Home > Personal Loans > Wedding Loans
Important disclosure

Wedding Loans

Wedding loans ensure that your big day isn’t limited by the size of your savings. With the extra funds, you can skip budget worries and focus your energies on creating a memorable event without breaking the bank.

Compare wedding loans below and take advantage of our easy-to-use calculator to find the best deal for you and your partner.

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Rate
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Featured personal loans

NOW Finance Unsecured No Fee Personal Loan

Now Finance
NOW Finance Unsecured No Fee Personal Loan
5.95% Advertised Rate (p.a)
5.95% Comparison Rate (p.a.)
$303.99 Monthly Repayment
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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. Comparison rate can vary from 5.95% to 19.95% p.a.*

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 of13.05.2022

GO TO Now Finance

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Plenti - Personal Loan - Excellent Credit

Plenti
Plenti - Personal Loan - Excellent Credit
6.89% Advertised Rate (p.a)
6.89% Comparison Rate (p.a.)
$308.27 Monthly Repayment
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An award-winning, low interest personal loan with no ongoing fees. Get your rate in 60 seconds and bring your big ideas to life today.

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)6.89%

Personal loan comparison rate6.89%

Monthly repayments (approx)$308

Total repayments (approx)$11,097

Total interest repayments (approx)$1,097

Rate typeFixed

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee$0

GO TO Plenti

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 768 710

Data accurate as of20.06.2022

GO TO Plenti

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NOW Finance Unsecured No Fee Personal Loan

Now Finance
NOW Finance Unsecured No Fee Personal Loan
5.95% Advertised Rate (p.a)
5.95% Comparison Rate (p.a.)
$303.99 Monthly Repayment
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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. Comparison rate can vary from 5.95% to 19.95% p.a.*

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 of13.05.2022

GO TO Now Finance

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Plenti - Personal Loan - Excellent Credit

Plenti
Plenti - Personal Loan - Excellent Credit
6.89% Advertised Rate (p.a)
6.89% Comparison Rate (p.a.)
$308.27 Monthly Repayment
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An award-winning, low interest personal loan with no ongoing fees. Get your rate in 60 seconds and bring your big ideas to life today.

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)6.89%

Personal loan comparison rate6.89%

Monthly repayments (approx)$308

Total repayments (approx)$11,097

Total interest repayments (approx)$1,097

Rate typeFixed

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee$0

GO TO Plenti

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 768 710

Data accurate as of20.06.2022

GO TO Plenti

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Low Rate Personal Loan (Fixed, Unsecured) - Excellent Credit

OurMoneyMarket
Low Rate Personal Loan (Fixed, Unsecured) - Excellent Credit
5.85% Advertised Rate (p.a)
6.85% Comparison Rate (p.a.)
$311.13 Monthly Repayment
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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)5.85%

Personal loan comparison rate6.85%

Monthly repayments (approx)$311

Total repayments (approx)$11,200

Total interest repayments (approx)$1,200

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 of24.06.2022

GO TO OurMoneyMarket

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Plenti - Personal Loan - Very Good Credit

Plenti
Plenti - Personal Loan - Very Good Credit
8.49% Advertised Rate (p.a)
9.81% Comparison Rate (p.a.)
$321.78 Monthly Repayment
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An award-winning, low interest personal loan with no ongoing fees. Get your rate in 60 seconds and bring your big ideas to life today.

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)8.49%

Personal loan comparison rate9.81%

Monthly repayments (approx)$321

Total repayments (approx)$11,584

Total interest repayments (approx)$1,584

Rate typeFixed

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee$195

GO TO Plenti

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 768 710

Data accurate as of20.06.2022

GO TO Plenti

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Plenti - Personal Loan - Good Credit

Plenti
Plenti - Personal Loan - Good Credit
10.99% Advertised Rate (p.a)
12.67% Comparison Rate (p.a.)
$333.72 Monthly Repayment
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An award-winning, low interest personal loan with no ongoing fees. Get your rate in 60 seconds and bring your big ideas to life today.

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 rate12.67%

Monthly repayments (approx)$333

Total repayments (approx)$12,013

Total interest repayments (approx)$2,013

Rate typeFixed

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee$195

GO TO Plenti

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 768 710

Data accurate as of20.06.2022

GO TO Plenti

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Flexible Personal Loan

Bankwest
Flexible Personal Loan
10.99% Advertised Rate (p.a)
11.81% Comparison Rate (p.a.)
$335.82 Monthly Repayment
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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

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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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Unsecured Personal Loan (Fixed)

St.George Bank
Unsecured Personal Loan (Fixed)
12.99% Advertised Rate (p.a)
14.06% Comparison Rate (p.a.)
$337.30 Monthly Repayment
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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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Unsecured Personal Loan (Variable)

St.George Bank
Unsecured Personal Loan (Variable)
12.99% Advertised Rate (p.a)
14.06% Comparison Rate (p.a.)
$337.30 Monthly Repayment
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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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Westpac Unsecured Personal Loan

