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How much is your dog really costing you?

Will your four-legged friend cost you an arm and a leg? The true cost of owning a dog.

Updated

Fact checked

Many dog lovers will readily agree that dogs offer more than just companionship; having a dog in your house does a lot to enrich the lives of the occupants. But this enrichment does come with a cost.

From the necessities such as food and vet visits to the slightly less necessary but almost unavoidable purchases including toys, treats and more toys, there are a bunch of things your pooch needs. All of these costs add up and sometimes come as a bit of a surprise to a new dog owner. So, how much will your new dog really cost you and can you really afford it?

What can you expect to pay when you get a dog?

Owning a dog has numerous benefits, but it does involve several one-time and ongoing expenses.

How much does a dog cost

It is worth noting that these figures are purely illustrative. In addition, this is not an exhaustive list of expenses either.

From the figures given above, the first year of owning a dog could set you back by up to $2,000 or $4,000. This is over and above the amount you pay for purchasing the dog.

A detailed cost breakdown is included below:

How much your pooch will cost long-term

Owning a dog involves incurring regular annual expenses too. The annual expenses for looking after a dog amount to $1,500 approximately. This figure could be higher as well, based on the dog’s breed, size, age and illness or accident history.

It is worth noting that the average dog has a lifespan of approximately 15 years.

Some of the recurring expenses could include the following.

  • Food: $800 to $1,000
  • Toys and treats: $250 and above
  • Regular worm and flea treatment: $120
  • Annual health check-up: $90
  • Grooming: $70 to $90 (depending on the breed and the frequency of grooming)

Using the numbers given above, you’ll find that the average annual expense of owning a dog in the first year will be $3,000, followed by $1,500 every subsequent year.

This amounts to $16,500 over 10 years.

If you purchase pet insurance with an annual premium of $1,000, this shoots up to $26,500. Include additional expenses such as the cost of the dog and visits to the vet for treating any injuries or illnesses. You could well be looking at a bare minimum expense of $40,000 to $65,000 over a 10-year period.

Matt's new best friends

Personal loans publisher Matt bought his two labrador retrievers after walking into a pet store. "I saw them and said I wouldn't leave without the puppies." And he didn't, he bought them both for about $1,000 each and said he wasn't overly surprised at the cost. "I was able to get both dogs on interest-free finance deals, so we only had to pay a minimal outlay each month."

He didn't have a monthly budget organised, but knew he could manage the ongoing repayments. He also admits that the other up-front costs he hadn't budgeted for such as vaccinations, desexing, food and bedding, were quite a shock. "It's easy to get carried away with spoiling them – after paying back their finance, I spend between $20 and $50 a week on them now, depending whether or not toys or dog treats are on sale."
Ben & SophieHis advice for would-be pet owners? "Know how much you can afford and only get a pet if you can manage it." There are ways you can save by looking into interest-free finance deals and also pet care plans through vets.

For Matt, "you can't really put a price on the unconditional love you get from a dog...If you can't afford vets, you can't afford pets", he said.

Is pet insurance worth the cost?

Pet insurance is optional. Yet, it is worth noting that vet treatments can be quite expensive and insurance can help keep you covered from larger expenses down the track. This is why you’ll need to evaluate the premium that's payable, the exclusions in the policy and the coverage offered before you purchase the policy.

Pet insurance policies will typically cover the following.

  • Accident only: This policy will cover vet expenses in case your pet has an accident. The monthly premium ranges from about $15 to $30 per month.
  • Accident and illness: This policy covers vet expenses for accidents and illnesses. The monthly premium will usually range from $30 to $60.
  • Comprehensive cover: This policy covers vet costs for accidents and illnesses. In addition, it covers routine vaccinations and worming treatments. The monthly premium typically ranges from $60 to $80 per month.

Pet insurance policies will specify certain exclusions as well. Policies differ, but the following exclusions are common:

  • Illness or injury from pre-existing conditions (including conditions affecting a body part such as the ears, the eyes, etc.)
  • Vet expenses for elective treatments such as desexing, orthodontics and so on
  • Treatment of illnesses suffered during the waiting period
  • Treatment of diseases for which a known vaccine exists such as kennel cough
  • Dental cover

If you feel that pet insurance is expensive, consider setting aside a saving of about $100 a month, if possible. This fund could help you in times when your pet needs medical treatment for illnesses or injuries.

What pet insurance is right for your pet?

How to reduce the cost of owning a pet

While the cost of your pet will vary based on the breed, age and size of the animal itself, there are a number of ways to reduce how much you pay, many of which will also improve your pet's life.

