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Wedding Loans

If something new is harder to cover than something old and something borrowed, you might want to consider a wedding loan.

The most important day of your life can be very expensive. From the dress and the venue to the catering and the wedding cars, your special day can cost you in upwards of $50,000. If you don’t have that money saved, you may be looking at other ways to finance your wedding. Our guide below details the different loan options you have available and how to find the right one for you.

Citi Personal Loan Plus

Citi Personal Loan Plus

From

8.99 % p.a.

variable rate

From

9.67 % p.a.

comparison rate

  • Loan amounts from $5,000
  • Offers a reusable credit facility
  • Repay over 5 years
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100% confidential application

Citi Personal Loan Plus

A reusable credit facility of up to $75,000. Receive a tailored interest rate between 8.99% p.a. and 17.99% p.a. (9.67% p.a. to 18.6% p.a. comparison rate) based on your risk profile.

  • Interest rate from: 8.99% p.a.
  • Comparison rate: 9.67% p.a.
  • Interest rate type: Variable
  • Application fee: $0 ($199 establishment fee waived)
  • Minimum loan amount: $5,000
  • Maximum loan amount: $75,000
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Loans that you could use to finance your wedding

Updated August 26th, 2019
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Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Service Fee Monthly Repayment
From 8.99% (variable)
9.67%
$5,000
3 to 5 years
$0 ($199 establishment fee waived)
$10
You'll receive a variable rate between 8.99% p.a. and 17.99% p.a. (9.67% p.a. to 18.6% 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: The establishment fee will be waived if you apply before 30 September 2019.
8.99% (fixed)
9.13%
$5,000
2 to 5 years
$100
$0
You'll receive a fixed rate of 8.99% p.a.
Benefit from no ongoing fees, no early repayment fees and flexible loan terms on amounts up to $30,000.
From 8.95% (fixed)
10.56%
$5,000
18 months to 7 years
$495 (Based on $10,000)
$13
You'll receive a fixed rate between 8.95% p.a. and 16.95% p.a. based on your risk profile
Apply for loans from $5,000 and get a dedicated loan manager. No security required.
From 5.99% (variable)
7.55%
$5,000
1 to 7 years
from 2% to 5% of the loan amount
$10
You'll receive a personalised interest rate from 5.99% p.a. to 25.99% p.a. based on your risk profile
Borrow up to $50,000 to pay for what you need.
9.89% (fixed)
10.14%
$5,000
1 to 7 years
$175
$0
You'll receive a fixed rate of 9.89% p.a.
An unsecured loan from $5,000 with flexible repayments and no monthly fee.
From 6.99% (fixed)
7.69%
$5,000
3 to 5 years
$500 (Upfront fee)
$0
You'll receive a fixed rate between 6.99% p.a. and 28.69% p.a. based on your risk profile.
Apply for a loan up to $70,000 and repay your loan over 3 or 5 years terms.
From 5.85% (variable)
7.84%
$2,001
6 months to 5 years
$299
$0
You'll receive a variable rate from 5.85% 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.
12.99% (fixed)
14.14%
$4,000
1 to 7 years
$0 ($250 establishment fee waived)
$12
You'll receive a fixed rate of 12.99% p.a.
Benefit from the security of a fixed rate with the flexibility of additional repayments. Existing Westpac customers may qualify for discounts. Note: Establishment fee will be waived if you apply and are approved before 30 September 2019.
From 10.69% (fixed)
11.58%
$5,000
1 to 7 years
$150
$10
You'll receive a fixed rate between 10.69% p.a. and 18.69% p.a. ( 11.58% p.a. to 19.53% p.a. comparison rate) based on your risk profile
An unsecured loan up to $55,000 you can use for a range of purposes and pay off over up to 7 years. Note: Majority of customers will get the headline rate of 12.69% p.a. (13.56% p.a. comparison rate) or less. See Comparison rate warning in (i) above.
From 12.99% (fixed)
14.06%
$2,000
1 to 5 years
$0 ($195 establishment fee waived)
$12
You'll receive a fixed rate between 12.99% p.a. and 18.9% p.a. based on your risk profile
A low minimum borrowing amount of $2,000 to fund a range of purposes. Note: Establishment fee will be waived if you apply and are approved before 30 September 2019.
From 13.99% (fixed)
15.19%
$3,000
1 to 7 years
$250 (Loans under $5000 - $140)
$13
You'll receive a fixed rate between 13.99% p.a. and 29.99% p.a. based on your risk profile
Apply for what you need from $3,000 and use it for a range of purposes. Flexible repayments options.
From 7.93% (fixed)
8.77%
$1,000
1 to 5 years
$500 (from $100 to $500)
$10
You'll receive a fixed rate between 7.93% p.a. and 18.87% p.a. based on your risk profile
An unsecured loan with a low minimum borrowing amount and flexible repayment options.
10.99% (fixed)
12.21%
$20,000
1 to 7 years
$250
$13
You'll receive a fixed rate of 10.99% p.a.
A secured or unsecured loan available to homeowners with a large minimum borrowing amount of $20,000. Benefit from flexible repayments and fast approval.
From 8.05% (fixed)
9.06%
$2,000
1 to 7 years
1.5–6% of your total loan amount
$0
You'll receive a fixed rate from 8.05% p.a. based on your risk profile
A personalised loan from $2,000 to $50,000 that varies based on your credit history and financial situation.
From 12.99% (variable)
16.42%
$3,000
1 to 7 years
$200
$10
You'll receive a variable rate of 12.99% p.a.
Apply for up to $50,000 and benefit from features such as fast approval, free online redraws and no penalties for early repayment.
From 9.54% (variable)
9.83%
$3,000
Up to 5 years
$200
$0
You'll receive a variable rate of 9.54% p.a.
A low minimum borrowing amount of $3,000 that you can use for a range of purposes. Benefit from member discounts and flexible repayments. Only available to QLD residents
10.89% (variable)
11.15%
$30,000
1 to 7 years
$175
$0
You'll receive a discounted variable rate of 10.89% p.a.
Borrow over $30,000 and receive a discounted interest rate. No monthly fees and a redraw facility also available.
From 10.69% (variable)
11.58%
$5,000
1 to 7 years
$150
$10
You'll receive a variable rate between 10.69% p.a. and 18.69% p.a. ( 11.58% p.a. to 19.53% p.a. comparison rate) based on your risk profile
An unsecured loan up to $55,000 you can use for a range of purposes. Benefit from fee-free additional repayments and a redraw facility. Note: Majority of customers will get the headline rate of 12.69% p.a. (13.56% p.a. comparison rate) or less. See Comparison rate warning in (i) above.
From 12.99% (variable)
14.06%
$2,000
1 to 7 years
$0 ($195 establishment fee waived)
$12
You'll receive a variable rate between 12.99% p.a. and 18.9% p.a. based on your risk profile
A low minimum borrowing amount of $2,000 plus the convenience to make extra repayments and redraw them if you need them. Note: Establishment fee will be waived if you apply and are approved before 30 September 2019.
From 7.88% (variable)
8.72%
$1,000
1 to 7 years
$500 (from $100 to $500)
$10
You'll receive a variable rate between 7.88% p.a. and 18.82% p.a. based on your risk profile
An unsecured loan with flexible repayment options and a low minimum borrowing amount.
From 7.5% (fixed)
9.51%
$5,000
2 to 5 years
$3
$0
You'll receive a fixed rate between 7.5% p.a. and 19.99% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.

