Cosmetic surgery is becoming increasingly common in Australia, but that doesn’t mean that your healthcare provider will cover all of the procedures. If you have been looking at getting a cosmetic procedure but don't have the funds available, you may want to consider a cosmetic surgery loan. Jump forward to cosmetic surgery for bad credit borrowers.
Please note that the rates, fees and features mentioned here were correct at the time of publication.
Citi Personal Loan Plus
Citi Personal Loan Plus
Loan amounts from $5,000
Offers a reusable credit facility
Repay over 5 years
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.
In order to save money some Australians opt to go overseas countries such as Thailand, where cosmetic procedures are cheaper. These are referred to as "plastic surgery holidays", and although you may save yourself some money, you could expose yourself to some serious risks.
Australia’s medical services are among the best in the world, while procedures in other countries may not be as hygienic or safe. If you are considering an overseas procedure you may want to seek professional advice in order to understand the risks involved.
What options do you have to finance cosmetic surgery?
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 $100,000, for a term of between one and five years for fixed rate loans or one and seven years for variable rate loans.
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, with some cards offering this for as long as 12 months.
Some lenders specialise in providing financing options for people looking to get medical treatments and procedures. The benefit in dealing with these lenders is that they are most likely familiar with the type of procedures you are looking to finance and the costs that may be involved. They offer payment plans that offer loans for amounts up to $70,000, with reduced fees bring another common feature. Be wary of the interest rates that are charged with these loans as they tend to be considerably higher than with other finance options.
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 to. 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.
Options for those with bad credit
Sadly, bad credit is a reality for a majority of Australians but that shouldn't stop you from getting the surgery or procedure you deserve. Did you know that there are options for credit impaired borrowers so you can still get your implants or veneers in Australia or head to Thailand? Before you compare your options, ask yourself the following:
Are you sure you want the procedure? Cosmetic surgery is a serious medical procedure that is often irreversible. Before you apply for finance make sure you've properly made up your mind.
Have you researched the risks? There are various risks associated with different surgeries. Research these risks before you consider your finance options to ensure you understand what you're getting into.
How much will the surgery cost? This has to include the surgery plus any time you need to take off work or to pay for travel. Calculate your repayments and make sure you will be able to afford the loan for this amount.
Once you've asked yourself these and are still sure you want a bad credit cosmetic surgery loan, you can compare your options. Start with those in the table below.
Loans you can consider with bad credit
Updated October 23rd, 2019
What to consider with a cosmetic surgery loan
Fees. Before you sign up for the loan you should check all applicable fees that you might incur. You should 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.
What you'll pay for cosmetic surgery
There are a number of cosmetic issues facing Australians that can be resolved with general cosmetic surgery. Cosmetic enhancements include procedures such as brow lift surgery, reparation of bat ears or breast surgery. The cost of these types of cosmetic surgeries range from $2,000 up to $6,000 and can require one or two weeks off from work depending on which body part you are enhancing and the extent of the surgery.
Many people, especially men, turn to surgery to replace lost hair. This involves removing hair bearing skin from one area of the body and transplanting it onto the scalp. Afterwards, the patient may feel pain or throbbing in the area, making it necessary to take two to five days off from work until fully recovered. How much the procedure costs will vary depending on the extent of hair loss but can range from $5,000 to over $10,000.
Bariatric surgery is used as a weight loss method that helps the patient to control their appetite. This is done using a variety of methods including having a band placed around the upper portion of the stomach. These types of procedures start at around $3,000 but can be as high as $5,000. Many of these procedures are now done with laser treatments, making recovery time around 10 to 14 days.
Dental surgery requires the removal of teeth and/or the reconstruction of the jaw bone to position them better. Dental implants can cost up to $3,000 for a single tooth and range from $24,000 to $96,000 if you want your entire mouth cosmetically enhanced. You may be in pain for a few days following the procedure, so be prepared to take up to five days off from work.
Cosmetic dentistry is used by Australians to repair what is considered to be an abnormality with the mouth or teeth. Teeth whitening is a common procedure that averages about $500 a visit, and should not require any time off from work. Veneers, which are placed over the teeth to improve their appearance, will be anywhere from $800 to $1,200 per tooth.
Laser eye surgery
Laser eye surgery, or Lasik, corrects a person’s vision without the use of glasses or contact lenses. Instead, a laser is used to restore vision to the ideal 20/20. These types of laser treatments can range from $2,500 to $6,500 and as this is an outpatient procedure, you will need someone to bring you home afterwards. Expect that your vision will not be fully restored for up to five days following the procedure.
For Australian couples who are struggling to have a baby, IVF programs are often the only solution. These types of fertility treatments assist the couple with getting pregnant by using donor and implantation techniques. Recent advancements have made these procedures possible for as little as $800, but since they don’t always work the first time, it can become very costly for the couple.
ENT is a specialty in the ear, throat and nose. One of the most common procedures related to ENT surgery is rhinoplasty, which is a reshaping of the nose. These cosmetic procedures can cost up to $12,000, and you’ll also need 10 to 14 days afterwards to recover before being able to return to work.
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 generally, you will 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
Matt Corke is the head of publishing in Australia for Finder. He previously worked as the publisher for credit cards, home loans, personal loans and credit scores. Matt built his first website in 1999 and has been building computers since he was in his early teens. In that time he has survived the dot-com crash and countless Google algorithm updates.
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.
You'll receive a variable rate between p.a. and 16.40 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.
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