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Make your dream honeymoon getaway a reality by comparing low-rate personal loans right here with Savvy.
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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.
If you’re paying off multiple debts at the moment, particularly those with high interest (such as credit card debts), consolidating them into one payment can not only make them more convenient to manage but also potentially save you money overall.
Looking to take off on a holiday with your family but want to pay it off at your own speed? Travelling can be expensive, so you can distribute the cost of your next trip over a period you’re more comfortable with by taking out a personal loan to pay for it.
There are so many costs that go into making your dream wedding a reality, from venue hire to catering to dresses and suits and so much more. By taking out a personal loan, you can start planning the big day you want, even if you can’t pay for it upfront.
Home improvements are desirable for a range of homeowners to help keep their living space fresh and interesting, not to mention increase its value. You can get past the financial hit of renovations with a personal loan paid in instalments.
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.
There’s a variety of expenses which come with being a student, ranging from the cost of your courses, textbooks and computer to your accommodation. Taking out a personal loan can make these costs more manageable by spacing them out.
Some lenders offer green personal loans, which are designed to be used for energy-efficient appliances and products such as solar panel and air conditioning installation in your home. You can qualify for lower interest rates and fees with this loan.
Yes – you may find a loan which only covers your airfares and paying for the rest of your holiday out of pocket is the right option for you, as it reduces the overall amount you end up taking on and the interest you'll pay. However, you can cover up to 100% (or more) of the cost of your honeymoon with a personal loan.
Yes – as it's an unsecured personal loan, it won't matter whether your honeymoon is intrastate, interstate or overseas. You'll be able to use the funds however you see fit.
A comparison rate is a percentage figure which incorporates both the interest rate and primary fees present on a loan, which can provide a more accurate indication of the cost of your loan overall. As such, it's often wise to compare based on these rates, rather than solely interest.
This will depend on how much you want to borrow and for how long. However, you can use our online calculator to find out how much you will be paying in monthly repayments based on different loan amounts, terms and interest rates.
Our lenders offer flexible repayment plans that allow you to make payments weekly, fortnightly or monthly. However, we're also partnered with lenders who won't penalise you for making additional repayments above the minimum and completing your repayments early, which can be highly useful when it comes to looking to save money on your loan.
Personal loans come with more features that allow for flexibility when it comes to paying off repayments and tend to have lower rates than credit cards. If you're unable to pay off most, or all, of your debt within your credit card's interest-free window, you could end up accruing a significant amount of interest.
Not everyone has the option of financing all their honeymoon expenses, with many Australians not having a credit score or overall financial position strong enough to access the personal loan they want on their own. The next best bet is to either get someone else, namely your partner, who has a strong credit score and financial position to take out a loan on your behalf which is known as co-signing. Keep in mind that you will have to pay back the loan responsibly together because if one of you defaults, the other will be responsible for paying the loan in full. It is important that you find a loan that comes with terms & fees suitable to both parties.
Checking the fees and charges that come with a loan can help you gauge whether a loan will be in your financial reach or not. This can affect how you pay for your loan on a monthly basis. Always look for affordability and flexibility. The flexibility of a loan is something that can either make or break your payments on the loan. Having your partner's input on which loan can work for you both will also save you from taking a loan that will cause you to enter your new chapter with a hefty bill to pay off. Keep an eye out for loans that come with any repayment penalty fees as this will affect your plans on paying out the loan earlier.
It is possible to have your honeymoon without paying out of your nose. It all comes down to researching and comparing to find the best deals to match your budget. Planning your honeymoon in advance can help you plan around discounts offered by flights, holiday resorts and more to help you save on expenses. This will also give you ample time to compare your options without giving up on your dream of sipping your favourite drink at your desired destination. With the extra cash that you have managed to save, you may have enough for things like mouth-watering meals, souvenirs and places to tick off your bucket list.
There are several key eligibility criteria which will be enforced by your lender when assessing your application. You'll need to be earning at or above a minimum income set by your lender, which will usually fall at $22,000 to $26,000 annually, although if you're looking for a larger loan, you'll need to be earning more than this in a majority of cases. In terms of the documents you'll need to be approved, you'll have to supply your last two payslips, your driver's licence and/or passport, evidence of assets and liabilities as well as potentially requiring 90 days of bank statements and your employment contract in some cases.
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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