Compare up to 4 providers

What are the different wedding loans and how do they work?

Couples looking for a way to finance their wedding have a few loan options to choose from. The option you choose will depend on your current financial circumstances, the way you want to use the loan, your outstanding debts and active credit accounts. Here are the options you may want to consider:

  • Personal loan.

    As the loan will be used to finance personal items, you may want to consider an unsecured loan. These loans place no restrictions on the way you use the amount, so you can use some of it to buy a dress, book a venue and even pay for some of the honeymoon. You are able to choose between a variable and fixed rate loan option, and can usually borrow the money for between one and seven years.

  • Line of credit.

    A line of credit may be an option if you are unsure whether you will need to borrow money. Lines of credit work by you setting up an overdraw limit on one of your active bank accounts, and from there you are able to access money up to and including that amount. You will be charged a set interest rate when you access the additional money, while you may also be charged fees to have this feature available to you. You can talk to your current lender to see if this option might be a good choice for you.

  • Credit card.

    If you already have a credit card with a competitive interest rate and find that it will be better value than a loan, then you may want to consider using your credit card to make wedding-related purchases. If you are planning to put a few purchases on your card you may want to consider a 0% p.a. purchase card, or if you accumulate debt on your credit card you can also transfer your debt over to a 0% p.a. balance transfer credit card. You can take a look at these products using the navigation menu on the top of this page. Keep in mind the limit of your card and whether this will be enough for you.

  • Bad credit personal loans

    If you're one of the millions across Australia who suffers from an impaired credit score then there is still hope for you to afford your dream wedding. You could be eligible for up to $10,000 with a bad credit wedding loan provider. There are some lending companies in Australia that look past a bad credit history and lend you money. Whilst you may not get the whole $10,000 you are looking for, it could be the difference between your dream wedding and a nightmare.

