Dental work can end up being a very expensive procedure, even with private health insurance, so taking out a loan is often a solution.
You can take out a standard personal loan or a specific loan for dental procedures, but there are alternatives to a loan as well.
If you're comparing dental loans, be sure to look for one with a lower interest rate as well as flexible repayment options.
What is a dental loan?
A dental loan is a personal loan used to finance dental work. You can take out a dental loan to pay for your dental bill in its entirety or you could use one to bridge the gap after private health insurance.
The loan may be a standard unsecured or secured personal loan. There are also specialised loans from a specific lender. Some dental practices also offer their own payment plans, or may be partnered with interest-free buy now pay later services. In some cases, credit cards can also be an option to pay for dental bills.
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How do dental loans work?
With a dental loan, a lender or a bank lends you money to cover the cost of your dental bills. Depending on the type of loan, you may be able to borrow as little as $100 or as much as $50,000.
A loan for paying dental bills works the same as any other loan. You have a repayment period, during which you have to make regular payments. These payments will include interest and fees. Depending on the loan you apply for, the loan term will also vary.
What can I use a dental loan for?
You can use a dental loan for just about any dental procedure. This can include cosmetic dental procedures, general or orthodontic treatments. This can range from getting braces to root canals and fillings to teeth whitening.
How much does dental work cost?
The cost of dental work varies greatly, depending on the work you need to have done. For instance, the lowest cost for a dental check-up can be $40 but averages around $166.
Likewise, white fillings can range from $130 to an average of $244. Wisdom tooth extractions can start from $150 but go beyond the average of $366. Root canals can start at $550 and go well above the average of $1,225.
Braces can cost anywhere between $6,000 and $15,000 depending on the type of braces. For families with 1 or more children in need of braces, the costs can really add up.
What you can pay for through dental insurance depends entirely on your insurer and the kind of coverage you have. Some policies will cover a certain percentage of your bill. Others may pay a set amount for specific treatments or services. There may also be limits to how much you can claim each year.
Cost of dental work scares Australians away from dentist
According to a Parliament policy briefing, Australians are spending around $7.6 billion a year on dental work which isn't covered by Medicare.
The Australian Bureau of Statistics also says that 17.6% of people avoided or delayed seeing a dental professional in 2022-23 because of cost.
Secured loan. For loans between $1,000 and $100,000. A secured loan requires an asset to be put up as loan security, such as a vehicle, home equity or jewellery. You can generally use the funds however you wish, but you may only be able to borrow up to the value of the asset. The asset must have a value greater or equal to that of the loan. Secured loans come with lower interest rates and higher borrowing limits. However, if you default on the loan, your asset can be repossessed.
Unsecured loan. For loans between $1,000 and $50,000. 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 dental bills.
Specialised dental loan. Some lenders offer loans tailored to dentistry and can help you finance a range of procedures. Specialist loans include payment plans offered by your dentist, as well as third-party providers.
What alternatives are there to personal loans for dental work?
Overdraft. An overdraft facility can be added to your transaction account with your current bank. This facility allows you to overdraw your account up to the given limit. This limit will be agreed upon with the bank and depends 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 for dental work. Depending on your limit, you may be able to cover your dental 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 stay on top of your payments.
Buy now pay later. These providers frequently partner with dental clinics to offer interest-free credit for dental procedures. With buy now pay later, you get to break up the cost into instalments and repay it without interest. The terms are generally short at around 4 or 5 fortnights. If you make all your repayments on time, you won't be charged extra fees.
Our expert says: Don't get into unnecessary debt
"Some dental work needs to be done and a loan might feel like your only option to pay for it. But cosmetic dental work might be something that can be delayed until you've saved up the money rather than putting yourself into debt for several years.
Either way, when you're comparing dental loans, try to find something you can pay back as fast as possible to avoid paying more in interest than you need to. Whether that's a shorter loan term or the flexibility of making extra repayments to pay the loan off sooner."
If you're wondering which type of finance is right, here's what you need to consider:
How much does the loan cost? In addition to the loan principal, you should consider interest and comparison rates. The comparison rate is presented as a percentage and gives you an indication of the true cost of the loan. 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.
Can I afford the loan? Does the loan sit comfortably in your budget or will you be left out of pocket? If it looks like you'll be struggling with repayments, you should consider another loan.
Does the loan amount cover my dental costs? Check the minimum and maximum borrowing amounts. This should help you understand whether or not the loan will give you sufficient financial coverage. You can also speak to lenders to get a better idea of whether the loan amount is suitable for your needs.
Do I want the funds in a lump sum or on an ongoing basis? If you want funding on a revolving basis and not in 1 go, then a loan that allows this may be the best option.
Am I eligible for the loan? Check the lender's requirements for the borrower. 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.
