Hear wedding bells? It may be time to consider a personal loan for your big day
It’s wedding season lovebirds, or wedding month for that matter, so get ready for all things flowers, champagne, canapes and all the bills that come with them.
According to Easy Weddings’ 2019 Australian Wedding Industry Report, 37% of couples got married in Autumn, with March standing out as the most popular month with 19% choosing to tie the knot this time of year.
It also revealed that nation-wide, the average original wedding budget sits at $22,055, and while couples expect to spend just shy of $27K, the actual average cost of a wedding jumps up to $32,333 once the day is done.
The report also revealed that where you intend to get married can make a sizable difference to that final bill. Here’s a breakdown of the cost of getting hitched in Australia from state-to-state:
| State | Average Cost | % of Weddings Australia-wide |
|---|---|---|
| New South Wales | $36,082 | 33% |
| Victoria | $33,891 | 27% |
| Western Australia | $29,024 | 10% |
| Tasmania | $28,948 | 2% |
| South Australia | $28,606 | 7% |
| Queensland | $24,759 | 18% |
| Northern Territory | $24,600 | 1% |
| Australian Capital Territory | $23,339 | 2% |
Never fear, if the growing cost of your fast-approaching Autumn wedding is stressing you out, there could be a few options available to help you pay for what you need to and give you the financial safety blanket you need, like a personal loan.
While it may feel natural to whip out your plastic to cover your wedding costs, if you end up paying interest on your spending it could leave you more out of pocket.
According to the Mozo database the average unsecured personal loan rate is 10.84%, while the average credit card interest rate is 17.04%. That’s a massive 6.20% difference.
Look at it this way...
If you took out a $10,000 personal loan with a 10.84% interest rate, over a two year term, you’d end up making monthly repayments of $465 and paying $1,168 in total interest.
Whereas with a credit card that has a 17.04% interest rate, if you spent the same amount ($10,000) and paid it off in 2 years, you’d end up paying $500 a month, plus you’d also be forking out $1,847 in interest.
So with a personal loan, you’d end up saving $679!
Just bear in mind though, a personal loan may only be the right option for people who are economically equipped to pay it back later on. Because while a Cinderella-inspired, white, horse-drawn carriage may be your dream, if it will cause you financial stress for a long while down the track, it may be worth reconsidering it.
Is it too late to take out a personal loan for a wedding in March?
The short answer is no, it just depends on which lender you go to.
Generally speaking, personal loan approval times range anywhere from a few minutes to a few weeks. Bigger banks and credit unions tend to have slower processing times whereas online and peer-to-peer lenders usually have quicker turnaround times - sometimes same-day.
However, that’s not to say the money will be in your pocket as soon as you apply. It often takes a few business days from approval before you see the funds in your account. So it’s really worth comparing lenders to find a competitive rate and approval timeframe that suits you.
RELATED ARTICLE: The best personal loans in Australia for 2020
So if you want to start your personal loan search, take a look at the table below or jump over to our personal loan comparison tool.
Personal Loans 2020
-
Low Rate Personal Loan
Exceptional Credit, $5,000 - $75,000, or up to $100,000 for eligible purposes
interest rate
comparison rate
Monthly repayment6.28% p.a.to 18.99% p.a.6.28% p.a.to 21.78% p.a.based on $30,000
over 5 yearsCompetitive low rates for borrowers with exceptional credit on 1-7 year loans from $5,000 up to $75,000 (or up to $100K for home improvements or car loans); plus free extra repayments. Winner of Mozo's Experts Choice Excellent Credit Unsecured Personal Loan 2024 and Excellent Credit Secured Personal Loan 2024 awards ^. Min. income of 25k after tax, to apply.
Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 6.28% would cost $35,033.88 including fees.
CompareCompare- interest rate
- 6.28% p.a.to 18.99% p.a.
- comparison rate
- 6.28% p.a.to 21.78% p.a.based on $30,000
over 5 years
- interest rate
- 6.28% p.a.to 18.99% p.a.
- comparison rate
- 6.28% p.a.to 21.78% p.a.based on $30,000
over 5 years
- Upfront fee
- On Application
- Monthly fee
- $0.00
- Exit fee
- $0.00
- Late payment fee
- $35.00
- Repayment options
- Weekly, Fortnightly, Monthly
- Early repayment penalty
- $0.00
- Minimum loan amount
- $5,000.00
- Maximum loan amount
- $75,000.00
- Minimum loan term
- 1 Year
- Maximum loan term
- 7 Years
- Security required
- Unsecured
- Other benefits
- Loan amounts up to $100,000 are available for vehicle purchase or home improvement purposes.
- Other restrictions
- Rate for Exceptional Credit. Upfront fee varies from $0 and is based on your OurMoneyMarket loan grade and total loan amount. The fee is added to the principal amount and paid over the loan term.
Read reviews and learn more about OurMoneyMarket personal loans
-
Unsecured Personal Loan
Fixed
interest rate
comparison rate
Monthly repayment6.45% p.a.to 26.95% p.a.6.45% p.a.to 26.95% p.a.based on $30,000
over 5 yearsBorrow up to $50,000 unsecured. Perfect if you earn more than $22,100 p.a. and have good to excellent credit. Multi-year winner of Mozo’s Experts Choice Unsecured Personal Loan Award, 2021, 2022, 2023 & 2024^'
Repayment terms from 2 years to 7 years. Representative example: a 5 year $30,000 loan at 6.45% would cost $35,176.93 including fees.
