Wedding Loans

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

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, updated on October 4th, 2023       

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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.

Types of personal loan

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

How much will my repayments be?

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.

What is a comparison rate?

A comparison rate shows the true cost of a loan and is usually expressed as a percentage that tends to be slightly higher than the interest rate.

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.

Can I get a 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 a quote before I apply?

Yes – this is known as personal loan pre-approval and can be sought to 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.

Do you offer loans that can cover venues?

Yes – you can use your personal loan to cover any real wedding expense you like, as well as other non-wedding expenses if you so wish.

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. 

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.

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.