Will I be able to get the funds in time to pay my bill? Most lenders now have online applications. Keep an eye out for their application processing time and how long it will take for you to receive the money. You should receive the money when you need it.
Are there additional features I would like to have? For instance, can you repay the loan early or make additional repayments?
How can I apply for a dental loan?
Work out what type of loan you need, how much you need to borrow and what you can afford.
Start comparing lenders and loan products. Don't forget to compare interest rates, fees and eligibility criteria. You can use Finder's comparison table.
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.
Organise and prepare the required documentation. This will make the application process easier.
Apply. Most lenders have their applications online.
Frequently asked questions about dental loans
Given how expensive Australian dentistry is, it's no wonder that a number of Australians head overseas for dental work. This is also known as "medical tourism". Keep in mind that there will be additional expenses involved. Apart from the cost of dentistry, you should also account for flight tickets and accommodation. It may be cheaper to pay a local dentist. If you do decide to get medical work done abroad, it's important to have the right insurance as there may be risks involved too.
In most cases, you won't be able to access your super until you reach the preservation age. However, there are some situations where you may be able to access your super early. Under "compassionate grounds", you can apply with the Department of Human Services. This will enable you to access your super early to pay for medical costs. This includes dental work.
Before accessing your super, you should also consider if it's the best option. There may be more suitable options. You should also look into the drawbacks of withdrawing your super early.
Short-term loans, or payday loans, are alternatives to a standard personal loan or other form of finance. However, these are more dangerous forms of finance as they often charge high fees, particularly if you don't make a repayment on time.
It is usually better to take out another form of finance instead, but if you're considering a short-term loan you should understand the risks involved and be very confident that you can make the repayments.
Yes, you may be able to get a dental loan with bad credit. You'll likely have to pay a higher interest rate though, as personal loan rates are often personalised. You'll also probably have a lower borrowing capacity. You might be more likely to get a secured loan.
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.
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I need dental work. I need dentures. I’ve had 2 implants but one is not good and needs replacing. Today my dentist tells me I need 4 implants in total in my lower jaw.
Today I had impressions taken for dentures and the sister was over $1500. I have private health insurance but it’s not going to cover a fraction of the cost.
I’m so worried. I’ve had a really traumatic time with my oral work since last October when I had a full dental clearance.
What are my options?
Finder
RenchJuly 28, 2017Finder
Hi Kathryn,
Thanks for reaching out to us.
Please check our dental health insurance guide for helpful information and where you can compare your options. Please fill out the search tool on the page and click on ‘Search Policies’ to provide you a list of dental insurances that suit your needs.
Hope this helps.
Best regards,
Rench
annaOctober 11, 2016
I need dental loan of $600 for Thursday 12/10
Finder
ElizabethOctober 11, 2016Finder
Hi Anna,
I can’t recommend a lender for you but you can compare your personal loan options on the page above. Click through to the review page to see eligibility criteria and when you can expect to receive your loan amount.
Hope this helps,
Elizabeth
JoanneSeptember 3, 2016
I would like to get a loan to get my theeth fixed please thank you
Finder
ElizabethSeptember 5, 2016Finder
Hi Joanne,
You can compare unsecured personal loans on the page above, which may be used for dental work (depending on your eligibility). If you’re looking for a short-term loan, you can compare payday loans and give them a try.
If you're wanting to bolster your application, buy an asset with your partner or apply for a loan you're not eligible for by yourself, you can consider a joint application personal loan.
Find a low interest loan by comparing your options with Finder. See interest rates, fees, and features for loans across Australia, plus guides to help you get the best deal.
Find out exactly what you need to know when it comes to cheap personal loans, including working out if a loan is really competitive.
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Do you really need a loan today?*
I need dental work. I need dentures. I’ve had 2 implants but one is not good and needs replacing. Today my dentist tells me I need 4 implants in total in my lower jaw.
Today I had impressions taken for dentures and the sister was over $1500. I have private health insurance but it’s not going to cover a fraction of the cost.
I’m so worried. I’ve had a really traumatic time with my oral work since last October when I had a full dental clearance.
What are my options?
Hi Kathryn,
Thanks for reaching out to us.
Please check our dental health insurance guide for helpful information and where you can compare your options. Please fill out the search tool on the page and click on ‘Search Policies’ to provide you a list of dental insurances that suit your needs.
Hope this helps.
Best regards,
Rench
I need dental loan of $600 for Thursday 12/10
Hi Anna,
I can’t recommend a lender for you but you can compare your personal loan options on the page above. Click through to the review page to see eligibility criteria and when you can expect to receive your loan amount.
Hope this helps,
Elizabeth
I would like to get a loan to get my theeth fixed please thank you
Hi Joanne,
You can compare unsecured personal loans on the page above, which may be used for dental work (depending on your eligibility). If you’re looking for a short-term loan, you can compare payday loans and give them a try.
Hope this helps,
Elizabeth