How you can compare wedding loans

  • The features on offer. Some lenders offer features on a loan that can help you save money. For example, some may allow you to bundle a personal loan with other financial products to get a discount. Other lenders may have flexible repayment options, or if you opt for a credit card you may be able to earn rewards points for your purchases. Take a look at some features offered by these lenders and see if any of them appeal to you.
  • Flexibility of the loan. The flexibility of this loan should suit the way you plan to use it. For example, you should check if you are able to repay the loan early, or if you will be able to extend the loan or opt for an ‘interest-only’ option if you are struggling to make your repayments.
  • Repayment options. This is a feature that can help reduce the amount of interest you pay on your loan. Some lenders may let you make additional repayments, but they may charge you to be able to do this. This can offset any benefit you get from making the extra repayments, so check the associated fees before you apply.
  • Fixed or variable interest rate. There are benefits and drawbacks to both of these rate options, and the one you choose will depend on a few factors. A fixed rate option can help you plan your repayments because you know what they will be over the course of the loan, but this may also mean you miss out on lower interest rates. Fixed rate loans are usually available for a maximum of five years. Variable rates fluctuate over the life of the loan, which makes it hard to budget for the repayments. However, these loans are generally available for as long as seven years and you may also save money from lower variable rates.

Loans for wedding rings

Things to consider before you take out a wedding loan

Before applying for a wedding loan it's crucial to understand the financial commitment required for servicing the borrowed amount. You and your future partner should sit down and discuss your financial situations beforehand. Below are some of the questions you should be discussing.

  • What are the fees that you'll be charged?

    When you look at the fees of a loan you should remember to check the upfront fees as well as ongoing charges. Upfront fees cover the cost of setting up the loan, for example establishment fees, and ongoing fees can include monthly account-keeping fees or amounts you will be charged for using some of the features of the wedding loan, such as making additional repayments. You should also be aware of late fees and any fees which may apply for paying back the loan amount early.

  • What interest rate are you being offered?

    When looking at the rate offered by the lender, make sure to check whether the rate is fixed or variable. You can also see if the lender offers an introductory rate that can help you save money in the first stages of the loan.

  • Is the wedding loan amount and terms affordable for you both?

    You need to ensure that the amount you want to borrow and the length of time you want to borrow it for is offered by the lender. You can check the minimum and maximum loan amounts each lender offers and see if they suit your needs.

Other financial obligations to consider for your wedding

Whether you're having a small ceremony, or an all out extravaganza for your big day, there is always going to be a range of items and services you may need finance for.
Consider the expenses below:

  • Engagement party invites
  • Engagement party venue
  • Engagement party food and drinks
  • Hens/bucks party and bridal showers
  • Wedding invites and thank you gifts
  • Wedding dress and accessories
  • Bridesmaids dresses and accessories
  • Groom/groomsmen suits and accessories
  • Flowergirls, ushers and pageboys
  • Wedding location/church and marriage celebrant
  • Reception location, catering and decorations
  • Photography and videography costs
  • Entertainment considerations
  • Make up, hair facials for bride and bridal party
  • Transport to and from wedding
  • First night hotel stay
  • Honeymoon

How you can apply for a wedding loan

To apply for a loan to help you finance your wedding, you can first compare your options using the comparison tables above. Depending on the type of finance you’re after, you can compare products using the navigation menu at the top of this page. When you find the right loan and would like to apply, click the ‘Go to site’ button to be directed to the lender’s website.

To apply for a loan in Australia you will generally need to be over the age of 18 years, be a permanent Australian resident and have a good credit rating. There are also bad credit personal loan options available. When you apply, you will need to provide the following:

  • Personal details including your name, age and proof of your identity
  • Financial details including your assets, debts and liabilities
  • Employment details including your income and the name and contact details of your employer

There are ways to finance your wedding when you don't have the money available. Compare your options and make sure you're applying for a loan that's competitive and affordable to you on your budget.

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Personal Loan Offers

Important Information*
Logo for Citi Personal Loan Plus
Citi Personal Loan Plus

You'll receive a variable rate between 8.99% p.a. and 17.99% p.a. (9.67% p.a. to 18.6% 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: The establishment fee will be waived if you apply before 30 September 2019.

Logo for ING Personal Loan
ING Personal Loan

You'll receive a fixed rate of 8.99% p.a.
Benefit from no ongoing fees, no early repayment fees and flexible loan terms on amounts up to $30,000.

Logo for NOW FINANCE Personal Loans
NOW FINANCE Personal Loans

You'll receive a fixed rate between 8.95% p.a. and 16.95% p.a. based on your risk profile
Apply for loans from $5,000 and get a dedicated loan manager. No security required.

Logo for Westpac Unsecured Personal Loan
Westpac Unsecured Personal Loan

You'll receive a fixed rate of 12.99% p.a.
Benefit from the security of a fixed rate with the flexibility of additional repayments. Existing Westpac customers may qualify for discounts. Note: Establishment fee will be waived if you apply and are approved before 30 September 2019.

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2 Responses

  1. Default Gravatar
    steveDecember 27, 2016

    hi,sourcing a loan for our upcoming marriage in march 2017, regards
    steve

    • Avatarfinder Customer Care
      DeeDecember 27, 2016Staff

      Hi Steve,

      Thanks for reaching out.

      If you are looking to apply for a loan to fund your wedding, you can check and compare your options in the above comparison table. Please click the name of the loan product you are interested in to check the eligibility criteria and requirements to apply before clicking the “go to site” button to submit your application.

      Cheers,
      Anndy

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