Wedding Loans

The average Australian wedding costs $36,000. A wedding loan can help you cover the costs of your big day.

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The most important day of your life can also be very expensive. According to Moneysmart, the average Australian wedding costs $36,000. While some couples save up for their wedding, you may be looking for ways to finance your wedding. There are a number of loans you can apply for, including personal loans.

Young couple getting married

OurMoneyMarket Personal Loan

OurMoneyMarket Personal Loan

From

5.45 % p.a.

fixed rate

From

6.07 % p.a.

comparison rate

  • Personalised fixed rate
  • Flexible payment options
  • Fast online application
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100% confidential application

OurMoneyMarket Personal Loan

⭐ Finder Exclusive: Apply before 30 November 2021 to secure a discounted rate of 5.45% p.a. (comparison rate: 6.07% p.a.) for the first 12 months on loans over $35,000. T&Cs apply.
Apply personalised loan from $2,001 to $75,000 that varies based on your credit history and financial situation.

  • Interest rate from: 5.45% p.a.
  • Comparison rate: 6.07% p.a.
  • Interest rate type: Fixed
  • Application fee: From $250
  • Minimum loan amount: $2,001
  • Maximum loan amount: $75,000
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Loans you can use to finance your wedding

$
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Service Fee Monthly Repayment
OurMoneyMarket Personal Loan

From 5.45% (fixed)
6.07%
$2,001
1 to 7 years
From $250
$0
You'll receive a fixed rate from 5.45% p.a. to 20.99% p.a. based on your risk profile.
A personalised loan from $2,001 to $75,000 that varies based on your credit history and financial situation.

⭐ Finder Exclusive: Apply before 30 November 2021 to secure a discounted rate of 5.45% p.a. (comparison rate: 6.07% p.a.) for the first 12 months on loans over $35,000. T&Cs apply.
Harmoney Unsecured Personal Loan

From 5.35% (fixed)
6.14%
$2,000
3 to 5 years
$575 ($275 for loans of below $5,000)
$0
You'll receive a fixed rate between 5.35% p.a. and 19.09% p.a. based on your risk profile.
Apply for a loan up to $50,000 and repay your loan over 3 or 5 years terms.
Alex Bank Personal Loan

From 4.99% (fixed)
4.99%
$2,100
6 months to 5 years
$0 (Waived $295 establishment fee)
$0
You'll receive a fixed interest rate from 4.99% p.a. to 14.99% p.a. based on your risk profile
Borrow between $2,100 and $30,000 from 6 months to 5 years. Note: The $295 establishment fee will be waived for loan applications submitted by 8 December 2021.
Symple Loans Personal Loan

From 5.75% (variable)
6.47%
$5,000
1 to 7 years
from 0% to 5% of the loan amount
$10

You'll receive a variable rate from 5.75% p.a. to 25.99% p.a.

Borrow up to $50,000 and earn 1 Qantas Point for every $1 borrowed.

⭐Special Offer: Earn up to 50,000 Qantas Points with a personal loan from Symple.
Plenti Personal Loan

From 6.39% (fixed)
6.39%
$5,000
3 to 7 years
$0 to $649
$0
You'll receive a fixed rate between 6.39% p.a. and 17.89% p.a. based on your risk profile.
A flexible loan with amounts from $5,000 and terms starting from 3 years. Interest and comparison rates calculated for a loan term of 5 years.
NOW Finance No Fee Unsecured Personal Loan

From 5.95% (fixed)
5.95%
$5,000
18 months to 7 years
No Establishment Fee
$0
You'll receive a fixed rate between 5.95% p.a. and 17.95% p.a. based on your risk profile
Borrow from $5,000 to $7,999 with loan terms between 18 months and 3 years or borrow $8,000 to $50,000 with loan terms between 18 months and 7 years.

