Loan options for weight loss surgery in Australia

Can't afford weight loss surgery? A personal loan could help.

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Compare personal loans for weight loss surgery

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

From 5.43% (fixed)
5.43%
$2,001
3 to 7 years
$0 to $999
$0
You'll receive a fixed rate between 5.43% p.a. and 17.89% p.a. based on your risk profile.
A flexible loan with amounts from $2,001 and terms starting from 3 years. Interest and comparison rates calculated for a loan term of 5 years.

⭐ Finder Exclusive: Eligible applicants with excellent credit will receive rates starting from 5.43% p.a. (comparison rate 5.43% p.a.). Offer ends 31 July 2021. T&Cs apply.

Wisr Personal Loan

From 6.49% (fixed)
6.76%
$5,000
3 to 7 years
$195
$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: Wisr's standard establishment fee $595 will be reduced to $195 for applications submitted through Finder. T&Cs apply.
OurMoneyMarket Personal Loan

From 5.45% (fixed)
6.07%
$2,001
1 to 7 years
From $250 to $450
$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.
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.
Alex Bank Personal Loan

From 5.45% (fixed)
5.45%
$2,100
6 months to 5 years
$0 (Waived $295 establishment fee)
$0
You'll receive a fixed interest rate from 5.45% p.a. to 19.99% 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 11 August 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
⭐Special Offer: Earn up to 50,000 Qantas Points with a personal loan from Symple.
Borrow up to $50,000 with interest rate from 5.75% p.a. to 25.99% p.a. and earn 1 Qantas Point for every $1 borrowed.
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.
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 debt consolidation loan via Finder by 30 September 2021 for your chance to win $2000 paid off your debt. T&Cs apply.
Citi Personal Loan Plus
8.90% (variable)
9.18%
$5,000
3 to 5 years
$199
$0
You'll receive a guaranteed rate of 8.90% p.a. with a comparison rate of 9.18% p.a. if you're approved. Note: This rate may vary during the loan term.
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 30 September 2021. The interest rate doesn’t change based on your risk profile, so you know your rate before you apply.
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. for a limited time only. Apply for up to $50,000 to use for a variety of purposes without needing to add security.
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.
Heritage Bank Fixed Personal Loan
7.99% (fixed)
8.62%
$5,000
1 to 7 years
$200
$5
Choose a fixed rate loan and receive a comparison rate of 8.62% p.a.
Fixed rate loans are available up to $100,000 on terms from 1 to 7 years.
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.
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 5.43% (variable)
5.43%
$2,001
1 to 3 years
$0 to $999
$0
You'll receive a variable rate from 5.43% p.a and 17.89% p.a. based on your risk profile
A flexible loan with amounts from $2,001 and terms starting from 12 months. Benefit from transparent costs and a rate estimate before you apply.

⭐ Finder Exclusive: Eligible applicants with excellent credit will receive rates starting from 5.43% p.a. (comparison rate 5.43% p.a.). Offer ends 31 July 2021. T&Cs apply.
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Weight loss surgery can help you improve your overall health and self-confidence. Not all types of surgery are covered by all insurance plans and even if they are, patients often need to meet specific requirements to qualify. Those who need less-common procedures are also generally out of luck.

Luckily, there are several financing options that can help you cover your costs.

How much does weight loss surgery cost?

How much your surgery costs varies depending on the type of surgery you're interested in and whether your insurance provider will cover any part of it.

Most weight loss surgeries are a type of bariatric surgery (procedures that involve altering the digestive system). Cosmetic procedures like liposuction or a tummy tuck can also help you lose weight initially, though they might not allow you to keep it off.

You should always speak with a medical professional before deciding on any surgical procedure. Some weight loss procedures allow you to claim a Medicare rebate, but this will generally only cover a small portion of the overall cost.

Gastric bypass

Gastric bypass is a type of restrictive bariatric surgery that reduces or otherwise changes the size of your digestive system. In a gastric bypass, your stomach is divided into two pouches, one smaller than the other, with both connected to your intestines.

Ultimately, the surgery reduces the volume of food your stomach can hold and the calories (and nutrients) your body can absorb. It's typically reserved for patients with a BMI of 40 or higher.

  • Gastric bypass surgery typically costs from $4,000 to $6,000 with private health insurance or $16,000 to $18,000 without insurance.

Lap band

Lap band surgery, also called gastric lap band surgery or gastric band surgery, is a type of restrictive bariatric surgery. Less invasive than other options, this procedure places an adjustable band around an area near the top of your stomach to create a smaller section where food can enter.

Doctors suggest using a lap band in addition to a weight loss plan, because it likely won't reduce hunger and can be minimally effective if you don't also change your diet.

