a.

Overview

Minimum loan amount$2,100

Maximum loan amount$50,000

Minimum term (years)1 year

Maximum term (years)5 years

Personal loan interest rates (base)6.25%

Personal loan comparison rate7.64%

Monthly repayments (approx)$320

Total repayments (approx)$11,547

Total interest repayments (approx)$1,547

Rate typeFixed

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee$495

GO TO MoneyMe

Other Fees & Information

Monthly fee$10

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityNo

Repayment scheduleFortnightly/Monthly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$15

For debt consolidation?Yes

Sponsored Yes

Telephone1300 329 037

Data accurate as of03.03.2021

GO TO MoneyMe

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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. The comparison rate can vary from 5.95% to 17.95%

Overview

Minimum loan amount$8,000

Maximum loan amount$50,000

Minimum term (years)1.5 years

Maximum term (years)7 Years

Personal loan interest rates (base)5.95%

Personal loan comparison rate5.95%

Monthly repayments (approx)$303

Total repayments (approx)$10,943

Total interest repayments (approx)$943

Rate typeFixed

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee$0

GO TO Now Finance

Other Fees & Information

Monthly fee$0

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityNo

Repayment scheduleWeekly, Fortnightly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$0

For debt consolidation?Yes

Sponsored Yes

Telephone1300 275 669

Data accurate as of23/02/2021

GO TO Now Finance

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OurMoneyMarket offer competitive low rates on loans up to $50,000, plus free extra repayments and fee-free redraw facility.

Overview

Minimum loan amount$2,001

Maximum loan amount$50,000

Minimum term (years)1 year

Maximum term (years)7 Years

Personal loan interest rates (base)5.45%

Personal loan comparison rate6.07%

Monthly repayments (approx)$309

Total repayments (approx)$11,134

Total interest repayments (approx)$1,134

Rate typeFixed

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee$250

GO TO OurMoneyMarket

Other Fees & Information

Monthly fee$0

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityYes

Repayment scheduleWeekly, Fortnightly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$25

For debt consolidation?Yes

Sponsored Yes

Telephone1300 990 115

Data accurate as of30/06/2021

GO TO OurMoneyMarket

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Fast and easy online application. Money can be in your account same-day. Flexible repayments with no early exit fees. Comparison interest rates from 7.64% to 13.32% p.a.

Overview

Minimum loan amount$2,100

Maximum loan amount$50,000

Minimum term (years)1 year

Maximum term (years)5 years

Personal loan interest rates (base)6.25%

Personal loan comparison rate7.64%

Monthly repayments (approx)$320

Total repayments (approx)$11,547

Total interest repayments (approx)$1,547

Rate typeFixed

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee$495

GO TO MoneyMe

Other Fees & Information

Monthly fee$10

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityNo

Repayment scheduleFortnightly/Monthly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$15

For debt consolidation?Yes

Sponsored Yes

Telephone1300 329 037

Data accurate as of03.03.2021

GO TO MoneyMe

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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!

Overview

Minimum loan amount$5,000

Maximum loan amount$50,000

Minimum term (years)1 Year

Maximum term (years)7 Years

Personal loan interest rates (base)10.99%

Personal loan comparison rate11.81%

Monthly repayments (approx)$335

Total repayments (approx)$12,089

Total interest repayments (approx)$2,089

Rate typeFixed

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee$249

GO TO Bankwest

Other Fees & Information

Monthly fee$10

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityYes

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$0

For debt consolidation?Yes

Sponsored No

Telephone13 17 19

Data accurate as of21/09/2020

GO TO Bankwest

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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.

Overview

Minimum loan amount$2,000

Maximum loan amount$40,000

Minimum term (years)1 Year

Maximum term (years)5 Years

Personal loan interest rates (base)12.99%

Personal loan comparison rate14.06%

Monthly repayments (approx)$337

Total repayments (approx)$12,142

Total interest repayments (approx)$2,142

Rate typeFixed

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$10

Application / establishment fee$0

GO TO St.George Bank

Other Fees & Information

Monthly fee$12

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityNo

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Early repayments fee$150

Missed payment fee$9

For debt consolidation?No

Sponsored No

Telephone13 33 30

Data accurate as of14/12/2018

GO TO St.George Bank

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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.

Overview

Minimum loan amount$2,000

Maximum loan amount$80,000

Minimum term (years)1 Year

Maximum term (years)7 Years

Personal loan interest rates (base)12.99%

Personal loan comparison rate14.06%

Monthly repayments (approx)$337

Total repayments (approx)$12,142

Total interest repayments (approx)$2,142

Rate typeVariable

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$10

Application / establishment fee$0

GO TO St.George Bank

Other Fees & Information

Monthly fee$12

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityYes

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Early repayments fee$150

Missed payment fee$9

For debt consolidation?No

Sponsored No

Telephone13 33 30

Data accurate as of14/12/2018

GO TO St.George Bank

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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.