  • Adopt your pet or get it from a shelter. Not only are you potentially saving the life of an animal by getting it from a shelter or the RSPCA, the animal will often already be desexed, wormed and vaccinated, meaning you will save yourself the time and money from doing this yourself.
  • Register your pet. If your pet ever gets lost, it will be easier to be found if it is registered. You may also have to pay a fine if your pet is found to not be registered.
  • Protect your home from pet-related damages. This includes keeping expensive or fragile items out of the reach of your pets, especially if you have a puppy or particularly adventurous animal.
  • Make sure your pet is healthy. By giving your pet regular exercise and a good diet, you can help prevent expensive health problems later in life, as well as improve their quality of life in the meantime.
  • Perform grooming and training yourself. It can be very expensive to outsource your pet's grooming and training needs, so take the time to learn how to do it yourself.

Financing options for your pet

As mentioned before, owning a dog can lead to various planned and unplanned expenses that could make a mess of your monthly household budget. In this scenario, you could consider the following alternatives for funding these expenses.

  • Unsecured personal loans. These give you the option of financing without needing to use an asset as security. As there is no security involved, the interest rates for these loans tend to be higher than their secured counterparts. Compare the terms offered by various lenders before selecting the most favourable one.
  • Credit cards. If you have a credit card, you could consider putting some of the costs, both up-front and ongoing, on this card if you don't have the money available. If you don't plan on paying off your total balance straight away, a lower interest card might be a better option as it won't see your interest charges build as quickly as they would on one with a higher rate.
  • Short term loans. If you require a short term loan for meeting unexpected expenses or if you have bad credit and can't access traditional forms of credit, a payday loan might be an option to consider. These loans cover you until your next payday and will usually feature more-flexible eligibility criteria than is applicable on other kinds of loans. Keep in mind the fees and rates are much higher with this type of credit, so work out if you can afford the repayments before you apply.

Australia has one of the highest rates of pet ownership in the world, but owning a dog does not come cheap. In any matter involving your finances, it is best to examine the potential implications of any decision that you make. While there are several benefits to having a furry friend at your side, it is important that you estimate the financial costs of owning a dog before taking the plunge.

Compare your loan options

Click through the tabs below to compare loan options from a range of lenders.

RateSetter Unsecured Fixed Personal Loan

RateSetter Unsecured Fixed Personal Loan

From

7.49 % p.a.

fixed rate

From

8.33 % p.a.

comparison rate

  • Get a personalised comparison rate based on your credit score
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100% confidential application

RateSetter Unsecured Fixed Personal Loan

RateSetter offers this unsecured personal loan with a fixed or variable rate. Receive a tailored interest rate from 7.49% p.a. based on your risk profile.

  • Interest rate from: 7.49% p.a.
  • Comparison rate: 8.33% p.a.
  • Interest rate type: Fixed
  • Application fee: From $249
  • Minimum loan amount: $2,001
  • Maximum loan amount: $45,000
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Use the funds from these loans however you need to.
Data indicated here is updated regularly
$
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Service Fee Monthly Repayment
RateSetter Unsecured Fixed Personal Loan

From 7.49% (fixed)
8.33%
$2,001
3 to 5 years
$249 (based on $30,000)
$0
You'll receive a fixed rate between 7.49% p.a. and 13.89% p.a. based on your risk profile
A flexible loan with amounts from $2,001 and terms starting from 3 years. Interest and comparison rates calculated for a loan term of 5 years.
RateSetter Unsecured Variable Personal Loan

From 7.49% (variable)
9.50%
$2,001
1 to 2 years
$199 (based on $10,000)
$0
You'll receive a variable rate from 7.49% p.a and 13.89% p.a. based on your risk profile
A flexible loan with amounts from $2,001 and terms starting from 12 months. Benefit from transparent costs and a rate estimate before you apply.
Symple Loans Personal Loan

From 5.75% (variable)
6.47%
$5,000
1 to 7 years
from 0% to 5% of the loan amount
$10
You'll receive a personalised interest rate from 5.75% p.a. to 21.99% p.a. based on your risk profile
Borrow up to $50,000 to pay for what you need.
SocietyOne Unsecured Personal Loan

From 7.50% (fixed)
9.51%
$10,000
2 to 5 years
from 3% of loan amount
$0
You'll receive a fixed rate between 7.50% p.a. and 20.49% p.a. based on your risk profile
A loan from $10,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.
SocietyOne Unsecured Personal Loan

From 7.50% (fixed)
9.51%
$5,000
1 to 7 years
$300 (Based on $10,000)
$0
You'll receive a fixed rate between 7.50% p.a. and 20.49% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.
CUA Unsecured Fixed Rate Personal Loan
9.89% (fixed)
10.14%
$5,000
1 to 7 years
$175
$0
You'll receive a fixed rate of 9.89% p.a.
An unsecured loan from $5,000 with flexible repayments and no monthly fee.
CUA Discount Variable Personal Loan (Loans over $30,000)
10.89% (variable)
11.15%
$30,000
1 to 7 years
$175
$0
You'll receive a discounted variable rate of 10.89% p.a.
Borrow over $30,000 and receive a discounted interest rate. No monthly fees and a redraw facility also available.
MoneyPlace Unsecured Personal Loan