  • Lap band surgery typically costs from $2,500 to $5,500 with private health insurance or $10,000 to $16,000 without insurance.

Gastric sleeve

A gastric sleeve is a type of restrictive bariatric surgery that involves removing part of your stomach, sometimes as much as 80%. This surgery restricts the amount and types of food you can eat at once: like a gastric bypass, you aren't able to absorb as many nutrients as you would with a full-size stomach. It's also typically reserved for patients with a BMI of 40 or higher.

  • Gastric sleeve surgery typically costs from $4,000 to $6,000 with private health insurance or $16,000 to $18,000 without insurance.

Gastric balloon

In this restrictive bariatric procedure, a doctor inserts a balloon into your stomach through your mouth. Your surgeon then fills it with saline to reduce your food cravings. It's a less invasive alternative to bariatric surgery for patients with a lower BMI.

    When researching bariatric surgery, you might come across the terms restrictive and malabsorptive to describe specific procedures.

    In short, restrictive refers to procedures that decrease the stomach's capacity to hold food, like gastric stapling or banding.

    Malabsorptive surgery typically refers to rerouting the intestines to bypass a part of the small intestines, where fats, proteins and vitamins are absorbed. Fewer nutrients absorbed by your digestive system can mean faster weight loss, but it might also require lifetime supplements to keep your body healthy.

    Speak to a medical professional before deciding on any medical procedure to make sure it fits your lifestyle and long-term goals.

    Liposuction

    Liposuction is a type of cosmetic surgery in which excess fat deposits are removed from your body. It can't treat weight-related health problems and experts recommend it for people within 10–15kgs of their healthy weight (or 24.9 BMI).

    • Liposuction typically costs from $2,500 to $8,000 per targeted area.

    Other weight loss procedures

    Other less conventional procedures can be more expensive, because insurance is less likely to cover part of it.

    Vagal nerve blocking is a procedure that involves implanting a device in your body that controls your hunger through electrical signals sent to your brain. You could also consider aspiration, which involves the addition of a device that keeps your stomach from completely digesting food.

    Can I use a personal loan to pay for weight loss surgery?

    Yes, most personal loans can be used for any worthwhile purpose and this includes medical procedures. Weight loss surgeries can be very expensive even if you have private health insurance and a personal loan can help cover these costs. Some lenders even offer specific personal loans for medical purposes.

    How else can I pay for weight loss surgery?

    First, make absolutely sure you understand your insurance coverage for the type of surgery you need: many bariatric procedures are at least partially covered. You may find your insurance provider covers specific doctors and medical facilities for the procedure you're interested in.

    Other financing options include:

    • Medical payment plans. Many hospitals and medical practices offer plans that allow patients to pay their bills in instalments, rather than all at once, often without interest.
    • Peer-to-peer loans. You can fund your weight loss surgery through a loan funded by investors, rather than financial institutions, using peer-to-peer lending options. Interest rates are sometimes lower than a standard personal loan.
    • Credit cards. If your procedure doesn't cost more than your credit limit, it might be easier to put it on your credit card if you know you can pay it off quickly.
    • Friends and family. If you have trouble pulling together the funds, consider asking relatives or loved ones for financing. They might not charge you interest, though it could hurt your relationships if you're slow to pay it back.

    Did you know?

    Lenders consider loans secured by collateral less risky than unsecured personal loans. With a secured personal loan, your lender can sell the asset you've put up as collateral if you're unable to repay your loan on time. In this situation, your credit will likely suffer, but you might avoid a lawsuit with your creditor for defaulting.

    3 tips to help you prepare for weight loss surgery

    • Expect to lose income. It's not uncommon for patients to be out of commission longer than their paid leave will cover, what with recovery and potential unexpected side effects. Prepare a budget to cover any time not covered by your pay cheque.
    • Voice your concerns. Talk with your doctor about any doubts or physical concerns you might have before going under the knife. You might end up discussing a topic you didn't realise was important but could potentially alter your procedure for the better.
    • Quit smoking. Many doctors may require you to quit smoking. Even if yours doesn't, stopping at least a month ahead of surgery might speed up your healing time and prevent complications. You'll likely need to avoid smoking at least a month after your surgery to avoid respiratory complications.

    Bottom line

    You don't have to put off weight loss surgery if it's crucial to maintaining your health. Personal loans, in-house payment plans and medical loans can help you pick up any costs your insurance plan won't help with.

    Get started on your search for weight loss financing by checking out our guide to personal loans.

    Frequently asked questions

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    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
    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.

    Logo for SocietyOne Unsecured Personal Loan
    SocietyOne Unsecured Personal Loan

    You'll receive a fixed rate between 6.99% p.a. and 20.49% 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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