Wedding Loans
Help ease the financial strain of planning your wedding by comparing and choosing from personal loans with Savvy.
Last updated on April 8th, 2022 at 01:16 pm by Thomas Perrotta
Compare personal loans for weddings
With the average cost of a wedding in Australia exceeding $30,000, not everyone has the means to pay for everything upfront. Fortunately, a personal loan can help you make your dream wedding a reality and allow you to pay it off at your own pace. Compare offers with Savvy today.
I want to borrow:
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Apply for an unsecured personal loan between $2001 to $75,000 for a variety of loan purposes. Get a personalised rate estimate in minutes without impact your credit score.More details | |||||||||||||||||||
Harmoney Unsecured Personal Loan |
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Borrow up to $70,000 with personalised rates and repay over 3,5 or 7 years loan terms.More details | |||||||||||||||||||
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Borrow up to $50,000 with no fees, now and forever. Minimum requirement to earn $22,100 p.a. and have good to excellent credit.More details | |||||||||||||||||||
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Apply for an unsecured personal loan and enjoy low rates for excellent credit. With no early repayment or exit fees, there’s a lot to love about this loan.More details | |||||||||||||||||||
Disclaimer: A comparison rate indicates the true cost of a loan. The comparison rate displayed for this advertiser is calculated based on a loan amount of $30,000 over 5 years and represents the effective rate on the loan. Comparison rates are true only for the examples provided and may not include all fees and charges. Different terms, fees or loan amounts might result in a different comparison rate.
Why choose Savvy?
Experience in the industry
With over a decade under our belt helping Australians compare loans, you can trust our service for contrasting wedding loans.
Find competitive interest rates
By comparing offers from Savvy’s panel of reputable lenders, you can help yourself lock in a highly affordable rate over your term.
24/7 comparisons and applications
You can compare and apply for your loan whenever you like, especially if you’re short on time during the wedding planning phase.
Your loan, your way
Our lenders offer a range of flexible features which can improve your personal loan repayment experience, including no early exit fees.
Online from start to finish
Forget about gathering and posting off any important documents to your lender, as comparing and applying are 100% online.
Diverse lenders for diverse needs
No matter who or where you are, your can trust our partnered lenders to help you fund your ideal wedding with personalised solutions.
Personal loan repayment calculator
Common questions about financing your big day answered
Wedding loans explained
What is a wedding loan and how does it work?
A wedding loan is a form of personal loan designed to help you out with your special day. According to Moneysmart, the average Australian couple looking to get married will spend at least $36,000 on their wedding, with 82% of those having to dip into their savings to cover the cost. These personal loans are typically unsecured, meaning that you won’t have to put up any valuable assets like a car to secure your loan.
Personal loans are usually quite versatile when it comes to how you wish to use your funds, so your wedding loan can really function as a means of covering the whole wedding or simply with certain elements, like venue hire or the purchase of a dress or ring.
How can I avoid spending more than I can afford to pay back?
You and your lender will agree upon a pre-determined amount based upon how you wish to spend the funds and your ability to pay the loan back, so there is a low-risk of overshooting this figure. However, if you’re looking to cut down on spending, there are areas which you can look to for more affordable options.
The allure of an expensive wedding dress can be too strong for a bride-to-be, but if you need to lower the wedding spending this could be the place to start. There are plenty of beautiful dresses available for purchase at a much cheaper cost than a tailor-made or designer outfit that may never see the light of day again. You can do the same for the bridesmaids’ dresses too, especially given that you will have to buy multiple of those.
Wedding invitations are the first glimpse at what to expect from your big day, so there may be an impulse to fixate on a costly design that wows your guests. The cost for each invite can pile up quickly, so searching for someone who can do as good a job at a lower cost is certainly worth your while.
Your helpful guides to wedding loans
Fixed vs variable rate
Wedding loans come with a fixed or a variable rate that can affect your loan. A fixed rate personal loan comes with the benefit of helping you pay a consistent interest rate throughout the loan term, which makes it easier to include in your budget. However, a variable rate loan means that the interest you pay on your loan will fluctuate. The benefits are that it can help you save when the rate decreases, but you could also pay more when the rate increases. Fixed rates are by far the most common, though.
Using a credit card for your wedding
A credit card that comes with a competitive interest rate can help you purchase wedding-related expenses that have been budgeted for in advance. A 0% p.a. purchase card can work if you pay off the amount that is owed before the introductory period ends. However, you could consider a loan as it comes with lower rates and more flexible terms. It will also prevent you from pushing your monthly card balance higher which can increase your chances of defaulting.
The fees to look out for
It’s important to acquaint yourself with the potential fees you may face on your wedding loan. The two most common of these are establishment (up to $595) and ongoing fees (up to $10 per month). Both of these are able to be waived by certain lenders, however, so you should always compare them. Additionally, some lenders will charge penalties for early repayment, which can vary in cost based on how long is left to run on your loan and its overall size, but these are less common in personal loans.
Check your credit history
Getting a wedding loan commonly involves two people, which means that you will have to find a financing option that works for the both of you. Being open with each other in terms of your credit score will let you know how much you can afford together. This means checking your credit history to see if you are up to date with your debt repayments to see what will be in your financial reach. This will help you to be more prepared when you approach a lender.