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Holiday loans

A loan can help you finance part or all of your next big getaway. Compare loans and lenders to get the best deal

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By

Rebecca Pike

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OurMoneyMarket Personal Loan - Excellent Credit

OurMoneyMarket Personal Loan - Excellent Credit

From

6.57 % p.a.

fixed rate

From

6.57 % p.a.

comparison rate

  • Personalised fixed rate
  • Flexible payment options
  • Fast online application
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100% confidential application

OurMoneyMarket Personal Loan - Excellent Credit

A loan for any worthwhile purchase of up to $75,000, such as for a car, equipment, and even debt consolidation. Your interest rate will be based on your credit history. Pre-approval available.

  • Interest rate from: 6.57% p.a.
  • Comparison rate: 6.57% p.a.
  • Interest rate type: Fixed
  • Application fee: Waived
  • Minimum loan amount: $2,001
  • Maximum loan amount: $75,000
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Promoted

Loans that can be used for holidays

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1 - 6 of 6
Updated regularly
Name Interest Rate (p.a.) Comp. Rate (p.a.) Application Fee Monthly Fee Monthly Repayment
OurMoneyMarket Personal Loan - Excellent Credit
ExclusiveFixed1 - 7 Years $2,001 - $75,000
Interest Rate (p.a.)
6.57%
to 18.99%
Comp. Rate (p.a.)
6.57%
to 21.78%
Application Fee
$0
Monthly Fee
$0
Monthly Repayment
$613.62
Go to siteMore Info
Finder Exclusive: For a limited time only - Apply by December 15th 2023 and if approved, OurMoneyMarket will waive the establishment fee for Excellent Credit Customers.
NOW Finance No Fee Unsecured Personal Loan
Finder award winnerFixed18 Months - 7 Years $5,000 - $50,000
Interest Rate (p.a.)
6.75%
to 26.95%
Comp. Rate (p.a.)
6.75%
to 26.95%
Application Fee
$0
Monthly Fee
$0
Monthly Repayment
$615.26
Go to siteMore Info
OurMoneyMarket Personal Loan
Fixed1 - 7 Years $2,001 - $75,000
Interest Rate (p.a.)
6.57%
to 18.99%
Comp. Rate (p.a.)
7.19%
to 21.78%
Application Fee
1.50% - 6%
min. $250
Monthly Fee
$0
Monthly Repayment
$627.42
Go to siteMore Info
Harmoney Unsecured Personal Loan
Finder award winnerFixed3 - 7 Years $2,000 - $70,000
Interest Rate (p.a.)
5.76%
to 24.03%
Comp. Rate (p.a.)
6.55%
to 24.98%
Application Fee
$275 - $575
Monthly Fee
$0
Monthly Repayment
$623.70
Go to siteMore Info
Latitude Variable Rate Personal Loan
Variable2 - 7 Years $5,000 - $70,000
Interest Rate (p.a.)
9.49%
to 29.99%
Comp. Rate (p.a.)
10.93%
to 31.83%
Application Fee
$395
Monthly Fee
$13
Monthly Repayment
$666.22
Go to siteMore Info
OurMoneyMarket Secured Personal Loan
Fixed1 - 7 Years $2,001 - $75,000
Interest Rate (p.a.)
6.57%
to 18.99%
Comp. Rate (p.a.)
7.19%
to 21.78%
Application Fee
1.50% - 6%
min. $250
Monthly Fee
$0
Monthly Repayment
$627.42
Go to siteMore Info
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Showing 6 of 6 results

How do holiday loans work?

Holiday loans, also known as travel loans, are unsecured personal loans that allow you to use the funds to finance a holiday. It won't matter if you are planning a quick and luxurious retreat, or a months long trek through multiple countries.

Because lenders care most about your ability to repay, rather than the type of holiday you want, a holiday loan can help you finance everything from flights, through to accomodation, through to the money you spend day to day on food and souvenirs.

Make sure you do a personal loan comparison to find the right loan, so you can spend more money on your holiday and less money on interest.

Holiday personal loans come in 3 main types:

Term loans

The most common form of holiday loan is a term loan. This is what you would know as a standard personal loan - you borrow a set amount of money, receive it in a lump sum, and have a set amount of time (the term) to repay the lender.

Lines of credit

A line of credit personal loan provides you access to an amount of credit you can access when you need. You pay interest only on what you withdraw, and repaying the funds you used allows you to withdraw them again. With a line of credit, the term is ongoing and repayments are flexible.

Tailored travel loans

Some lenders also offer loans that are specifically tailored to travel. You may be able to spread payments for a tour or travel package out over the few months before you leave, or you could be given an interest-free term on a travel loan.

Did you know?

Customer research from Now Finance found that 40% of Australians never travel overseas, while a further 23% travel abroad less frequently than once every couple of years. It also revealed that just 2% of Australians travel abroad 3 or more times a year, with 16% travelling once or twice a year. Much of this is due to the lack of affordability of travelling abroad.

Opting for a travel loan can help you to afford the holiday of your dreams and spread the cost over time in the form of repayments.

How can I get a holiday loan?

Applying for a holiday loan is like applying for any other unsecured personal loan. You can usually do this online, over the phone or in a branch.

Like other forms of personal loan, you will almost always be required to be a citizen or permanent resident of Australia, and you will always be required to be at least 18 years old to qualify for finance. You'll need to provide some form of ID, such as an Australian driver's licence or passport, documents such as bank statements, and some proof of employment.

Pictures: Getty Image
Woman sitting by a pool. Holiday loans.

How do I compare holiday loans?

You can use Finder's tables to quickly compare interest rates, fees and estimated monthly repayments from lenders across Australia. When making your decision, keep these things in mind:

  • 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. Though you run the risk of the rate increasing, a variable rate loan often has fewer restrictions. For example, you can usually repay the loan early without penalty or make additional repayments throughout the loan term. Fixed rate loans generally have shorter terms, up to 5 years, whereas variable rate loans can last for as long as 7.
  • 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. This is because these will contribute significantly to the overall cost of the loan. If you are able to afford higher repayments, doing so could reduce the amount 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 1 year and a maximum term of 7 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 lenders 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.

How much can I borrow with a holiday loan?

The exact amount you can borrow for your travels will depend on things like the lender you choose and your credit score. Generally, you'll be able to borrow anywhere from $2,000 to $100,000. As with all loans, make sure you can safely afford your holiday loan repayments, and account for the following costs:

  • Establishment fee. This is an upfront fee at loan set-up.
  • Monthly fees. Ongoing fees, such as monthly or account keeping fees may also be charged.
  • Early and extra repayment fees. If you wish to have the freedom to make additional repayments on your loan or to pay it off early, ensure that you find a lender that does not charge these fees.
  • Late payment penalties. Most lenders charge a fee if you miss a payment on your loan.

How to apply for a travel loan

To apply for an unsecured personal loan you should:

  1. Compare. First, compare your options using the table on this page.
  2. Click. Once you have chosen a loan, click "Go to site" to be taken to the lender's website. You can also click "More info" to find out more about the loan you're interested in.
  3. Check the eligibility. Eligibility criteria differ between lenders, so check that you meet the criteria before you apply.
  4. Apply. Be aware that 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.

Why compare personal loans with Finder?

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Frequently Asked Questions about holiday loans

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