Engagement ring loans

You've found the ring. A personal loan can help you pay for it.

We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!

Personal loans to help you pay for that rock

$
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Service Fee Monthly Repayment
Plenti Personal Loan

From 6.39% (fixed)
6.39%
$2,001
3 to 7 years
$0 to $999
$0
You'll receive a fixed rate between 6.39% p.a. and 17.89% 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.
OurMoneyMarket Personal Loan

From 5.45% (fixed)
6.07%
$2,001
1 to 7 years
From $250 to $450
$0
You'll receive a fixed rate from 5.45% p.a. to 20.99% p.a. based on your risk profile.
A personalised loan from $2,001 to $75,000 that varies based on your credit history and financial situation.
Alex Bank Personal Loan

From 5.45% (fixed)
5.45%
$2,100
6 months to 5 years
$0 (Waived $295 establishment fee)
$0
You'll receive a fixed interest rate from 5.45% p.a. to 19.99% p.a. based on your risk profile
Borrow between $2,100 and $30,000 from 6 months to 5 years. Note: The $295 establishment fee will be waived for loan applications submitted by 11 August 2021.
Harmoney Unsecured Personal Loan

From 5.35% (fixed)
6.14%
$2,000
3 to 5 years
$575 ($275 for loans of below $5,000)
$0
You'll receive a fixed rate between 5.35% p.a. and 19.09% 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.
NAB Personal Loan Unsecured Fixed

From 6.99% (fixed)
7.91%
$5,000
1 to 7 years
$150
$10
You'll receive a fixed rate between 6.99% p.a. and 18.99% p.a. ( 7.91% p.a. to 19.83% p.a. comparison rate) based on your risk profile
Borrow from $5,000 to $55,000, with 1 to 7 year loan terms available. This loan comes with no fees for extra repayments and no early exit fees.
Citi Personal Loan Plus
8.90% (variable)
9.18%
$5,000
3 to 5 years
$199
$0
You'll receive a guaranteed rate of 8.90% p.a. with a comparison rate of 9.18% p.a. if you're approved. Note: This rate may vary during the loan term.
A credit limit up to $75,000 that you can continue to draw down over terms up to 5 years. Note: Monthly account service fee will be waived for applications submitted before 30 September 2021. The interest rate doesn’t change based on your risk profile, so you know your rate before you apply.
NOW Finance No Fee Unsecured Personal Loan

From 5.95% (fixed)
5.95%
$5,000
18 months to 7 years
No Establishment Fee
$0
You'll receive a fixed rate between 5.95% p.a. and 17.95% p.a. based on your risk profile
Borrow from $5,000 to $7,999 with loan terms between 18 months and 3 years or borrow $8,000 to $50,000 with loan terms between 18 months and 7 years.

⭐ Finder Exclusive: Apply and settle a NOW Finance debt consolidation loan via Finder by 30 September 2021 for your chance to win $2000 paid off your debt. T&Cs 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 variable rate from 5.75% p.a. to 25.99% p.a.

Borrow up to $50,000 and earn 1 Qantas Point for every $1 borrowed.

⭐Special Offer: Earn up to 50,000 Qantas Points with a personal loan from Symple.
ANZ Fixed Rate Personal Loan
8.99% (fixed)
9.88%
$5,000
1 to 7 years
$150
$10
You'll receive a guaranteed rate of 8.99% p.a. with a comparison rate of 9.88% p.a. if you're approved.
Apply for up to $50,000 to use for a variety of purposes without needing to add security. Available to self-employed applicants.

⭐Special Offer: Secure a reduced interest rate of 8.99% p.a. for a limited time only. Apply for up to $50,000 to use for a variety of purposes without needing to add security.
SocietyOne Unsecured Personal Loan

From 5.95% (fixed)
5.95%
$5,000
2 to 5 years
from $0 to $595
$0
You'll receive a fixed rate between 5.95% p.a. and 19.99% 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.
Wisr Personal Loan

From 6.49% (fixed)
6.76%
$5,000
3 to 7 years
$195
$0
You'll receive a fixed rate between 6.49% p.a. and 20.95% p.a. based on your risk profile
A loan from $5,000 that charges no fees for extra or early repayments. Keep in mind security is required in some cases.

