IVF loans

What is an IVF loan and how does it work?

An IVF loan is a type of personal loan you can use to cover the cost of IVF treatments. It’s essentially a fertility loan for couples who are trying to conceive through IVF, but who may not be able to pay for the cost of the treatment upfront.

IVF loans work the same as any other personal loan. You can borrow money, either as a lump sum or on a revolving basis, and repay it with interest.

Personal loans can also carry fees, such as establishment fees and ongoing account management fees. Depending on the loan, you may have a set repayment period or you may have to make minimum repayments only.

Does Medicare cover IVF treatments?

If your doctor refers you for fertility treatments, then Medicare will cover eligible treatments. While there is no limit on how many rounds you can have, there will be costs you will have to cover yourself. Medicare will only cover the cost for part of the treatment, not its entirety.

You can also get a Medicare Safety Net to help you out when you meet the threshold. Keep in mind that you'll need a referral from your GP. The rebate per IVF cycle can come up to 50% of the total cost. The costs that you’ll have to account for are: any costs Medicare doesn’t cover, the gap after Medicare rebate and any additional fees the clinic charges.

Does private insurance cover IVF treatments?

If you have gold tier health insurance, private insurance can help cover certain costs. These include inpatient services that are Medicare approved, prescriptions, and any inpatient services related to complications. You’ll have to be an in-patient to qualify for coverage from private health insurance.

You can read more about it here.

What is the cost of IVF?

The cost of IVF is around $12,388 per cycle, according to IVF Australia. The cost will vary depending on the providers. This cost does not include other medical procedures like frozen embryo transfer.

It also doesn't include extra expenses like hospital admissions, consultant fees and other medical procedures you might need.

Some of the treatments both Medicare and private insurance cover include egg collection, transferring embryo to uterus, and the preparation of frozen embryos. They do not cover ovulation induction and freezing, and storing of embryos or sperm. You can read more about it here.

Our expert says: Finalise IVF costings before you apply

"Before you apply for credit to pay for your IVF treatment, you should have a consultation to get a quote. IVF can involve multiple different procedures depending on your situation and each procedure will cost a different amount. Different providers may also charge different amounts.

Get a clear idea of what you'll be expected to pay, minus any Medicare or private health insurance coverage, and then only apply to borrow what you need."

Rebecca Pike

Editor, Money

How can I finance IVF with a personal loan?

There are a few personal loan options to fund your IVF treatments. These include:

• Secured personal loan. A secured loan requires an asset to be put up as loan security. You can generally use the funds however you wish, but you may only be able to borrow up to the value of the asset. You can use a vehicle or home equity to secure the loan. Some lenders also accept jewellery or art as security. The asset must have a value greater or equal to that of the loan. Secured loans generally come with lower interest rates and higher borrowing limits. But if you default on the loan, your asset can be repossessed. You can borrow from $1,000 up to $100,000 with a secured loan.
• Unsecured personal loan. An unsecured loan does not require an asset as collateral. Because of this, the interest rates are higher and borrowing amounts smaller. You can use the loan funds for any purpose, including paying for IVF treatments. You can borrow from $1,000 up to $50,000 with an unsecured loan.
• Medical loans. Specialised medical financing companies offer loans to cover a range of medical treatments, including IVF.

Alternative types of finance for IVF

If you're unsure about a personal loan, there are other forms of finance you might be able to use to pay for your IVF costs:

• Payment plans. Your health provider may offer you a payment plan, which can help you break down the cost of IVF treatment and pay it in instalments. Some providers have also partnered with buy now pay later services, where you get to pay in instalments without interest. You should talk to your health provider to find out more.
• Overdraft. An overdraft facility can be set up with your current bank and linked to your transaction account. This facility allows you to overdraw your account up to the given limit. This limit will be agreed upon by the applicant and the bank, and will depend on the financial position of the borrower. With overdrafts, you only have to pay for what you borrow. Interest charges will apply. If you have a good relationship with your bank, you may be able to get an overdraft even if your credit isn’t perfect.
• Line of credit. This is a form of revolving credit. Here the lender gives you ongoing credit up to a certain limit. You can borrow when you want and pay for what you’ve borrowed, not the entire credit limit. Interest charges apply on the amount you’ve borrowed. In contrast to lump sum loans like secured or unsecured loans, you can borrow the money as and when you want it.
• Credit card. You can also use a credit card to pay for your IVF treatments. Depending on your limit, you may be able to cover your costs. Keep in mind that interest rates on credit cards are higher than other personal loans. There is also no set repayment period, so you may fall into debt if you don’t keep on top of your payments.
• Buy now pay later. IVF Australia has a partnership with Zip Money to help Australians pay for IVF treatment over time. It has a 12 month interest free period. You'll need to meet with an IVF consultant to get a quote first.

How much can I borrow for an IVF loan?

This will depend on the type of loan you apply for. For a secured loan, you can borrow up to $100,000, while the limit for an unsecured loan is $50,000. You can get lines of credit up to $75,000, and overdrafts up to $30,000.

How much you're approved to borrow for a personal loan or any other form of credit will depend on your credit score, income and any other debts or expenses. Products like overdrafts or BNPL may only offer smaller amounts until you've proven some months of repaying.

How do I compare my IVF loan options?

