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.
What options do you have to finance cosmetic surgery?
When looking for a cosmetic surgery loan, you can consider the following options:
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 1 and 5 years for fixed rate loans or 1 and 7 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.
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 being 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.
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.
According to figures released in May 2023 by the Cosmetic Physicians College of Australasia, Australian's annual spend on minimally or non-invasive cosmetic procedures topped the $1 billion mark for the first time.
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
Frequently asked questions about loans for cosmetic surgery
Why compare personal loans with Finder?
Our personal loan comparison is completely free to use. There are no costs at all for you to use our database to find a better deal. Better still, we regularly run exclusive deals that you won't find on any other site.
We've researched and reviewed hundreds of loans as part of our Finder Awards. Our database and tables are always up-to-date and our in-house experts regularly appear on Sunrise, 7News and SBS News.
We are independently owned and have a mission to help Australians make better financial decisions. That means our opinions are our own and you can compare nearly every personal loan in Australia (and find a better deal).
Since 2014, we've helped 300,000+ people find a personal loan by explaining your options simply. You don't need to give us any details to use our comparison. We're here to help you make a decision.
We're here to help
More guides on Finder
462 Visa Health Insurance
Find out who the 462 Visa is for and what the healthcare requirements are.
Ask an Expert