Overview

Minimum loan amount$5,000

Maximum loan amount$50,000

Minimum term (years)1 Year

Maximum term (years)7 Years

Personal loan interest rates (base)11.99%

Personal loan comparison rate13.15%

Monthly repayments (approx)$340

Total repayments (approx)$12,268

Total interest repayments (approx)$2,268

Rate typeFixed

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee$250

GO TO Westpac

Other Fees & Information

Monthly fee$12

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityNo

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Early repayments feeYes

Missed payment feeYes

For debt consolidation?Yes

Sponsored No

Telephone1300 720 697

Data accurate as of21/09/2020

GO TO Westpac

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1-7 years flexible loan term, borrow from $5,000 up to $55,000 and redraw additional repayments you've already made

Overview

Minimum loan amount$5,000

Maximum loan amount$55,000

Minimum term (years)1 Year

Maximum term (years)7 Years

Personal loan interest rates (base)12.69%

Personal loan comparison rate13.56%

Monthly repayments (approx)$340

Total repayments (approx)$12,269

Total interest repayments (approx)$2,269

Rate typeVariable

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee$150

GO TO NAB

Other Fees & Information

Monthly fee$10

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityYes

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$5

For debt consolidation?Yes

Sponsored No

Telephone13 13 12

Data accurate as of21/09/2020

GO TO NAB

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Borrow from $5,000 up to $55,000 for 1 to 7 years flexible loan terms

Overview

Minimum loan amount$5,000

Maximum loan amount$55,000

Minimum term (years)1 Year

Maximum term (years)7 Years

Personal loan interest rates (base)12.69%

Personal loan comparison rate13.56%

Monthly repayments (approx)$340

Total repayments (approx)$12,269

Total interest repayments (approx)$2,269

Rate typeFixed

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee$150

GO TO NAB

Other Fees & Information

Monthly fee$10

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityYes

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$5

For debt consolidation?Yes

Sponsored No

Telephone13 13 12

Data accurate as of21/09/2020

GO TO NAB

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Wisr provide personalised low rates for applicants with good credit. Borrow between $5,000 and $50,000 with transparent terms and easy online application.

Overview

Minimum loan amount$5,000

Maximum loan amount$50,000

Minimum term (years)3 Year

Maximum term (years)5 Years

Personal loan interest rates (base)11.40%

Personal loan comparison rate12.27%

Monthly repayments (approx)$348

Total repayments (approx)$12,559

Total interest repayments (approx)$2,559

Rate typeFixed

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee$595

GO TO Wisr

Other Fees & Information

Monthly fee$0

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityNo

Repayment scheduleMonthly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$25

For debt consolidation?Yes

Sponsored Yes

Telephone1300 992 007

Data accurate as of21/09/2020

GO TO Wisr

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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.

Overview

Minimum loan amount$2,000

Maximum loan amount$100,000

Minimum term (years)1 Year

Maximum term (years)7 Years

Personal loan interest rates (base)13.99%

Personal loan comparison rate15.78%

Monthly repayments (approx)$350

Total repayments (approx)$12,609

Total interest repayments (approx)$2,609

Rate typeFixed

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee$250

GO TO People's Choice Credit Union

Other Fees & Information

Monthly fee$0

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityYes

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$0

For debt consolidation?Yes

Sponsored No

Telephone13 11 82

Data accurate as of21/09/2020

GO TO People's Choice Credit Union

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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.

Overview

Minimum loan amount$1,000

Maximum loan amount$100,000

Minimum term (years)1 Year

Maximum term (years)7 Years

Personal loan interest rates (base)15.99%

Personal loan comparison rate16.29%

Monthly repayments (approx)$356

Total repayments (approx)$12,844

Total interest repayments (approx)$2,844

Rate typeVariable

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee$150

GO TO The Mac

Other Fees & Information

Monthly fee$0

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityYes

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$0

For debt consolidation?No

Sponsored No

Telephone1300 622 278

Data accurate as of21/09/2020

GO TO The Mac

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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!

Overview

Minimum loan amount$5,000

Maximum loan amount$50,000

Minimum term (years)1 Year

Maximum term (years)5 Years

Personal loan interest rates (base)15.60%

Personal loan comparison rate16.47%

Monthly repayments (approx)$356

Total repayments (approx)$12,847

Total interest repayments (approx)$2,847

Rate typeVariable

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee$200

GO TO Arab Bank

Other Fees & Information

Monthly fee$8

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityNo

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$0

For debt consolidation?Yes

Sponsored No

Telephone1800 64 64 84

Data accurate as of6/11/2018

GO TO Arab Bank

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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.