⭐ Finder Exclusive: Apply and settle a NOW Finance No Fee Unsecured Personal Loan for home improvement by 31 December 2021 for a chance to win a $2,000 Bunnings gift card.
Citi Personal Loan Plus
8.90% (variable)
9.18%
$5,000
3 to 5 years
$199
$0
You'll receive a variable rate of 8.90% p.a. with a comparison rate of 9.18% p.a. if you're approved.
A credit limit up to $75,000 that you can continue to draw down over terms up to 5 years. Note: Monthly account service fee will be waived for applications submitted before 31 January 2022.
Wisr  Personal Loan ($30,001 to $64,000)

From 6.49% (fixed)
7.11%
$30,001
3 to 7 years
$595
$0
You'll receive a fixed rate between 6.49% p.a. and 20.95% p.a. based on your risk profile
A loan from $30,001 that charges no fees for extra or early repayments. Keep in mind security is required in some cases.
Wisr Personal Loan ($5,000 to $30,000)

From 6.49% (fixed)
6.49%
$5,000
3 to 7 years
$0 - Waived Establishment Fee
$0
You'll receive a fixed rate between 6.49% p.a. and 20.95% p.a. based on your risk profile
A loan from $5,000 that charges no fees for extra or early repayments. Keep in mind security is required in some cases.

⭐Special Offer:The $595 establishment will be waived for unsecured personal loans between $5,000 and $30,000. Offer ends 31 December 2021. T&Cs apply.
NAB Personal Loan Unsecured Fixed

From 6.99% (fixed)
7.91%
$5,000
1 to 7 years
$150
$10
You'll receive a fixed rate between 6.99% p.a. and 18.99% p.a. (7.91% p.a. to 19.83% p.a. comparison rate) based on your risk profile
Borrow from $5,000 to $55,000, with 1 to 7 year loan terms available. This loan comes with no fees for extra repayments and no early exit fees.
ANZ Fixed Rate Personal Loan
8.99% (fixed)
9.88%
$5,000
1 to 7 years
$150
$10
You'll receive a guaranteed rate of 8.99% p.a. with a comparison rate of 9.88% p.a. if you're approved.
Apply for up to $50,000 to use for a variety of purposes without needing to add security. Available to self-employed applicants.

⭐Special Offer: Secure a reduced interest rate of 8.99% p.a. if you apply and get approved by 15 December 2021. Apply for up to $50,000 to use for a variety of purposes without needing to add security.
Great Southern Bank Unsecured Fixed Rate Personal Loan
9.39% (fixed)
9.64%
$5,000
1 to 7 years
$175
$0
You'll receive a guaranteed rate of 9.39% p.a. with a comparison rate of 9.64% p.a. if you're approved.
An unsecured loan from $5,000 with flexible repayments and no monthly fee.
SocietyOne Unsecured Personal Loan

From 5.95% (fixed)
5.95%
$5,000
2 to 5 years
from $0 to $595
$0
You'll receive a fixed rate between 5.95% 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.
MoneyMe Personal Loans

From 6.25% (fixed)
7.64%
$2,100
1 to 5 years
from $295 to $495
$10
You'll receive an interest rate between 6.25% p.a. and 19.95% p.a. based on your risk profile
Borrow up to $50,000 with no hidden fees or costs. Application process usually takes 5 minutes to complete and is done fully online.
Plenti Variable Rate Personal Loan

From 6.39% (variable)
6.39%
$5,000
1 to 3 years
$0 to $649
$0
You'll receive a variable rate from 6.39% p.a and 17.89% p.a. based on your risk profile
A flexible loan with amounts from $5,000 and terms starting from 12 months. Benefit from transparent costs and a rate estimate before you apply.
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How can I finance my wedding?

