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Looking for a personal loan to cover a cosmetic procedure? Savvy can help you find the best option for your situation.
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Bill TsouvalasFact checked
Plastic surgery is growing in popularity in Australia. Australians spend more than $1 billion a year on cosmetic procedures, and 38% of adults are considering surgery in the next 10 years, according to research by the Australasian College of Cosmetic Surgery and Medicine. However, cosmetic procedures are not cheap, so many people turn to personal loans to fund their surgery. If you are looking for a cosmetic surgery loan, Savvy can help. You can compare lenders and loans wherever you are in Australia to find a deal that works for you.
A cosmetic surgery loan is a type of personal loan that covers elective cosmetic surgery and as well as reconstructive surgery not covered by Medicare or insurance that you need done at an accredited medical practitioner. Common procedures include:
The bill will vary depending on the type of surgery you have and where you get it, but typically will run to thousands of dollars. With a personal loan, you can generally take out a loan ranging from $2,000 to $75,000 to cover the costs of surgery and care. To qualify for a loan, you will need to meet certain criteria, including being at least 18 years old, being an Australian citizen or permanent resident and meeting minimum income requirements, often around $22,000. Lenders will also have credit score requirements.
If approved, you will receive the cash in a lump sum that you can then spend as you see fit. You will have to repay the loan in instalments as agreed with your lender – these can be weekly, fortnightly or monthly, over a set period of time, usually between one and seven years.
Yes. A hair transplant is another common cosmetic procedure, the cost of which you can cover with a personal loan. Costs for a hair transplant can range from $1,000 up to $30,000 or more. How much you will pay will vary according to the area you want to treat, the type of hair goals you want to achieve and the combination of treatments that you have to undergo to achieve these goals.
There are four main types of procedures for a hair transplant: Follicle Unit Extraction (FUE), Follicle Unit Grafting (FUG), Platelet-Rich Plasma (PRP) hair restoration and a combination of different grafting techniques that a surgeon will use. Each is different and speaking to a qualified surgeon can help you determine which procedure will be best suited towards your needs. It will also help you better prepare financially.
Yes. Laser eye surgery is a medical procedure that uses a laser to correct and improve vision by reshaping the cornea of the eye. It is used to correct issues such as myopia (short-sightedness), hyperopia (long-sightedness) and astigmatism and can eliminate the need for glasses or contact lenses.
As laser eye surgery is considered a cosmetic procedure, it is not available on Medicare, meaning you have to fund it yourself. Surgery typically costs upwards of $2,200 per eye in Australia, depending on the procedure. Some private health insurance policies may cover your eye surgery either in full or in part, but if you need to cover the shortfall or even the entire procedure, a personal loan might be a suitable option.
Yes. When you take out a personal loan, there are generally few restrictions and you can spend it however you want – including on cosmetic surgery abroad. Many people choose to go to another country to have their desired procedure due to the cheaper rates they often offer compared to clinics in Australia. This is often known as ‘cosmetic tourism’ or a ‘plastic surgery holiday’. However, it’s important to remember that price is not the only factor to consider, especially when it comes to medical procedures. Wherever you are, it is vital that you have your procedures carried out by an accredited health professional. Before booking a procedure, you should do your research, read reviews and have face-to-face consultations with your surgeon for clarity and peace of mind. Ultimately, home or overseas, surgery is a big decision that should not be taken lightly.
There are a number of aspects to consider when choosing a cosmetic surgery loan. In particular, you should look at:
With an unsecured personal loan, you can potentially borrow as much as $75,000 without the need to attach any valuable assets, such as your car, as security. These loans are the most widely available and often the quickest, with same-day approval possible.
Secured personal loans, on the other hand, make use of collateral. This lowers your risk profile in the eyes of a lender, potentially lowering your interest rate and expanding your borrowing power beyond what you may be able to get through an unsecured loan.
Variable interest rates remain open to fluctuation during your term. This means you can benefit from decreasing rates and save on your loan if the market heads in that direction, although you’ll also pay more if rates start rising.
Fixed interest rates are locked at the beginning of your loan and remain constant throughout your repayments. This acts as a valuable protection against interest rate increases, as your loan will be unaffected, but you’ll miss out on potential drops as well.
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Personal loans aren’t limited to PAYG employees, though. If you’re running your own business, you can still be approved for financing by submitting tax returns and other alternative documents instead of payslips and utilise your funds however you wish.
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These loans cover any elective cosmetic surgery and reconstructions surgery that you need done at an accredited medical practitioner. Because these loans are unsecured personal loans, you can use them for anything you like, not solely a cosmetic procedure.
Yes – because you're not attaching any collateral to your loan which can inform its amount and usage, you can be approved for financing even before you've chosen your surgeon or even your procedure.
provide easy access to funding once you have been approved. Even if you are still looking for a surgeon/practitioner, we will finance you.
Personal loans are paid out in one lump sum once your lender has fully processed and approved the application. This gives you the ability to pay for your procedure in full immediately.
It may be possible to get an early release from your superannuation fund to finance your procedure. However, there could be limitations to what your super can cover in terms of elective procedures. There are also clauses that come with early release super funds that only release the funds to you if you are unable to readily access the procedure through a public health system. You should also consider if accessing your super for this purpose, and thus sacrificing funds reserved for your retirement, is worth it.
You can put cosmetic procedures on their credit card, but you need to be careful when doing this. Managing your costs effectively without breaking the bank means getting a card that works for you. A 0% interest credit card can be a way to handle expenses if you are disciplined enough to pay off all or a considerable chunk of the borrowed amount during the introductory period – but keep in mind it will subsequently revert to a higher interest rate.
It may be possible to get financing if you have bad credit from some lenders in Australia, though you will likely face higher interest rates and be limited with the amount you can borrow. Before you apply, consider whether you need the cosmetic surgery immediately. If you are willing to wait, you could take time to build up your savings and improve your credit score, improving your chances of both being approved and of getting a lower interest rate.
Personal loans come in all shapes and sizes, so read more about the ways you can use them, as well as how they might work for you.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
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