Overview

Minimum loan amount$5,000

Maximum loan amount$50,000

Minimum term (years)1 Year

Maximum term (years)7 Years

Personal loan interest rates (base)15.99%

Personal loan comparison rate16.84%

Monthly repayments (approx)$357

Total repayments (approx)$12,857

Total interest repayments (approx)$2,857

Rate typeVariable

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee$150

GO TO ANZ

Other Fees & Information

Monthly fee$0

Quarterly fee$30

Annual fee$0

Other fees$0

Redraw facilityYes

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$20

For debt consolidation?Yes

Sponsored No

Telephone1800 801 485

Data accurate as of6/11/2018

GO TO ANZ

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All-purpose Personal Loan for quick and easy funds when you need them.

Overview

Minimum loan amount$500

Maximum loan amount$100,000

Minimum term (years)1 Year

Maximum term (years)7 Years

Personal loan interest rates (base)15.99%

Personal loan comparison rate16.91%

Monthly repayments (approx)$358

Total repayments (approx)$12,901

Total interest repayments (approx)$2,901

Rate typeVariable

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee$195

GO TO Regional Australia Bank

Other Fees & Information

Monthly fee$0

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityYes

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$0

For debt consolidation?No

Sponsored No

Telephone1300 768 710

Data accurate as of21/09/2020

GO TO Regional Australia Bank

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Wisr provide personalised low rates for applicants with good credit. Borrow between $5,000 and $50,000 with transparent terms and easy online application.

Overview

Minimum loan amount$5,000

Maximum loan amount$50,000

Minimum term (years)3 Year

Maximum term (years)5 Years

Personal loan interest rates (base)13.40%

Personal loan comparison rate14.28%

Monthly repayments (approx)$359

Total repayments (approx)$12,925

Total interest repayments (approx)$2,925

Rate typeFixed

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee$595

GO TO Wisr

Other Fees & Information

Monthly fee$0

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityNo

Repayment scheduleMonthly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$25

For debt consolidation?Yes

Sponsored Yes

Telephone1300 992 007

Data accurate as of21/09/2020

GO TO Wisr

Hide info -

Wisr provide personalised low rates for applicants with good credit. Borrow between $5,000 and $50,000 with transparent terms and easy online application.

Overview

Minimum loan amount$5,000

Maximum loan amount$50,000

Minimum term (years)3 Year

Maximum term (years)5 Years

Personal loan interest rates (base)16.40%

Personal loan comparison rate17.31%

Monthly repayments (approx)$374

Total repayments (approx)$13,484

Total interest repayments (approx)$3,484

Rate typeFixed

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee$595

GO TO Wisr

Other Fees & Information

Monthly fee$0

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityNo

Repayment scheduleMonthly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$25

For debt consolidation?Yes

Sponsored Yes

Telephone1300 992 007

Data accurate as of21/09/2020

GO TO Wisr

Hide info -

Wisr provide personalised low rates for applicants with good credit. Borrow between $5,000 and $50,000 with transparent terms and easy online application.

Overview

Minimum loan amount$5,000

Maximum loan amount$50,000

Minimum term (years)3 Year

Maximum term (years)5 Years

Personal loan interest rates (base)19.45%

Personal loan comparison rate20.34%

Monthly repayments (approx)$390

Total repayments (approx)$14,068

Total interest repayments (approx)$4,068

Rate typeFixed

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee$595

GO TO Wisr

Other Fees & Information

Monthly fee$0

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityNo

Repayment scheduleMonthly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$25

For debt consolidation?Yes

Sponsored Yes

Telephone1300 992 007

Data accurate as of21/09/2020

GO TO Wisr

Hide info -

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BestFind.com.au provides factual information in relation to financial products. While BestFind.com.au attempts to make a wide range of products and providers available, it may not cover all the options available to you. Moreover, we cannot be responsible for changes made to this information by product providers and/or inaccurate information obtained from a product provider. All product information comes from the product provider or publicly available information and to the best of our knowledge is correct at time of publishing. The information published on BestFind.com.au is general in nature only and does not consider your personal objectives, financial situation or particular needs and is not recommending any particular product to you. If you decide to apply for a product you will be dealing directly with that provider and not with BestFind.com.au. BestFind.com.au recommends that you read the relevant PDS or offer documentation before taking up any financial product offer. For more information please see BestFind.com.au's Terms of Use and Services Guide.

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.

What type of loan are you looking for?

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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