⭐Special Offer: Wisr's standard establishment fee $595 will be reduced to $195 for applications submitted through Finder. T&Cs apply.
Heritage Bank Fixed Personal Loan
7.99% (fixed)
8.62%
$5,000
1 to 7 years
$200
$5
Choose a fixed rate loan and receive a comparison rate of 8.62% p.a.
Fixed rate loans are available up to $100,000 on terms from 1 to 7 years.
Great Southern Bank Unsecured Fixed Rate Personal Loan
9.39% (fixed)
9.64%
$5,000
1 to 7 years
$175
$0
You'll receive a guaranteed rate of 9.39% p.a. with a comparison rate of 9.64% p.a. if you're approved.
An unsecured loan from $5,000 with flexible repayments and no monthly fee.
Plenti Variable Rate Personal Loan

From 6.39% (variable)
6.39%
$2,001
1 to 3 years
$0 to $999
$0
You'll receive a variable rate from 6.39% p.a and 17.89% 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.
NAB Personal Loan Unsecured Variable Rate

From 6.99% (variable)
7.91%
$5,000
1 to 7 years
$150
$10
You'll receive a variable rate between 6.99% p.a. and 18.99% p.a. ( 7.91% p.a. to 19.83% p.a. comparison rate) based on your risk profile
Borrow from $5,000 to $55,000, with 1 to 7 year loan terms available. This loan comes with no fees for extra repayments and no early exit fees.
ANZ Variable Rate Personal Loan
10.50% (variable)
11.38%
$5,000
1 to 7 years
$150
$10
You'll receive a guaranteed rate of 10.50% p.a. with a comparison rate of 11.38% p.a. if you're approved. Note: This rate may vary during the loan term.
A flexible loan with amounts starting $5,000 that offers flexible repayments and a redraw facility.
Great Southern Bank Unsecured Variable Rate Personal Loan
11.89% (variable)
12.15%
$5,000
1 to 7 years
$175
$0
You'll receive a guaranteed rate of 11.89% p.a. with a comparison rate of 12.15% p.a. if you're approved. Note: This rate may vary during the loan term.
Borrow from $5,000 with the option for flexible repayments and no monthly fees.
loading

Compare up to 4 providers

According to the 2020 Australian wedding industry report, an average couple spends $5,367 on their engagement ring. Whether you're planning on spending a lot less or a lot more, you may still be considering how you're going to come up with the money. Picking the right ring while sticking to your budget can be difficult, especially if you haven't saved up much in advance. If you are considering an engagement ring loan, it's important to consider all of your options.

You have a few options if you're looking into financing for an engagement ring. These include in-store financing, interest-free finance and personal loans. Here is what you need to know about financing an engagement ring.

Cropped shot of a young couple taking a selfie with their engagement ring at the beach

Valentine's Day proposals

If there were ever a day made for showing your partner just how much you love them, Valentine's Day would be it. And what better way to show your devotion to your partner than by buying an engagement ring and getting down on one knee and asking for their hand in marriage? That's why February 14 is one of the most popular days for couples to get engaged, and millennials seem to agree that it's the perfect day for proposals.

What with the endless supply of long-stemmed red roses, chocolate candies and sales on diamonds, it's no wonder that this love-filled holiday sees millions of couples getting engaged each year.

Not sure which ring? Check out our guide to choosing the right engagement ring.

What are my options to finance an engagement ring?

Sometimes your heart moves faster than your savings. If you don't have cash on hand to pay for an engagement ring, you can consider the following:

  • Interest-free finance. Providers such as Zip and Afterpay allow you to shop with various jewellery retailers and repay what you borrow interest-free.
  • Personal loan. You can also consider a standard personal loan. Some lenders allow you to apply for as little as $2,000 and most unsecured loans let you apply for up to $50,000. You'll generally have between one and seven years to repay what you borrow. Compare some of your personal loan options on this page.
  • Credit card. There is a range of credit cards that offer a 0% purchase rate for an introductory period. That means anything you purchase during that year is interest-free – so just pay it off within the period and you will pay no interest. 0% purchase rate cards can come with introductory terms that typically vary from 3 to 14 months.
  • In-store finance. Many jewellery stores, such as Michael Hill, Zamels and Wallace Bishop Jewellers offer in-store finance or payment plans. Remember to check the fees, rates and terms before you apply.

Features to consider when comparing loans for engagement rings

  • Interest rate. As outlined above, there are some interest-free options to consider. Make sure to check whether interest applies after a certain period with these options and make sure you'll be able to repay it in that period. For unsecured personal loans, you'll find rates of between 8-17% p.a.
  • Fees. You may need to pay upfront or pay ongoing fees, which can add significantly to the cost of the loan. Check for establishment or application fees and monthly or annual fees.
  • Loan amount. The amount you can borrow differs between lenders. For interest-free and in-store finance, the amount you can get is tied to the ring's value. With unsecured personal loans, you can generally borrow between $2,000 and $50,000.
  • Loan term. Interest-free finance terms are usually between six weeks and one year depending on the provider. Payment plans for in-store finance will differ between stores. With unsecured personal loans, you will have your choice of terms which usually start from one year and can extend up to seven.
  • Eligibility criteria. Check the minimum income, age and employment requirements for whichever option you're looking at applying for before you submit your application.

