Wedding and Honeymoon Loans

Help ease the financial strain of planning your wedding and honeymoon by comparing personal loans with Savvy.

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 May 30th, 2024       

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Planning your wedding and honeymoon can be one of the most exciting times of your life, but it can also come with significant financial challenges. One solution is to take out a personal loan to help you cover the costs. If you are looking for a wedding loan to cover the big day or funds for your honeymoon, Savvy can help. We can compare deals from a range of lenders to find a deal to suit your needs. Get started with a free quote today!

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 will spend at least $36,000 on their wedding. To help manage the costs, 60% of couples will take out a loan.

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. However, to qualify, you will have to meet certain eligibility criteria, which typically includes:

  • Being at least 18 years old
  • Being an Australian citizen or permanent resident
  • Earning a minimum amount – usually at least $20,000 annually
  • Having a good credit score

Once approved, you will receive a lump sum amount. The loan amount can vary widely depending on your lender. On top of this, you will need to consider interest rates – which can be fixed or variable – and other potential fees.  

What can I spend my wedding loan on?

Personal loans are usually quite versatile when it comes to how you wish to use your funds and can be used to pay for various wedding costs as you see fit. Your loan can cover the whole wedding or simply certain elements. Common wedding costs include:

  • Dress
  • Suits
  • Rings
  • Accessories
  • Venue hire
  • Flowers
  • Decorations
  • Photography
  • Entertainment
  • Cake
  • Food and drinks
  • Transport

All of this can add up quickly. Borrowing money can help you cover the expenses associated with getting married and manage the financial burden by spreading out the cost.

Can I buy an engagement ring with my personal loan?

Yes. If you've got your eye on a particular engagement ring but don't quite have enough in the bank to cover it, you can use a personal loan for your purchase. Loans can start from as little as $2,000 all the way up to $75,000, so whether you're looking at a cheaper design or something more expensive, you can get the funds you need.

You're not restricted to engagement rings either. The flexibility of personal loans means you can spend the money on whatever piece of jewellery you like, new or old. As such, you can purchase an engagement ring brand-new from a jewellery shop or buy a retro watch from a private seller. Once the funds hit your account, you can essentially use them without restriction. While jewellery is often highly valuable, these types of loans, like others, are typically unsecured and the jewellery is not used as collateral. 

Can I take out a personal loan for my honeymoon?

Yes. You can put your wedding loan towards a honeymoon, or you could take out a travel loan specifically to cover some or all of the costs of your holiday. Again, these loans are typically unsecured and once you receive the funds, you can spend them as you choose. This applies even if you are taking your honeymoon outside Australia, as long as you reside in Australia and are able to meet other eligibility requirements. Honeymoon costs you could cover with a personal loan include:

  • Flights
  • Accommodation
  • Meals
  • Travel insurance
  • Shopping
  • Activities and excursions

Taking out a personal loan for your honeymoon can be a practical solution if you need immediate funds and prefer to spread out the costs over time. However, it’s crucial to carefully consider the terms and your ability to repay the loan. Exploring all available options and creating a budget can help ensure a financially smooth start to your married life.

How can I avoid spending more than I can afford with a wedding loan?

If you’re looking to cut down on spending, there are ways to save on your wedding celebrations.

Set a budget: make a list of all potential wedding expenses and decide which aspects are most important to you. Set a maximum amount you’re willing to spend on each item and try to stick to it. You can also save money by looking for discounts and putting your DIY skills to use rather than paying a professional.

Borrow only what you need: when you apply for a loan, 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. It might be tempting to borrow as much as you can, but this could lead to overspending and subsequently higher repayments on the loan.

Research and compare: compare interest rates and terms from multiple lenders, including banks, credit unions and online lenders. A lower interest rate translates to significant savings over the loan term, and a shorter loan term will mean higher monthly repayments but less total interest paid.

If you need help finding suitable wedding or honeymoon finance, you can compare your personal loan options through Savvy. Drawing from our extensive panel of lenders across Australia, we can help you find a suitable loan and ensure that your wedding expenses remain manageable.

Types of personal loan

Pros and cons of wedding and honeymoon loans


Immediate funds

Wedding loans can offer a quicker application and approval process, so you could get quick access to the funds needed to cover wedding and honeymoon expenses.

Flexible use

Wedding loans can cover various wedding-related expenses, from the venue and catering to attire and entertainment, allowing you to allocate funds where they’re needed.

Spread out the cost

A wedding loan allows you to spread the financial burden of your wedding over a set term, typically 2–7 years. This can make the cost more manageable compared to paying everything upfront.


Interest costs

You’ll pay interest on the loan, typically at a higher rate than secured loans like car loans, which can significantly increase the total cost of your wedding.

Debt burden

Taking out a loan means starting your married life with debt. It can strain your budget and impact your ability to save for other goals like a down payment on a house.

Risk of overspending

Easy access to funds can tempt couples to overspend on their wedding, potentially leading to financial stress after the celebration.

Why compare personal loans through Savvy?

Your estimated repayments


Total interest paid: $1233.43
Total amount to pay: $5,143.99

Common questions about financing your big day answered

Can I get a wedding loan if I have bad credit?

Yes – we're partnered with lenders who specialise in lending to borrowers who currently are struggling with their credit score. It's important to note, though, that these loans come with greater restrictions on how much you can borrow (up to $10,000 to $12,000) and higher interest rates. 

Can I get pre-approved for a wedding loan before I apply?

Yes – personal loan pre-approval can give you a clearer understanding of how much you can be approved for. This is useful if you're wanting to bargain on the cost of a particular item or service, as pre-approval gives your seller a clear ceiling over which they can't really go.

Can my partner and I sign off on a wedding loan together?

Yes. A joint personal loan could be the right move for you if you want to add the security of a shared repayment. 

What are some alternatives to wedding and honeymoon loans?

If you need to finance your wedding, personal loans can be useful, but they are not the only option. Alternatively you could consider using:

Savings: set aside money in a dedicated savings account to cover the big day.

Credit cards: look for cards with a low-interest rate or rewards program, but be mindful of the potential for high-interest debt.


Are wedding loans better than paying with credit cards?

Yes – wedding loans come with competitive rates that tend to be substantially lower than credit cards. If you're unable to pay off your debt within your card's interest-free cycle (which you're unlikely to be able to do with a wedding), you're likely to accrue considerable interest debt.

Useful 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.