Here’s what you need to consider when comparing your loan options:

• Check rates and fees. The interest rate is what you'll be charged for borrowing money. You should compare both the interest rate and the comparison rate to find a lower rate. Comparison rates are inclusive of interest and associated loan fees. Checking the fees is important as some loans come with low interest rates, but high fees. This drives up the cost of the loan and may offset the savings you make with low interest rates.
• Calculate repayments. Use a loan repayment calculator to make sure you can comfortably afford the repayments.
• Check borrowing amounts. Each loan will have its own minimum and maximum borrowing amounts. This should help you understand whether or not the loan will give you sufficient financial coverage.
• Find a loan that's right for your needs. If you want funding on a revolving basis and not in one go, then search for a loan that allows that.
• Consider eligibility. Check what the lender’s requirements for the borrower are. You should only apply for a loan if you tick all the boxes and meet the lender’s minimum requirements. If you don’t meet their criteria, your application is likely to get rejected.
• Find out turnaround times. You'll want to know you're going to get the loan in time for when you need it. Most lenders now have online applications where you can keep an eye on their application processing times and when you might receive the money.
• Take note of additional features. For instance, can you repay the loan early or make additional repayments?

What do I need to be careful of with IVF loans?

• Getting into debt you cannot afford. Check the cost of the loan and make sure you can afford it. You should be able to comfortably include your repayments in your budget. You should also avoid borrowing more than you need.
• Disreputable lenders. Unfortunately, there are disreputable lenders that offer what appear to be attractive rates or financing for bad credit applicants. You should be wary of any offer that seems too good to be true. It’s best to check if the lender is reputable and what their history is. You should also be wary of loan sharks that charge extremely high interest for desperate borrowers. You should check the lender's website and make sure they’re a reputable company. Also check if they’re registered with ASIC. Plus, they should be easy to contact.
• Multiple applications. Every loan application shows up on your credit report. Several applications within a short period can have a negative impact on your credit score. This can make it harder for you to get a loan in the future. Select a single loan and lender that you’re eligible for and that suits your needs and apply with them.
• Long-term repercussions and legal issues. Once you sign a loan agreement, you are bound to its conditions. You will have to pay the loan and all the fees. Keep in mind that for unsecured loans, the lender can initiate legal proceedings against you if you don’t repay the loan. It can also report the debt to a credit reporting body like Equifax and use the services of a debt collector. For secured loans, your asset could be repossessed if you default.

How can I apply for an IVF loan?

1. Plan your needs.Work out what type of loan you need, how much you need to borrow and what you can afford.
2. Compare.Start comparing lenders and loan products. Don't forget to compare interest rates, fees and eligibility criteria. You can use Finder’s comparison table to help you.
3. Select a lender. Click “Go to site” to be directed to the lender’s page, or “More info” if you want to read about the lender.
4. Prepare documentation. Organise and prepare the required documentation, such as identification and payslips. This will make the application process easier.
5. Apply. Most lenders have their applications online.

Frequently asked questions about IVF finance

• What happens if I'm rejected for an IVF personal loan?

  If you've been rejected for a personal loan, it's important that you don't rush into applying for another loan. IVF is a personal and often emotional time so it's frustrating to have any setbacks, but you don't want to rush into any decisions that might have long-lasting financial effects.

  Multiple rejected applications can be bad for your credit score so you should first take stock to see why you've been rejected. If you have an average or bad credit score, you may need to improve your record before you apply again.

  If you have an excellent credit score but you were still rejected, you can ask the lender for more information about why you were rejected. It might be that you didn't fit the eligibility criteria, you requested a loan amount outside of their limits, or you didn't fit some other borrower checks.

  Once you've spoken to the lender they might be able to help you reapply with a slightly different application or you'll be better prepared to find another loan that suits you better.

  You can find a full guide on what to do if you've been rejected for a personal loan here.

• Can I get a short-term or payday loan for IVF treatment?

  Short-term loans or payday loans should only ever be used as a very last-resort solution, especially when it comes to larger amounts of money. These credit options often have very high interest rates and you'll end up paying above and beyond, with only short periods of time to pay the loan back. If you can't repay on time you'll face even higher costs.

• What can I do to improve my chance of approval?

  To improve your chance of approval for a personal loan for your IVF treatment, first make sure your credit profile is in good condition. You'll ideally have an Excellent credit score, but a Good credit score will also be accepted (you may be offered higher interest rates though).

  You should also make sure you've double checked the lender's eligibility criteria and loan terms.

  Other ways to increase your chance of approval are:

  • Reduce any other debts or credit card limits.
  • Cut back on discretionary spending, especially things like food takeaways or online shopping.
  • Ensure you have the required documentation ready to upload, like pay slips and identification.
  • Consider securing an asset against the loan, like the equity in your property or a vehicle.

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Written by

Rebecca Pike

Editor, Money

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Rebecca Pike is Finder’s money editor, with over 7 years of experience in mortgages and personal finance. A frequent TV and radio commentator, she frequently appears on Sunrise and 7News, Today and 9News, as well as Sky News, Channel 10 and across radio and print. Rebecca previously served as Editor of Mortgage Professional Australia. She has a Master’s degree in Journalism as well as ASIC-recognised certifications in Tier 1 Generic Knowledge and Tier 2 General Advice Deposit Products, which comply with ASIC guidelines. See full bio

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