Westpac
Westpac Unsecured Personal Loan
11.99% Advertised Rate (p.a)
13.15% Comparison Rate (p.a.)
$340.80 Monthly Repayment
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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

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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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NAB Variable Rate Personal Loan

NAB
NAB Variable Rate Personal Loan
12.69% Advertised Rate (p.a)
13.56% Comparison Rate (p.a.)
$340.82 Monthly Repayment
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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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NAB Fixed Rate Personal Loan

NAB
NAB Fixed Rate Personal Loan
12.69% Advertised Rate (p.a)
13.56% Comparison Rate (p.a.)
$340.82 Monthly Repayment
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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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Platinum Unsecured Personal Loan

Wisr
Platinum Unsecured Personal Loan
11.40% Advertised Rate (p.a)
12.27% Comparison Rate (p.a.)
$348.88 Monthly Repayment
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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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Unsecured Personal Loan

People's Choice Credit Union
Unsecured Personal Loan
13.99% Advertised Rate (p.a)
15.78% Comparison Rate (p.a.)
$350.27 Monthly Repayment
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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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Plenti - Personal Loan - Average Credit

Plenti
Plenti - Personal Loan - Average Credit
14.49% Advertised Rate (p.a)
16.21% Comparison Rate (p.a.)
$350.87 Monthly Repayment
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An award-winning, low interest personal loan with no ongoing fees. Get your rate in 60 seconds and bring your big ideas to life today.

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)14.49%

Personal loan comparison rate16.21%

Monthly repayments (approx)$350

Total repayments (approx)$12,631

Total interest repayments (approx)$2,631

Rate typeFixed

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee$195

GO TO Plenti

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 768 710

Data accurate as of20.06.2022

GO TO Plenti

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Personal Loan Unsecured

The Mac
Personal Loan Unsecured
15.99% Advertised Rate (p.a)
16.29% Comparison Rate (p.a.)
$356.79 Monthly Repayment
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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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ANZ Variable Rate Loan

ANZ
ANZ Variable Rate Loan
15.99% Advertised Rate (p.a)
16.84% Comparison Rate (p.a.)
$357.15 Monthly Repayment
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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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Personal Loan

Regional Australia Bank
Personal Loan
15.99% Advertised Rate (p.a)
16.91% Comparison Rate (p.a.)
$358.38 Monthly Repayment
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View fees & additional info +

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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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?

Wedding loans in Australia – Compare offers for your big day

Planning a wedding not only takes time, but it may also end up costing a small fortune. If you’re a couple wondering how to pay for it all, there are financing solutions lined up for your rescue. This wedding loans guide explains the available options, and how to find the best one to start your new chapter in life.

Happy couple getting married in sunset

What are wedding loans?

A wedding loan is simply a personal loan in disguise. While you can use personal loan money for technically anything, in this instance, the funds go to cover your wedding, hence the name. After your perfect day becomes a reality, you conveniently repay the debt in regular instalments that also include interest. The following breakdown paints a clearer picture of how wedding loans work in Australia:

  • Minimum/maximum amounts to borrow. Personal loan amounts offer $1,000 on the low end and up to $100, 000 or more on the upper end. Your circumstances and the lender’s limits will determine how much ends up in your bank account once your application is approved.
  • Repayment periods. Your instalments might cover a minimum term of 12 months and a maximum term of 10 years.
  • Fees and charges. Aside from interest, most lenders will also throw establishment fees, ongoing fees, as well as late payment fees into their product bundles.
  • Qualifications. Generally, you’ll need good to excellent credit as well as a stable income. However, some lenders cater to borrowers with special circumstances. For instance, there are personal loans for self-employed individuals and those with bad credit.

Pros of wedding loans

  • Fast, easy, and convenient funding. Wedding planning is much easier if you already have cash in hand. Some bookings need to be made months in advance, so it’s a major thumbs-up when you can get a personal loan through a quick online application, for example. What’s more, your bank account can receive the cash delivery in as little as 24 hours, though this is on a per lender basis.
  • All-round flexibility. You’ll appreciate the range of financial freedom offered by personal loans when it comes to your nuptials. First, you can choose how much to borrow based on your unique situation. Second, you can split the lump sum to cover the million, wedding-related things listed on your budget. Lastly, you can work out a suitable repayment plan that ensures a financially stress-free honeymoon.
  • Credit score boost. By spreading out the cost of your big day, you avoid overworking your budget. That means you can easily make repayments on time, and once you’re free of debt, your credit score will thank you for it. As a borrower who now has excellent credit, you can expect to get fast approval and favourable rates on future loan applications.

Cons of wedding loans

  • Your credit score affects the quality of credit you get. If your credit score looks risky to lenders, you might not be able to sign up for a wedding loan. Some lenders may give you a chance, but they’ll impose high rates and fees to insulate themselves from financial loss.
  • It’s easy to go over your budget. Wedding costs are typically on a sliding scale from simple and intimate to extravagant and elaborate. If you have a high borrowing capacity, it’s tempting to keep pushing the costs up to a point where you pull out all the stops. However, choosing that designer dress and those specially packaged invitations may end up getting you further into debt.

