Holiday loans

Planning a getaway before 2019 comes to an end? Compare holiday loans.

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If you need a holiday but don't have the money to cover the cost of the trip, an unsecured personal loan can give you access to the funds you need to cover your travel, accommodation and expenses.

Find out if you can use a personal loan to pay for your holiday and whether it's right for you below.

How do holiday loans work?

Holiday loans, also known as travel loans, are simply unsecured personal loans that allow you to use the funds to finance your trip. Most personal loans allow you to spend the money on any worthwhile purchase or expense, and this generally includes holidays and any other trips.

You can generally borrow from $2,000 up to around $50,000 and then have between 1 and 7 years to repay the loan amount. You may receive either a fixed or variable interest rate, which is typically 8–17% p.a. but will vary depending on the type of loan and your personal credit history.

Personal loans can either come as a term loan, where set loan terms apply, or as a line of credit, where you can draw from your credit limit as you need it. With a credit line the terms are ongoing and the repayments are flexible. You will generally only make repayments on the amount you have borrowed.

Some providers also offer products that are tailored to travel. 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. Two examples of these types of programmes are TigerAir and zipMoney.

Are there restrictions on how I can use a holiday loan?

On an unsecured personal loan, there are generally no restrictions as to how you use the funds (as long as they are legitimate). When you apply for a loan, a lender will ask you to list how you will use the funds as part of the application process. With a loan for a holiday, you would therefore select "holiday" or "travel".

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 as set out in the terms.

How can you 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 change over the course of the loan. However, you will usually get fewer 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 help you plan how you can repay the loan ahead of time.
  • Loan term. Personal loans generally have a minimum term of one year, up to a maximum of seven years. A longer loan term may reduce the size of the repayments you need to make, but will generally mean you pay more in interest over the life of the loan.
  • Additional features. Take a look at the features being offered by some lenders and decide if you want to take advantage of them. 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.

Citi Personal Loan Plus

Citi Personal Loan Plus

From

9.99 % p.a.

variable rate

From

9.99 % p.a.

comparison rate

  • Loan amounts from $5,000
  • Offers a reusable credit facility
  • Repay over 5 years
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100% confidential application

Citi Personal Loan Plus

A reusable credit facility of up to $75,000. Receive a tailored interest rate between 9.99% p.a. and 17.99% p.a. (9.99% p.a. to 17.99% p.a. comparison rate) based on your risk profile, plus pay no establishment or monthly fees if you apply and are approved before 31 March 2020.

  • Interest rate from: 9.99% p.a.
  • Comparison rate: 9.99% p.a.
  • Interest rate type: Variable
  • Application fee: $0
  • Minimum loan amount: $5,000
  • Maximum loan amount: $75,000
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Loans that can be used for holidays

