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Cosmetic Surgery Loans

Looking for a personal loan to cover a cosmetic procedure? Savvy can help you find the best option for your situation.

Written by 
Bill Tsouvalas
Bill Tsouvalas is the managing director and a key company spokesperson at Savvy. As a personal finance expert, he often shares his insights on a range of topics, being featured on leading news outlets including News Corp publications such as the Daily Telegraph and Herald Sun, Fairfax Media publications such as the Australian Financial Review, the Seven Network and more. Bill has over 15 years of experience working in the finance industry and founded Savvy in 2010 with a vision to provide affordable and accessible finance options to all Australians. He has built Savvy from a small asset finance brokerage into a financial comparison website which now attracts close to 2 million Aussies per year and was included in the BRW’s Fast 100 in 2015 as one of the fastest-growing companies in the country. He’s passionate about helping Australians make financially savvy decisions and reviews content across the brand to ensure its accuracy. You can follow Bill on LinkedIn.
Our authors
, updated on June 4th, 2024       

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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.

What is a cosmetic surgery loan and how does it work?

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:

  • Rhinoplasty (nose surgery)
  • Breast augmentation
  • Eyelift
  • Facelift
  • Liposuction
  • Abdominoplasty (tummy tuck)

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.

Can I take out a personal loan for a hair transplant?

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.

Can I get funding for a cosmetic procedure overseas?

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. 

How do I compare cosmetic surgery personal loans?

There are a number of aspects to consider when choosing a cosmetic surgery loan. In particular, you should look at:

  • Loan term: loan terms can range from as little as one year to as long as seven years, depending on your lender. The loan term you choose will generally depend on how much you can afford to pay in instalments, but keep in mind that while longer terms may result in lower monthly payments they can lead to higher overall interest costs. Shorter terms usually have higher monthly payments but less interest paid over the life of the loan.
  • Interest rate: the interest rate has a big impact on the overall cost of your loan, so you will want to find the lowest available rate for your circumstances. Personal loan interest rates can range from around 6% all the way to 20%, but how much you will get will depend largely on your circumstances and credit rating. You should also check if the interest rate is fixed or variable.
  • Fees: personal loans often have fees attached, such as one-time application fees, fees for early or late repayment and ongoing monthly charges. These can add significantly to the cost of your cosmetic loan, so it is important to be aware of all potential fees before signing up for a loan.
  • Lenders: different lenders have different requirements and conditions for taking out a loan, from loan terms to credit score and income requirements, so look at a wide range of providers to find one best suited to your circumstances. With Savvy, you can compare leading lenders across Australia in one place, helping you find the best cosmetic loan available for your situation.

Types of personal loan

Why compare personal loans through Savvy?

Common questions about cosmetic surgery loans

What procedures do you cover?

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.

I haven’t found a surgeon. Can I still get funding?

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.

Will I get funding upfront or as my surgery expenses come through?

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.

Can I use my superannuation for cosmetic surgery?

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.

Should I use a credit card instead of a personal loan for my cosmetic procedure?

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.

Can I get a cosmetic surgery loan with bad credit?

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.  

Handy personal loan guides

Still looking for the right personal loan?

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.

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