Is taking out a wedding loan a good idea?

If you have weighed the pros and cons of taking out a wedding loan but are still sitting on the fence about whether to go ahead or not with it, you may also need to consider the following:

  • It’s a mutual decision. Starting a marriage union while indebted is something that will affect both you and your partner. It’s therefore important to hash it out with your other half to ensure you’re on the same page before you check in with lenders.
  • Can you afford it or not? Qualifying for credit is one matter, but being able to pay it back is another piece of business. Take stock of your finances to figure out how much debt you can tackle. At the end of the day, it’s important to remember that you can organise a fabulous event on any budget with a few money-saving tips.

What’s in a wedding budget?

Need to work out a budget before you commit to a finance option? Kick-start the process by putting down essential costs first. You can then add on the extra trimmings until you reach your set limit. Check out the top ten expenses you’ll need to consider below:

  • Venue
  • Catering (food and drink), plus wedding cake
  • Bride’s dress and groom’s attire
  • Rings
  • Transport
  • Decoration
  • Entertainment
  • Photography and videography
  • Attire for bridesmaids, groomsmen, flower girls, pageboys etc.
  • Marriage celebrant/ministers of religion

Types of wedding loans

Like weddings, wedding loans also come with several options to choose from:

  • Secured. A secured personal loan has an asset that provides insurance for the lender behind the scenes. Whether it’s your car, house or other valuable, the lender will assume ownership of the asset if you backslide on your repayments. Because it’s a low-risk arrangement, most credit providers offer competitive terms for this type of loan.
  • Unsecured. In contrast to secured loans, unsecured personal loans are a popular option that won’t require you to provide collateral. But, because the lender has no leverage over any of your assets, they insure themselves from financial loss by increasing borrowing costs.
  • Fixed. Fixed-rate loans remain at a standstill over the life of your loan, and this makes for a consistent budget. But, on the other hand, if the Reserve Bank cash rate falls, you’ll have to forego any potential interest savings.
  • Variable. Variable-rate loans are generally unstable, and you may have to fine-tune your budget several times while paying your debt off. However, potential interest savings are in store for you if the cash rate declines. But, then again, your loan’s total costs may increase if the cash rate swings up.
  • Joint application. With a joint application personal loan, you can be partners in life and partners in debt. This shared responsibility can net you better rates, more borrowing power, plus other benefits.

The best way to compare and find wedding loans

  • Browse our comparison table. BestFind’s product table is a time-saving tool that allows you to check out the Australian lending marketplace quickly and conveniently. Our featured financial services providers are authorised, and you have a wide range of products to choose from.
  • Apply the filter. While using the table for your personal loan comparison, it’s best to apply the filter. For instance, secured loans should be contrasted with other secured loans. Doing this not only helps you to narrow down your options quickly, but you also get a better idea of which loan type works best for your situation.
  • Calculate. Our wedding loans calculator shows your estimated monthly repayments for a given amount and term. Choosing an affordable option is recommended, but you should know that lower repayments may mean a prolonged loan term. When you take more time to pay off your wedding loan, the cost of borrowing automatically increases.
  • Check the comparison rate. Interest is not the only cost to worry about when you finance your special day. The comparison rate for any offer includes the interest rate, but it also takes into account other standard fees and charges. You can still check for hidden fees outside of the comparison rate, but generally, the comparison rate is designed to show the actual cost of a particular loan.
  • Look for flexibility. Choose an option with features that make life easier for you. This could be a redraw facility where you can get back extra repayments in a tight situation. Or, it could be a discount, fewer charges, and the freedom to pay off your loan early.

Kick-start your special day with a personal loan application

Once you find a personal loan that’s spot-on, you can set your application in motion by clicking the “Go to Site” button. But, before you visit the lender’s website, here’s what you’ll need:

  • Proof of identity – passport, driver’s licence
  • Details about your expenses, assets, and debts
  • Proof of income – payslips, bank statements
  • Proof of residence – utility bills

Wedding loans FAQ

Can I apply if I have bad credit?

Yes. But, keep in mind that a subprime credit score affects how much you can borrow. You might also not be able to get the lowest rates and charges available.

Are there any ways to reduce wedding costs on your own?

If you want to borrow less, there are smart ways to cut costs without compromising the quality of your event. You can: borrow from family and friends, make bookings in advance to avoid short notice fees, or shop around for vendor discounts.

What else can I use to pay for my wedding besides a personal loan?

If you’re a homeowner, you can use your equity to fund the event. Your bank account may also have an overdraft that allows you to borrow money up to a specific limit. Generally, credit cards have high finance costs, but if you find a 0% offer, this can turn out to be affordable.

Where else can I get finance besides major banks in Australia?

You can also get wedding funds from Australian credit unions. If you want to cut out the middleman, you could consider peer to peer lending companies as an alternative option.

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