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The most important day of your life can be very expensive. From the venue to the catering, the dress and the wedding cars, the costs for your special day quickly add up. According to Moneysmart, the average Australian wedding costs $36,000. 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 wedding loan options you have available and how to find the right one for you.
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Plenti offers this unsecured personal loan with a fixed or variable rate. Receive a tailored interest rate from 5.99% p.a. based on your risk profile.
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, how you want to use the loan, your outstanding debts and active credit accounts.
Here are the options you may want to consider:
As the loan will be used to finance personal items, you may want to consider an unsecured personal loan. These loans place no restrictions on the way you use the amount, so you can use some of it to buy the 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.
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.
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.
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.
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.
Whether you're having a small ceremony or an all-out extravaganza for your big day, there is going to be a range of items and services you may need finance for. And some of these wedding additions may cost more than you'd originally thought. In the table below are some of the expenses you can expect and their average costs according to surveys by easyweddings.com.au and truebride.com.au.
Consider the expenses below:
Expense | Average cost in Australia | Expense | Average cost in Australia |
Wedding invites, thank you notes and placeholders | $675 | Catering and wedding cake | $6,188 |
The wedding dress and accessories | $2,330 | Flowers and decorations | $1,565 |
Groom/groomsmen suits and accessories | $1,446 | Photography and videography costs | $3,320 |
Bridesmaids dresses and accessories | $854 | Entertainment considerations | $1,693 |
Flowergirls, ushers and pageboys | $168 | Makeup, hair styling and facials for bride and bridal party | $743 |
Wedding venue | $15,258 | Transport to and from wedding | $675 |
Marriage celebrant | $794 | First-night hotel stay | $315 |
Alcohol and beverages | $3,377 | Honeymoon | $5,603 |
You don't have to spend a fortune to have the perfect day. There are lots of ways to cut costs on your wedding if the price is looking too steep. Remember that you're building the foundations of a marriage, and financial stability is an important factor.
Splurge on where it's important to you and your partner, and cut back where it's not. And don't give in to family pressure. Remember, this is your big day.
To apply for a wedding loan, you can 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 where you can submit an application.
To apply for a loan in Australia you will generally need to be over the age of 18 years, a permanent Australian resident and have a good credit rating. There are also bad credit personal loan options available if your credit history is less than perfect. When you apply, you will need to provide the following:
Remember to compare your options and make sure you apply for a loan that's competitive and affordable to you.
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hi,sourcing a loan for our upcoming marriage in march 2017, regards
steve
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