From 7.65% (fixed)
7.65%
$5,000
3 to 7 years
0% to 5.5% of loan amount, capped at $950
$0
You'll receive a fixed rate between 7.65% p.a. and 26.99% p.a. based on your risk profile
A no-frills personal loan that you can use for any purpose. Loan amounts available up to $50,000 and early repayments allowed.
Liberty Personal Loan

From 7.65% (fixed)
7.65%
$5,000
3 to 7 years
0% to 5.5% of loan amount, capped at $950
$0
You'll receive a fixed rate of 7.65% p.a. to 26.99% p.a. based on your risk profile
Apply for a credit limit from $5,000 to $50,000 on terms from 3 to 7 years and pay no ongoing fees or charges.
CUA Unsecured Variable Personal Loan
11.89% (variable)
12.15%
$5,000
1 to 7 years
$175
$0
You'll receive a variable rate of 11.89% p.a.
Borrow from $5,000 with the option for flexible repayments and no monthly fees.
People's Choice CU Discounted Personal Loan

From 7.99% (fixed)
8.35%
$10,000
1 to 10 years
$250
$0
You'll receive a fixed rate of 7.99% p.a. for 5 years
Secure this loan with a vehicle up to 7 years old and benefit from long loan terms up to 10 years and pre-approval.
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Sunshine Short Term Loans

This is a short-term loan offer with a fast and easy online application for good or bad credit borrowers. You can apply today to get approved for up to $2,000. Get your loan funded in 30 minutes - conditions apply.
  • Loan Amount: $2,000
  • Loan Term: 9-14 weeks
  • Turnaround Time: 30 minutes - conditions apply
  • Fees: 20% of loan amount + 4% of loan amount each month
  • Bad credit borrowers OK
  • Quick & easy Approval
Sunshine Short Term Loans
  • Bad credit applicants considered
  • Fast approval service
  • Borrow up to $2,000
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Short term loans comparison

These loans are designed as emergency stopgaps when you're caught short before payday.

Data indicated here is updated regularly
Name Product Maximum loan amount Term of Loan Turnaround time Arrears Fee Costs Fortnightly Repayment (for $1500 Loan)
Sunshine Short Term Loans
$2,000
9-14 weeks
30 minutes - conditions apply
$35
20% of loan amount + 4% of loan amount each month
$396
A small loan up to $2,000 that you repay over 9-14 weeks. Loans approved and funded in as little as 30 minutes.
Nimble Short Term Loan
$2,000
62 days to 3 months
1 hour - conditions apply
$15
20% of loan amount + 4% of loan amount each month
$372
A loan up to $2,000 with terms up to 62 days to 3 months. Centrelink cannot be your primary source of income.
Credit24 Short Term Loan
$2,000
6-12 months
Same day - conditions apply
$10
20% of loan amount establishment fee + 4% of loan amount monthly.
$396
Credit24 offers this loan up to $2,000 and gives you 12 months to repay.
Ferratum Cash Loans
$1,900
3 to 12 months
Same day - conditions apply
$55
20% of borrowed amount + 4% of borrowed amount each month
$396
Borrow what you need with loans starting from $500 and approval in minutes.
Speckle Small Loan
$2,000
3 to 12 months
1 business day
$5
10% of loan amount + 2% of loan amount each month
$348
A small loan up to $2,000 from a lender backed by NAB. Transparent eligibility criteria and competitive costs.
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Personal Loan Offers

Important Information*
Logo for Harmoney Unsecured Personal Loan
Harmoney Unsecured Personal Loan

You'll receive a fixed rate between 6.99% p.a. and 25.69% p.a. based on your risk profile.
Apply for a loan up to $50,000 and repay your loan over 3 or 5 years terms.

Logo for NAB Personal Loan Unsecured Fixed
NAB Personal Loan Unsecured Fixed

You'll receive a fixed rate between 9.99% p.a. and 18.99% p.a. ( 10.88% p.a. to 19.83% p.a. comparison rate) based on your risk profile
An unsecured loan up to $55,000 you can use for a range of purposes and pay off over up to 7 years. Note: Majority of customers will get the headline rate of 12.69% p.a. (13.56% p.a. comparison rate) or less. See Comparison rate warning in (i) above.

Logo for SocietyOne Unsecured Personal Loan
SocietyOne Unsecured Personal Loan

You'll receive a fixed rate between 7.5% p.a. and 20.49% p.a. based on your risk profile
A loan from $10,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.

Logo for Pepper Money Unsecured Fixed Rate Personal Loan
Pepper Money Unsecured Fixed Rate Personal Loan

You'll receive a fixed rate between 7.95% p.a. and 16.95% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Make additional repayments or pay off the loan early, penalty-free.

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