Engagement ring

How much should I spend on an engagement ring?

First and foremost, forget the "two-month salary" rule. It's a longstanding marketing ploy made up by established diamond company DeBeers. How much you are willing to spend on an engagement ring is completely and utterly up to you.

Diamondport's survey, which found that couple's spend an average of $5,297.50 (a close match to the Australian wedding industry report) on engagement rings, also noted that 4% of survey respondents spent over $20,000 on their engagement ring and 1.5% spent over $25,000. It also found that while there was a correlation between income and the cost of the ring (understandably), it wasn't a hard and fast rule.

There are only two things you need to consider when figuring out your engagement ring budget:

  • Their preferences
  • Your financial situation

Your partner might have a specific style in mind and would prefer a less-expensive version of that than an extremely expensive ring in the wrong cut. Try to suss out their preferences before making a big purchase. Diamondport also found that both partners contribute to the cost of the ring 20% of the time, so this may be worth considering if you know that they have a preference that exceeds your budget.

No one goes into a marriage proposal thinking that their partner is going to say "no" but unfortunately it can happen. So what should you do if you took out a loan to pay for the ring?

First things first, you should try to return the engagement ring to the retailer you purchased it from. You'll need to reach out to whatever store or online retailer you bought your engagement ring from to get their specific return policy.

If you took out a loan to purchase the ring, things get a little trickier. Check if you will be charged early repayment fees before repaying your loan in full. If you will be charged these fees, such as additional or early repayment penalties, try giving your lender a call and seeing if these can be waived.

Common questions about financing an engagement ring

Image: Shutterstock

More guides on Finder

  • Finder Daily Deals: The 7 best deals in Australia today

    Today's best online deals include: 75% off deluxe massage chairs, 45% off mini wildlife cameras, 64% off BBQ Grill Charcoal Smokers.

  • CBA’s new 0.99% green home loan: Who’s eligible + how to get it

    CommBank has launched its 0.99% green loan following a pilot in February this year. Here’s how to get this ultra-low home loan rate.

  • Business loans for Centrelink recipients

    Centrelink might block your business idea from taking off, but a variety of finance options including government schemes can help your business succeed.

  • Onebed discount codes and coupons August 2021

    Onebed helps you sleep better. Get your bedding essentials here for a comfortable sleep that has you feeling fantastic!

  • Guarantor Personal Loans

    If you don't quite meet the criteria for a personal loan, applying with a guarantor can help get your application over the line.

  • Handypay Green Loan

    A Green Loan from Handypay could help you make your home more energy-efficient. Handypay green loans are available up to $75,000 on terms of up to 10 years.

  • CarClarity Car Loan

    Find the best car loan for your circumstances with CarClarity. Rates start from just 3.35% p.a. and borrowers can apply for loans from $10,000 to $250,000 for new and used cars.

  • Great Southern Bank Fixed Rate Car Loan

    If you’re in the market for a new car, the Great Southern Bank Fixed Rate Car Loan may be able to give you the funds you need. With the security of a fixed rate and flexible repayments, this loan might be what you need to own your new set of wheels.

  • Great Southern Bank Variable Rate Personal Loan

    With a Variable Rate Personal Loan from Great Southern Bank you get simplicity matched with the opportunity to save yourself hundreds of dollars in interest fees. The flexibility in repayments that this loan gives you makes it easy to keep up with and pay it off without incurring extra fees.

    Personal Loan Offers

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

    You'll receive a fixed rate between 5.35% p.a. and 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 ANZ Fixed Rate Personal Loan
    ANZ Fixed Rate Personal Loan

    You'll receive a fixed rate of 8.99% p.a.
    Apply for up to $50,000 to use for a variety of purposes without needing to add security. Available to self-employed applicants.

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

    You'll receive a fixed rate between 6.99% p.a. and 18.99% p.a. ( 7.91% 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 6.99% 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.

    Ask an Expert

    You are about to post a question on finder.com.au:

    • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
    • finder.com.au is a financial comparison and information service, not a bank or product provider
    • We cannot provide you with personal advice or recommendations
    • Your answer might already be waiting – check previous questions below to see if yours has already been asked

    Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.
    Go to site