holiday-loans

Holiday Loans

Rates and fees last updated on

Consider a loan to help you get to where you want to be.

Holidays don't usually happen after years of planning, in fact, most holidays we plan are at most a few months away. This often doesn't give us enough time to save up the money we need.

If you're planning to take a holiday but need some help covering the costs, consider a holiday loan. These unsecured loans give you access to funds to purchase tickets, pay for accommodation or to help with spending money, and let you pay it off over an extended loan term.

Citi Personal Loan Plus

Citi Personal Loan Plus

from

9.99 % p.a.

variable rate

from

10.95 % p.a.

comparison rate

  • Loan amounts from $5,000
  • Offers a reusable credit facility
  • Repay over 5 years
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Citi Personal Loan Plus

Apply for a Citi Personal Loan Plus and get competitive interest rate offer with a reusable credit facility.

  • Interest rate from: 9.99% p.a.
  • Comparison rate: 10.95% p.a.
  • Interest rate type: Variable
  • Application fee: $199
  • Minimum loan amount: $5,000
  • Maximum loan amount: $75,000
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What kind of loan can I get for a holiday?

Rates last updated October 18th, 2017
$
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Monthly Service Fee Application Fee Monthly Repayment Product Description
Citi Personal Loan Plus
From 9.99% (variable)
10.95%
$5,000
3 to 5 years
$10
$199
Borrow up to $75,000 to use for a range of purposes. Competitive rate of 9.99% p.a. available to all approved applicants.
SocietyOne Unsecured Personal Loan
From 7.5% (fixed)
9.51%
$5,000
2 to 5 years
$0
3% (of loan amount)
Based on your risk profile, you will receive a tailored rate between 7.5% and 20.14% with a SocietyOne personal loan.
DirectMoney Unsecured Personal Loan
From 8.5% (fixed)
9.36%
$5,000
3 to 5 years
$0
$595
This unsecured loan features tiers of interest rates from 8.5% p.a. to 19.95% p.a. based on your credit history.
RateSetter 2-Year Personal Loan
From 4.69% (variable)
7.11%
$2,001
2 years
$0
$0 (Upfront fee $250 for loan terms of 2 years and above)
This peer-to-peer loan is only available for a 2-year term at the rate of 4.69% p.a.
RateSetter Personal Loan
From 8.66% (fixed)
9.17%
$2,001
0.5 to 5 years
$0
$0 (Upfront fee $250 for loan terms of 2 years and above)
RateSetter offers personalised interest rates ranging from 3.7% p.a. to 9.6%.p.a. determined by your risk profile.
Pepper Money Unsecured Fixed Rate Personal Loan
From 9.99% (fixed)
9.99%
$5,000
1 to 7 years
$0
$0
Apply for up to $50,000 and receive conditional approval within minutes.
Bank Australia Lifestyle Personal Loan
From 11.89% (variable)
12.94%
$1,000
1 to 10 years
$0
$150
A competitive variable rate loan that gives you ten years to repay.
Westpac Unsecured Personal Loan
From 12.99% (fixed)
14.14%
$4,000
1 to 7 years
$12
$0 (On new loan applications before 7th December 2017)
Borrow up to $50,000 for a term of up to 7 years with the unsecured Loan from Westpac
NOW FINANCE Personal Loans
From 8.95% (fixed)
10.42%
$4,000
1.5 to 7 years
$13
$395 (Based on $10,000)
Get rewarded with a low interest rate for your good credit history. Rates from 8.95% p.a. to 16.95% p.a. depending on your credit score.
RACQ Unsecured Personal Loan
From 12.95% (variable)
13.25%
$3,000
5 years
$0
$200
Apply for up to $30,000 to use for a variety of purposes end enjoy no penalty for early repayment. Note: You must be a QLD resident to apply.
St.George Unsecured Personal Loan - Fixed Rate
From 12.99% (fixed)
14.06%
$2,000
1 to 5 years
$12
$195
Convenient redraw facility, flexible personal loan repayment options with competitive interest rate.
Latitude Personal Loans (Unsecured)
From 13.99% (fixed)
15.19%
$3,000
2 to 7 years
$13
$250 (Loans under $4000 - $140)
An unsecured loan designed for multiple purposes – renovating, buying a car or travelling. Funds can be in your account in as little as 24 hours.
Bank of Melbourne Unsecured Fixed Rate Personal Loan
From 12.99% (fixed)
14.06%
$3,000
1 to 5 years
$12
$195
Apply for a loan from $3,000 and lock in a competitive fixed rate for up to five years.
BankSA Unsecured Fixed Rate Personal Loan
From 14.06% (fixed)
14.06%
$3,000
1 to 5 years
$12
$195
Take advantage of a competitive fixed rate and no application fee for a limited time.

