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Loan Types
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Honeymoon loans
About to tie the knot? See how you can finance your honeymoon and compare loan options.
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Getting married can be very expensive, but it's also one of the most important events in your life. Along with the wedding itself, your honeymoon is a once-in-a-lifetime experience and likely to be one of the best holidays you'll ever take, so you may not want to spare any expense.
If you need funding for your honeymoon, see how you can get a loan and compare your options now.
Compare personal loans for your honeymoon
How can I finance my honeymoon?
If you're looking to fund your honeymoon, you can use a personal loan to pay for any related expenses. Most personal loans can be used for any worthwhile purpose, including travel or holidays, which means you should be approved for an unsecured personal loan for your honeymoon, provided you meet the lender's eligibility criteria.
Most personal loans let you borrow from $1,000 with a loan term of 1–7 years. You will receive the funds once you have been approved, which you can then use to pay for your honeymoon, including flights, accommodation and any other expenses. You will then make regular repayments until you have paid off the loan amount, as well as any interest.
Things to consider before you apply
How much do I need to borrow?
It is important to only borrow what you need to avoid paying unnecessary interest on your loan. You should therefore prepare a budget to understand the honeymoon costs you will need to cover before you apply for a loan.
Working out your budget
According to ASIC's Moneysmart, the average wedding costs $36,200 and 60% of couples use a loan to help cover the costs. If you're trying to finance both your wedding and honeymoon, you may be faced with taking out a large loan and it's therefore worthwhile to try and limit your costs where possible. You should keep the following in mind to help keep your costs down.
- Start planning early. The earlier you start preparing for your wedding and honeymoon, the more likely you are to lock in a cheaper rate.
- Book out of season. You can generally save money on both your wedding and honeymoon if you plan them outside of the traditional peak seasons.
- Look out for special offers. Many travel companies may offer honeymoon package deals and you should also keep your eye out for sales on flights and accommodation.
Can I afford the loan?
It can be easy to get carried away when planning a holiday, especially one as significant as your honeymoon. As with any loan product, you should have a clear idea of how you will repay it and never borrow more than you can afford. Use the calculator below to help determine how much you may be able to borrow on your budget.
Loan Repayment Calculator
*Whilst every effort has been made to ensure the accuracy of this calculator, the results should only be used as an indication. They are neither a recommendation nor an eligibility test for any product and should not be construed as financial advice, investment advice or any other sort of advice.
How do I apply for a honeymoon loan?
Once you have found the loan that best suits your needs, you will need to apply with the relevant lender. Click "Go to site" in the table above and follow the instructions to begin your application.
In order to be eligible for a personal loan, you will need to meet the following criteria:
- Be over the age of 18
- Be an Australian citizen or permanent resident
You will also need to provide further personal and financial information as part of your application, including your employment situation, credit history and any other debts, assets or liabilities.
What are my other options?
Line of credit. A personal line of credit gives you access to an agreed credit limit, which you can then use when and as you wish. Unlike a normal personal loan, you only pay interest on the amount you have used and can continue to access the funds on an ongoing basis as long as you continue to repay what you use.
Credit card. You can also use a new or existing credit card to cover the cost of your honeymoon, depending on your credit limit. You're generally charged a higher interest rate on a credit card than on a personal loan, so again it's important that you're able to pay back the credit you use.
Picture: Shutterstock
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