Australian travel to Bali: What to consider when taking out a holiday loan

Bali beach coast line you can travel to with a holiday personal loan

For the first time in years, Aussies can jump on a plane and head off to Bali. 

A go-to pre-pandemic holiday destination, 1.2 million Australians visited Bali in 2019, more than any other nationality in the world. So, undoubtedly, many are champing at the bit to get back to Bali’s beaches.

And, while some may have the savings to back up an adventure to the Indonesian paradise, for others, covering the cost may seem like a little more of a stretch.

That’s where a personal loan might help you, as an alternative to something like a credit card. 

Why not put my holiday on my credit card?

While a credit card may give you more flexibility when it comes to the potential cost of a trip, a personal loan may end up saving you considerable money in interest.

Currently on the Mozo database, the average secured personal loan rate sits at 7.57% and the average unsecured personal loan rate is 9.53%. Contrastingly, the average credit card rate is 16.98%.

How much can I borrow with a holiday loan?

Depending on the lender, you may be eligible to borrow thousands of dollars for your holiday. According to the Mozo database, personal loan borrowing amounts currently range from $500 to $80,000.

That said, while you may be eligible to borrow a high amount, it’s not a good idea just to borrow for the sake of borrowing. Make sure you only borrow what you need to cover the cost of your vacation.

How to find the right personal loan for your trip - 3 easy steps

There are plenty of choices when it comes to finding the right personal loan for your Bali holiday.

With that in mind, here are three easy steps you can take to help you find a loan that works for your dream holiday and your budget.

Step 1: Know your numbers

There are two sets of numbers that you need to really get to grips with when it comes to funding your holiday with a personal loan:

  • The cost of the holiday
  • Budgeting your repayments

To begin, it’s important to be realistic about how much you want your trip to cost. Are you planning to crash at a hostel or do you want the amenities of a five star resort? Whatever you have in mind, tally up the large and small costs you’re likely hit along the way - flights, accommodation, food, activities etc. This will give you a good idea of how much you need to borrow.

This brings us to the second set of numbers that need to be crunched: the holiday loan itself. In Addition to calculating the loan amount, you also need to account for your repayments.

It’s key to weigh up loan terms and repayment schedule (weekly, fortnightly or monthly), as these will impact how much interest you pay over the life of the loan.

To make things easy, check out the Mozo Personal Loan Repayment Calculator.

Step 2: Decide on loan features

Once you have settled on an amount you are wanting to borrow and can afford, it’s time to get into the nitty gritty.

In addition to a manageable interest rate on your personal loan, you’ll also want to consider if the available features work for you.

For example, a loan with extra repayments can be handy because if you happen to have a little surplus in your monthly budget, you can put it towards paying down your loan balance with no additional charges.

And a redraw facility is also a good loan feature, as it gives you the flexibility to redraw on your extra repayments in case you need later that extra cash down the track.

Step 3: Apply for the loan

Have you found a loan with all the features you’re looking for? Time to lodge an application.

One of the best ways to successfully apply for a personal loan is to make sure you meet the eligibility criteria before applying. Generally, these can include:

  • Be at least 18 years of age
  • Hold Australian citizenship or an eligible visa and reside in Australia.
  • Meet minimum income requirements
  • Pass a credit check

In order to put yourself in the best position to be approved, you should also prepare for your credit history to be closely analysed by lenders. You’ll want to have your credit score in tip-top shape in order to put your best foot forward.

Of course, every lender also has their own set of criteria, so to give yourself the best chance of being approved, be sure to double-check that you meet the requirements of the specific loan you are applying for.

Before heading out on your dream Bali vacation, check out everything you need to know about Bali travel insurance.

Ready to start comparing holiday loans? Check out the killer options below or head to our personal loan comparison page for more!

Top holiday personal loans - last updated 14 May 2022

Search promoted personal loans below or do a full Mozo database search. Advertiser disclosure
  • Personal Loan

    Unsecured, Fixed, Excellent Credit

    interest rate
    comparison rate
    Monthly repayment
    6.39% 7.89% p.a.
    6.39% 8.49% p.a.based on $30,000
    over 5 years

    With low rates for borrowers with excellent credit, a quick 1 minute rate estimate and simple online application, there’s a lot to love about this loan! You’ll not only benefit from no exit fees, there are also no early repayment fees. You could qualify by simply earning above $25,000 and you’ll be on the way to start spending (other eligibility criteria may apply).

    Repayment terms from 3 years to 5 years. Representative example: a 5 year $30,000 loan at 6.39% would cost $35,126.40 including fees.

  • Home Improvement Loan

    Fixed, Unsecured

    interest rate
    comparison rate
    Monthly repayment
    5.75% p.a.
    5.96% p.a.based on $30,000
    over 5 years

    Handypay offers flexible home improvement loans for Excellent Credit or better. Handypay is a specialist home improvement plan provider and offers loans up to $75,000.

    Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 5.75% would cost $34,840.18 including fees.

  • Mozo Expert Choice Badge
    Personal Loan

    Unsecured, Fixed

    interest rate
    comparison rate
    Monthly repayment
    4.99% 14.99% p.a.
    4.99% 14.99% p.a.based on $30,000
    over 5 years

    Excellent credit score needed to obtain this rate. Enjoy no-fuss personal loans of up to $30,000 with Alex Bank. No hidden early repayment penalties. Terms from 6 months to 5 years. Convenient, 100% online approval. Must be over 18 to be eligible (other eligibility criteria may apply). Winner of Mozo's Experts Choice Unsecured Personal Loan award 2022^.

    Repayment terms from 1 year to 5 years. Representative example: a 5 year $30,000 loan at 4.99% would cost $33,959.97 including fees.

  • Unsecured Personal Loan


    interest rate
    comparison rate
    Monthly repayment
    5.35% 19.09% p.a.
    6.14% 19.99% p.a.based on $30,000
    over 5 years

    Fast, easy and 100% online, this is a low cost loan with no ongoing fees or extra repayment penalties. It's perfect for savvy borrowers with great credit. If you’re over 18 and earn above $30,000, you could qualify (other eligibility criteria may apply).

    Repayment terms from 3 years to 7 years. Representative example: a 5 year $30,000 loan at 5.35% would cost $34,832.61 including fees.


* WARNING: The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

^See information about the Mozo Experts Choice Personal Loan Awards

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.