If you're looking for a loan to pay for your wedding, there are a number of options to choose from. The best loan for you is one that will suit your budget and covers your upcoming expenses. The loans include:

  • Personal loans. There are 2 types of personal loans: secured and unsecured. Secured loans generally have higher borrowing amounts, but require an asset as collateral. They also offer lower interest rates in return. An unsecured loan, meanwhile, has lower borrowing amounts but does not require collateral. The interest rates are also higher. These loans don't come with restrictions on how you use the funds. You can use the loan to buy the dress, book a venue and even pay for your honeymoon. You can choose between a variable or fixed rate, and repay the loan between 1 and 7 years.
  • Lines of credit. A line of credit is useful if you want credit on a continuous basis, as opposed to a lump sum. You can also opt for it if you're unsure if you will need to borrow money. A line of credit allows you to borrow up to a certain amount, as and when you need it. You will be charged interest on the amount borrowed, and not your entire credit limit. While convenient, interest can be higher for a line of credit compared to a personal loan.
  • Credit cards. Depending on how much your credit limit is, and what your upcoming expenses are, a credit card may be an option. You could look into a 0% p.a. purchase card, or a 0% p.a. balance transfer card, depending on your circumstances. Note that interest will apply after the introductory period and that interest on credit cards is generally higher.
  • Buy now, pay later. Depending on what you need the finances for, this may be an option. Some purchases, such as airline tickets, may come with a buy now, pay later option. This means that you can stagger your payment over a period of time without being charged interest. While it may not be a suitable option for all your expenses, more vendors are increasingly offering this option.
  • Bad credit personal loans. If you have a few negative marks on your credit score, a bad credit personal loan may be an option. This can be either a secured personal loan, a guarantor personal loan, a low doc personal loan or a short or medium term personal loan. Short and medium term personal loans come with high fees and rates, so they work out to be expensive. Your borrowing limit will also range from $2,000 to $10,000.

What should I consider before taking out a wedding loan?

Before applying for a wedding loan, it's important to understand the financial commitment required for servicing the borrowed amount. You and your future partner should sit down and discuss your financial situation beforehand. Here are some of the questions you should be asking:

  • How much can we realistically afford? If a wedding in the Bahamas is the dream, you need to consider whether your budget allows it. Look at what you can realistically afford and draw up a budget. This will give you an idea of what you can and can't do for your wedding. A budget can help you figure out how much you need to borrow and it's important that you stick to it.
  • How much will the wedding cost? You'll need to do some research and figure out how much each element of the wedding will cost. Consider the cost of the venue, the dress, the ceremony and rings, the photography, flowers, cars, hair and makeup. See if there's something you can do without, like printed invitation cards. If there's anything you can do yourself, or ask a friend or family member, you should consider it.
  • Is there anything we can cut down on? If the price is looking too steep, you may want to consider alternatives. You should also ask yourself if you can cut down on some factors to bring down the cost. Spend on what you think is important for you and your partner and cut back where it's not. Remember, you're building the foundations of a marriage, and financial stability is an important factor.
  • What can we pay for with savings? Borrowing money comes at a cost – for every dollar you borrow, you pay interest. If you can pay for something from savings, or pooled finances from family, that may work out better than taking out a loan. You may be able to pay for part of the wedding from your own money. This will reduce how much you have to borrow and reduce the amount of debt you'll be in. This means lower repayments and less stress as you start a new chapter in your life.
  • How will we pay for the loan? If you're taking out a wedding loan, you need to be clear on how you will pay for it. If you have separate bank accounts, work out how the repayments will be made. It's important to talk about finances and how you will manage the loan.

What costs do I need to consider?

Whether it's a small ceremony or an all-out extravaganza, there are a number of items and services you will have to pay for. Some of these additions may cost more than you 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. Note that these costs will differ based on the state you're in. Costs for 2020 and 2021 may also differ due to the pandemic and the lockdowns.
Consider the expenses below:

Expense
Average cost in Australia
Expense
Average cost in Australia
Wedding invites, thank you notes and placeholders$675Catering and wedding cake$6,188
The wedding dress and accessories$2,330Flowers and decorations$1,565
Groom/groomsmen suits and accessories$1,446Photography and videography costs$3,320
Bridesmaids dresses and accessories$854Entertainment considerations$1,693
Flowergirls, ushers and pageboys$168Makeup, hair styling and facials for bride and bridal party$743
Wedding venue$15,258Transport to and from wedding$675
Marriage celebrant$794First-night hotel stay$315
Alcohol and beverages$3,377Honeymoon$5,603

Young brides at their wedding

How can I compare wedding loans?