Updated November 17th, 2019
$
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Service Fee Monthly Repayment
From 9.99% (variable)
9.99%
$5,000
3 to 5 years
$0
$0
You'll receive a variable rate between 9.99% p.a. and 17.99% p.a. (9.99% p.a. to 17.99% p.a. comparison rate) based on your risk profile
A credit limit up to $75,000 that you can continue to draw down over terms up to 5 years. Note: No establishment fee and no monthly account service fees apply if you apply and are approved before 31 March 2020.
From 6.89% (variable)
8.89%
$2,001
6 months to 5 years
$299 (Based on $10,000)
$0
You'll receive a variable rate between 6.89% p.a. and 16.4% p.a. based on your risk profile
A flexible loan with amounts from $2,001 and terms starting from 6 months. Interest and comparison rates calculated for a loan term of 3 years.
From 7.5% (fixed)
9.51%
$5,000
2 to 5 years
from 3% of loan amount
$0
You'll receive a fixed rate between 7.5% 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.
8.99% (fixed)
9.13%
$5,000
2 to 5 years
$100
$0
You'll receive a fixed rate of 8.99% p.a.
Benefit from no ongoing fees, no early repayment fees and flexible loan terms on amounts up to $30,000.
From 6.99% (fixed)
7.69%
$2,000
3 to 5 years
$500 ($200 for loans of below $5,000)
$0
You'll receive a fixed rate between 6.99% p.a. and 28.69% p.a. based on your risk profile.
Apply for a loan up to $70,000 and repay your loan over 3 or 5 years terms.
From 5.75% (variable)
6.89%
$5,000
1 to 7 years
from 1% to 5% of the loan amount
$10
You'll receive a personalised interest rate from 5.75% p.a. to 19.99% p.a. based on your risk profile
Borrow up to $50,000 to pay for what you need.
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.
From 8.05% (fixed)
9.06%
$2,000
1 to 7 years
1.5–6% of your total loan amount
$0
You'll receive a fixed rate from 8.05% p.a. based on your risk profile
A personalised loan from $2,000 to $50,000 that varies based on your credit history and financial situation.
From 8.95% (fixed)
10.56%
$5,000
18 months to 7 years
$495 (Based on $10,000)
$13
You'll receive a fixed rate between 8.95% p.a. and 16.95% p.a. based on your risk profile
Apply for loans from $5,000 and get a dedicated loan manager. No security required.
From 10.69% (fixed)
11.58%
$5,000
1 to 7 years
$150
$10
You'll receive a fixed rate between 10.69% p.a. and 18.69% p.a. ( 11.58% p.a. to 19.53% 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.
12.99% (fixed)
14.14%
$4,000
1 to 7 years
$250
$12
You'll receive a fixed rate of 12.99% p.a.
Benefit from the security of a fixed rate with the flexibility of additional repayments. Note: Existing customers approved via online banking between 29 October and 21 November 2019 qualify for a 1% discount.
From 13.99% (fixed)
15.19%
$3,000
1 to 7 years
$250 (Loans under $5000 - $140)
$13
You'll receive a fixed rate between 13.99% p.a. and 24.99% p.a. based on your risk profile
Apply for what you need from $3,000 and use it for a range of purposes. Flexible repayments options.
10.99% (fixed)
12.21%
$20,000
1 to 7 years
$250
$13
You'll receive a fixed rate of 10.99% p.a.
A secured or unsecured loan available to homeowners with a large minimum borrowing amount of $20,000. Benefit from flexible repayments and fast approval.
From 9.54% (variable)
9.83%
$3,000
Up to 5 years
$200
$0
You'll receive a variable rate of 9.54% p.a.
A low minimum borrowing amount of $3,000 that you can use for a range of purposes. Benefit from member discounts and flexible repayments. Only available to QLD residents
From 12.99% (fixed)
14.06%
$2,000
1 to 5 years
$195
$12
You'll receive a fixed rate between 12.99% p.a. and 18.9% p.a. based on your risk profile
A low minimum borrowing amount of $2,000 to fund a range of purposes.
From 8.99% (fixed)
10.31%
$5,000
6 months to 4 years
$250 ($195 For Loans $5000 to $10000)
$0
You'll receive a personalised rate of between 8.99% p.a. and 29.99% p.a. based on your risk profile.
Borrow up to $25,000 over a 4 year loan term.
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.
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.
From 10.69% (variable)
11.58%
$5,000
1 to 7 years
$150
$10
You'll receive a variable rate between 10.69% p.a. and 18.69% p.a. ( 11.58% p.a. to 19.53% p.a. comparison rate) based on your risk profile
An unsecured loan up to $55,000 you can use for a range of purposes. Benefit from fee-free additional repayments and a redraw facility. 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.
From 12.99% (variable)
14.06%
$2,000
1 to 7 years
$195
$12
You'll receive a variable rate between 12.99% p.a. and 18.9% p.a. based on your risk profile
A low minimum borrowing amount of $2,000 plus the convenience to make extra repayments and redraw them if you need them.

Compare up to 4 providers

Some holiday loans available in November 2019


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 holiday and whether the loan terms will be manageable. Remember that you will likely have to make repayments while you are away, so make sure you budget for this.

How you can apply for a travel loan

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.

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You'll receive a variable rate between 9.99% p.a. and 17.99% p.a. (9.99% p.a. to 17.99% p.a. comparison rate) based on your risk profile
A credit limit up to $75,000 that you can continue to draw down over terms up to 5 years. Note: No establishment fee and no monthly account service fees apply if you apply and are approved before 31 March 2020.

Logo for RateSetter Unsecured Personal Loan - 3yr Variable
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You'll receive a variable rate between p.a. and 16.40 p.a. based on your risk profile
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You'll receive a fixed rate of 8.99% p.a.
Benefit from no ongoing fees, no early repayment fees and flexible loan terms on amounts up to $30,000.

Logo for Harmoney Unsecured Personal Loan
Harmoney Unsecured Personal Loan

You'll receive a fixed rate between 6.99% p.a. and 28.69% p.a. based on your risk profile.
Apply for a loan up to $70,000 and repay your loan over 3 or 5 years terms.

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