Cosmetic Surgery Loans

What is a cosmetic surgery loan?

A cosmetic surgery loan is money your borrow that you use to pay for cosmetic surgery. For the privilege of borrowing these funds, you'll be charged interest that you have to repay every month. You may also have to pay an establishment or monthly fee, which is why it pays to compare.

Specialised cosmetic surgery loans and medical payment plans

When navigating the costs of elective surgery, it is important to distinguish between 'specialised cosmetic surgery loans' and standard unsecured credit. Specialised medical payment plans are often tailored specifically for the healthcare sector, sometimes involving direct coordination between the lender and your surgical clinic.

Research suggests approximately 7 million Australians, or 38% of the adult population, are considering undergoing cosmetic surgery in the next decade according to the Australasian College of Cosmetic Surgery and Medicine via Qualtech.

Comparing approval timeframes: Fintech vs traditional banks

A critical factor in planning your procedure is the speed of approval. Because many surgical consultations have a limited window for booking, the type of lender you choose will impact your timeline.

Fintech and online lenders: These providers often use automated credit assessment technology to offer near-instant conditional approval. Full approval and funding can frequently be completed within 24 to 48 hours.

Traditional banks: While they may offer competitive rates for existing customers, the manual review process typically takes between 3 and 7 business days.

Specific fee examples for medical-related loans

To understand the real cost of a medical payment plan, you must look beyond the interest rate. Below are typical fee structures you might encounter with specialised medical lenders:

What options do you have to finance cosmetic surgery?

When looking for a cosmetic surgery loan, you can consider the following options:

Personal loan

Personal loans allow you to borrow money either using an asset as security or with an unsecured loan, and you can choose a variable or fixed rate option. Depending on the loan you choose, you may be able to borrow between $3,000 and $200,000 for a term of between 1 and 5 years for fixed rate loans or 1 and 7 years for variable rate loans.

Credit card

Depending on your credit limit, you may be able to finance part of your procedure or even the entire thing. If you plan on using an existing card, confirm the interest rate you will be charged and whether you will be able to manage the minimum repayments. If you decide to get a new card, you may want to opt for one with 0% p.a. on purchases so it can save you money on interest.

Medical loan

Some lenders specialise in finance for medical and cosmetic procedures, and often work directly with your clinic or surgeon. Because they focus on these procedures, they're likely to be familiar with the costs involved. Loan amounts are usually smaller than standard personal loans. For example, TLC lends up to $70,000 and MediPay up to $30,000. Compare the interest rate and fees carefully, as rates on these plans are often higher than other finance options. You may also pay establishment and monthly fees.

How you can compare cosmetic surgery loans

• Loan terms. You should try and determine a realistic length of time that you may need to pay back the loan in full then check that these terms are offered by the lender. The length of time you borrow for may affect the amount of interest you pay over the life of the loan and the cost of your repayments.
• Loan amount. Before signing up for the loan, you should check that you will be able to borrow the full amount of money you want. Some lenders have set minimum and maximum amounts, while the amount you will be approved for is also dependent on your credit history.
• Fixed or variable. Fixed rate loans have a set rate for the life of the loan, allowing you to plan your repayments. Variable rate loans may have a fluctuating rate, but you may also be able to take advantage of good market conditions that afford you a lower rate. Variable rate loans tend to offer longer loan terms as well.
• Repayment options. Most personal loans will have the option of weekly, fortnightly or monthly repayments that you can align with your budget, but some lenders are more restrictive. You should also see if you are able to make additional repayments without incurring fees as this option can help you save money on interest.

What to consider with a cosmetic surgery loan

• Fees. Before you sign up for a loan, you should check all applicable fees that you might incur. Look for fees that you will be charged for the loan to be set up, ongoing loan administration fees plus fees you may be charged for closing the loan early or for making additional repayments.
• Interest rate. The interest rate may be fixed or variable. Although the rate contributes significantly to the cost of the loan, you need to consider this alongside other costs, such as fees, to get an idea of the real cost of the loan.
• Restrictions. Depending on the lender you go with, there may be certain restrictions placed on the loan. For instance, you may not be able to make additional repayments or be able to pay back the loan early. Make sure you are familiar with all aspects of the loan before you apply.

How you can apply for a loan for your cosmetic procedure

To apply for a personal loan or credit card to finance a cosmetic procedure, compare your options on finder.com.au and click through to your chosen lender’s website to fill out an online application form. Eligibility requirements will differ between lenders, but you will typically need to be over the age of 18, a permanent Australian resident and have a good credit rating. You will also need to provide the following details when you apply:

• Personal details including your name, age and proof of your identification
• Financial details including your assets, debts and liabilities
• Your income and pay frequency, which may require payslips or tax returns
• Your employer’s name and contact information

Unsecured personal loan information and options

Frequently asked questions about loans for cosmetic surgery

• Can I use a personal loan for any type of cosmetic surgery?