When you're comparing your loan options, there are a number of factors you need to think about. Cost is one of them, but there are also a number of other things you should keep in mind. These include:

  • How much does the loan cost? Compare interest rates across a number of loans to find the most affordable loan. Apart from interest, you should also consider fees and the comparison rate. A loan could have low interest but high fees, which will increase the cost of your loan. Check the comparison rate, which includes interest and fees. This will give you an idea of how much the loan actually costs.
  • Can I afford the loan? Once you've calculated how much the loan will cost you, you need to consider whether you can afford it. Check if your repayments fit comfortably within your budget.
  • How much can I borrow? Each lender will have maximum and minimum lending amounts. Does the lender offer the amount you want? How much you can borrow will also depend on your ability to repay the loan and your credit profile.
  • What's the loan term? The loan term is how long you have to repay the loan. Loan terms will affect your repayments. Shorter terms will mean higher monthly repayments in the short run. With a long term, you'll have smaller monthly repayments but the loan could cost you more on the whole. This is because you'll be paying interest for the entire time, the cost of which can add up.
  • Am I eligible? Do you meet the lender's minimum requirements to qualify for the loan? This can include income requirements and your credit score. Your application could be rejected if you don't.
  • What's the repayment schedule and is it flexible? Can the repayment schedule be tailored to suit your cash flow? Can you make free additional repayments to pay off the loan early, or will you face a penalty?

What should I avoid with a wedding loan?

  • Getting into debt you cannot afford. Check the cost of the loan and make sure you can afford it. You should be able to comfortably include repayments in your budget. You should also avoid borrowing more than you need.
  • Multiple applications. Every loan application shows up on your credit report. Several applications within a short period can have a negative impact on your credit score, making it harder for you to get a loan in the future. Select a single loan that you're eligible for and that suits your needs, and apply with that lender.
  • Long-term repercussions and legal issues. Once you sign a loan agreement, you are bound to its conditions. You will have to pay the loan and all the fees. Keep in mind that for unsecured loans, the lender can initiate legal proceedings against you if you don't repay the loan. It can also report the debt to a credit reporting body like Equifax and use the services of a debt collector. For secured loans, your asset could be repossessed if you default.

How can I apply for a wedding loan?

🤔 Work out how much you need to borrow and what you can afford. You can use a personal loan calculator to help you.
🔎 Start comparing lenders and loan products. Don't forget to compare interest rates, fees and eligibility criteria. You can use the comparison table on this page.
✅ 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.

More guides on Finder

Personal Loan Offers

Important Information*
Logo for Harmoney Unsecured Personal Loan
Harmoney Unsecured Personal Loan

You'll receive a fixed rate between 5.35% p.a. and based on your risk profile.
Apply for a loan up to $50,000 and repay your loan over 3 or 5 years terms.

Logo for ANZ Fixed Rate Personal Loan
ANZ Fixed Rate Personal Loan

You'll receive a fixed rate of 8.99% p.a.
Apply for up to $50,000 to use for a variety of purposes without needing to add security. Available to self-employed applicants.

Logo for NAB Personal Loan Unsecured Fixed
NAB Personal Loan Unsecured Fixed

You'll receive a fixed rate between 6.99% p.a. and 18.99% p.a. ( 7.91% p.a. to 19.83% p.a. comparison rate) based on your risk profile
Borrow from $5,000 to $55,000, with 1 years to 7 years loan terms available. This loan comes with no fees for extra repayments and no early exit fees.

Logo for SocietyOne Unsecured Personal Loan
SocietyOne Unsecured Personal Loan

You'll receive a fixed rate between 5.95% 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.

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2 Responses

    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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