Compare up to 4 providers


How do holiday loans work?

Holiday loans are personal loans that are flexible in the way you use the loan amount. Also referred to as unsecured personal loans, they can give you access to as much as $60,000, letting you pay it back over a period that may be as long as seven years. If you are looking to take a holiday but don't have time to save up, then an unsecured personal loan might be a viable option.

Some providers also offer products that are tailored to travel. For example, you may be able to spread payments of a tour or travel package out over the few months before you leave or you could be given interest-free terms on a travel loan.

How much can I borrow?

This differs between providers, but ultimately you will only be approved for a loan that the lender determines you can afford. Most unsecured personal loans are available for amounts between $1,000 and $60,000, but if the funds are being used for a holiday you may not be approved for the full amount available.

For specialised travel loan providers, the amount will be restricted to how much the tour or package costs.

Are there restrictions on how I use holiday loan funds?

As the loan is unsecured there are no restrictions as to how you use the funds (as long as they are legitimate). When you apply for a holiday loan, a lender will ask you to list how you will use the funds, usually by selecting options from a drop-down menu. "Holiday" or "travel" is usually one of the options.

If you're applying for a loan from a travel loan provider, such as with holiday payment deferment programs or with interest-free terms, you will be required to use the funds for what is set out in the terms.

relaxing on a holiday

How you can compare holiday loans

  • Fixed or variable interest rate.

A fixed rate allows you to lock in a specific rate for the life of your loan, whereas a variable rate may fluctuate. However, you usually get less restrictions with a variable rate loan, for example you can usually repay the loan early without penalty or make additional repayments throughout the loan term. Fixed rate loans are generally for up to five years whereas variable rate loans can be for as long as seven.

  • Cost of repayments.

When calculating the cost of your repayments you should take into account the interest rate you will be charged as well as any ongoing account-keeping fees, as these will contribute significantly to the cost of the loan. If you are able to afford higher repayments then this could reduce the amount of interest you pay over the life of your loan. Using a repayment calculator can also give you a good indication.

  • Loan term.

Personal loans are lent for a minimum of one year, but the maximum loan terms depends on the loan you choose. When you are deciding on the repayments you can afford you can adjust the loan terms to make the repayments more affordable.

  • Additional features.

Take a look at the features being offered by some lenders and decide if you want to take advantage of them. You can then weigh these features up against the cost of the loan to determine their value. Some banks offer cheaper travel insurance with their holiday loans as a package deal. It may be worth looking into this and comparing the costs with other insurance providers.

What should you consider before applying?

Before you apply for a holiday loan you should determine the cost of your repayments and decide whether they will be affordable for you. You should also ensure that the amount you're borrowing will be sufficient for your holidays and whether the loan terms will be manageable. Remember, as well, that you will likely have to make repayments while you are away, so make sure you budget for this.

How you can apply

To apply for an unsecured personal loan you should first compare your options using the table on this page. Once you have chosen a loan you can click "Go to Site". Eligibility criteria differ between lenders, so check you meet the criteria before you apply.

You will also need to provide certain information to apply. This may include personal details such as your name and address, financial details including your income, assets and debts and your employer's name and contact details.

Picture: Shutterstock

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