  Yes, you can generally use a personal loan for most types of cosmetic and plastic surgery, including elective and reconstructive procedures. However, some lenders may have restrictions around purely elective surgeries, so it's best to check with your lender before applying.

• How much can I borrow for cosmetic surgery?

  Most personal loans for cosmetic surgery range from $2,000 up to $200,000, depending on your credit score, income and the lender's criteria. The amount you can borrow will also depend on how much you can comfortably repay over the loan term.

• Do I need to provide a medical quote when applying for a cosmetic surgery loan?

  Some lenders may ask for a cost estimate or quote from your medical provider to confirm how much you need to borrow and what the funds will be used for. Others may not require documentation if the loan is unsecured.

• Can I use buy now pay later (BNPL) services for cosmetic surgery?

  A few clinics offer buy now pay later options for minor procedures, but most major surgeries require upfront payment. For larger costs, a personal loan or medical finance product is usually more appropriate.

• Are there interest-free options for cosmetic surgery finance?

  Some clinics and specialised medical financiers offer interest-free periods on smaller loans, often for 6 to 24 months. After that, a higher rate may apply. Always read the terms carefully to understand repayments once the interest-free period ends.

• Will applying for a cosmetic surgery loan affect my credit score?

  Submitting a full loan application will trigger a credit inquiry, which can temporarily lower your credit score. However, making on-time repayments can help improve your credit score over time.

• Do I have to pay the clinic directly from the loan funds?

  It depends on the lender. Some will transfer funds directly to the clinic, while others deposit the loan amount into your account so you can pay your surgeon yourself.

• Is cosmetic surgery covered by Medicare or private health insurance?

  Medicare and private health cover only apply in limited cases where surgery is medically necessary, such as reconstructive procedures after an accident or illness. Purely elective or aesthetic surgeries are not covered.

• What are the risks of using a personal loan for cosmetic surgery?

  The main risks include taking on debt you might struggle to repay, paying more in interest over time and committing to repayments even if you're unhappy with the results of your procedure. Always ensure you fully understand the costs and risks before applying.

• How much does common cosmetic surgery typically cost in Australia?

  Costs vary significantly but typical ranges include $8,000 to $15,000 for breast augmentation, $12,000 to $20,000 for a tummy tuck and $10,000 to $20,000 for rhinoplasty. These estimates usually encompass the surgeon's fee, anaesthetist fees and hospital theatre costs.

• Can I get a cosmetic surgery loan if I am on Centrelink?

  Yes, some specialized lenders offer cosmetic surgery loans to individuals receiving Centrelink payments, provided you meet their specific income and serviceability tests. You will generally need to prove that your total income is stable and sufficient to manage the repayments alongside your other living expenses.

• Can I use a personal loan for cosmetic surgery performed overseas?

  Yes, you can use a standard unsecured personal loan for surgery abroad, though specialized medical payment plans are often restricted to Australian clinics. If you choose a general-purpose loan, you can use the funds to cover international surgical fees, flights and accommodation.

• Can the loan cover post-operative care and garments?

  Yes, funds from a cosmetic surgery loan are flexible and can be used for all related costs including prescription medications, compression garments and follow-up consultations. It is advisable to factor these secondary expenses into your initial loan application to ensure you are not left with out-of-pocket costs during recovery.

• How long does it take to get approved for a cosmetic surgery loan?

  Approval typically takes between a few minutes and two business days depending on the lender and the completeness of your documentation. Many online fintech lenders provide instant conditional approval and can fund the loan within 24 hours of receiving your signed contract.

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Written by

Alanna Glenn

Money Expert

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Alanna Glenn is an experienced personal finance expert who is passionate about delving into the nitty-gritty of complex financial and legal topics. She holds a Bachelor of Commerce (Hons) from McMaster University and a Canadian Securities Course (CSC) certification from the Canadian Securities Institute. Alanna worked at Finder in various roles from 2017 to 2024. See full bio

Co-written by

Bria Horne

Writer

Bria Horne was a writer for Finder, with a specialist knowledge of personal loans, car loans and business loans. Originally from the UK, Bria has been a professional personal finance writer in Australia for over 2 years. She has an M.A and B.A in Philosophy and Literature from the University of Sussex, and previously worked on the UK’s leading hospitality publication. See full bio