CompareCompare- interest rate
- 6.45% p.a.to 26.95% p.a.
- comparison rate
- 6.45% p.a.to 26.95% p.a.based on $30,000
over 5 years
- interest rate
- 6.45% p.a.to 26.95% p.a.
- comparison rate
- 6.45% p.a.to 26.95% p.a.based on $30,000
over 5 years
- Upfront fee
- $0.00
- Monthly fee
- $0.00
- Exit fee
- $0.00
- Late payment fee
- $0.00
- Repayment options
- Weekly, Fortnightly
- Early repayment penalty
- 0
- Minimum loan amount
- $5,000.00
- Maximum loan amount
- $50,000.00
- Minimum loan term
- 2 Years
- Maximum loan term
- 7 Years
- Security required
- Unsecured
- Other benefits
- -
- Other restrictions
- Rates based on borrower with excellent credit score. Maximum 3 year term for loan amounts $8,000 or less.
Read reviews and learn more about NOW Finance personal loans
-
Secured Personal Loan
Fixed
interest rate
comparison rate
Monthly repayment5.90% p.a.to 19.19% p.a.6.33% p.a.to 20.77% p.a.based on $30,000
over 5 yearsCompetitive rates depending on credit score. No monthly or early repayment fees. No penalties for paying your loan off sooner. Borrow from $5,000 to $80,000. Your choice of 3, 5 or 7 year terms. You will be given the option to use a vehicle as collateral to secure your loan. One upfront fee applies.
Repayment terms from 3 years to 7 years. Representative example: a 5 year $30,000 loan at 5.90% would cost $35,025.41 including fees.
CompareCompare- interest rate
- 5.90% p.a.to 19.19% p.a.
- comparison rate
- 6.33% p.a.to 20.77% p.a.based on $30,000
over 5 years
- interest rate
- 5.90% p.a.to 19.19% p.a.
- comparison rate
- 6.33% p.a.to 20.77% p.a.based on $30,000
over 5 years
- Upfront fee
- $310.00
- Monthly fee
- $0.00
- Exit fee
- $0.00
- Late payment fee
- $10.00
- Repayment options
- Weekly, Fortnightly, Monthly
- Early repayment penalty
- 0
- Minimum loan amount
- $5,000.00
- Maximum loan amount
- $80,000.00
- Minimum loan term
- 3 Years
- Maximum loan term
- 7 Years
- Security required
- Vehicle
- Other benefits
- -
- Other restrictions
- Interest rate and establishment fee vary according to an individuals credit history. Rates and fees shown are for an Excellent Credit borrower. Establishment fee ranges from $310 to $1,035.
Read reviews and learn more about MoneyPlace personal loans
-
Debt Consolidation Loan
$5,000-$75,000
interest rate
comparison rate
Monthly repayment6.28% p.a.to 18.99% p.a.6.28% p.a.to 21.78% p.a.based on $30,000
over 5 yearsCompetitive fixed rates on loans up to $75,000 depending on your credit score. Zero monthly account keeping fees, no exit fees and no early repayment fees. Make weekly, fortnightly or monthly repayments, over 1 to 7 years managed entirely online, at any time. Fast and easy, 100% online application.
Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 6.28% would cost $35,033.88 including fees.
CompareCompare- interest rate
- 6.28% p.a.to 18.99% p.a.
- comparison rate
- 6.28% p.a.to 21.78% p.a.based on $30,000
over 5 years
- interest rate
- 6.28% p.a.to 18.99% p.a.
- comparison rate
- 6.28% p.a.to 21.78% p.a.based on $30,000
over 5 years
- Upfront fee
- On Application
- Monthly fee
- $0.00
- Exit fee
- $0.00
- Late payment fee
- $35.00
- Repayment options
- Weekly, Fortnightly, Monthly
- Early repayment penalty
- $0.00
- Minimum loan amount
- $5,000.00
- Maximum loan amount
- $75,000.00
- Minimum loan term
- 1 Year
- Maximum loan term
- 7 Years
- Security required
- Unsecured
- Other benefits
- Loan amounts up to $100,000 are available for vehicle purchase or home improvement purposes.
- Other restrictions
- Interest rates may vary depending on assessment of application. Upfront fee varies from $0 and is based on your OurMoneyMarket loan grade and total loan amount. The fee is added to the principal amount and paid over the loan term.
-
Any Age Car Loan
Variable, Secured
interest rate
comparison rate
Monthly repayment8.99% p.a.9.27% p.a.based on $30,000
over 5 yearsBorrow between $5,000 - $25,000 over 1 to 7 year loan terms. No monthly fees and no penalties for extra repayments.
Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 8.99% would cost $37,551.30 including fees.
CompareCompare- interest rate
- 8.99% p.a.
- comparison rate
- 9.27% p.a.based on $30,000
over 5 years
- interest rate
- 8.99% p.a.
- comparison rate
- 9.27% p.a.based on $30,000
over 5 years
- Upfront fee
- $195.00
- Monthly fee
- $0.00
- Exit fee
- $0.00
- Late payment fee
- $15.00
- Repayment options
- Weekly, Fortnightly, Monthly
- Early repayment penalty
- $0.00
- Minimum loan amount
- $10,000.00
- Maximum loan amount
- $75,000.00
- Minimum loan term
- 1 Year
- Maximum loan term
- 7 Years
- Security required
- Vehicle
- Other benefits
- Loan purpose may be for a car or motorcycle.
- Other restrictions
- -
Read reviews and learn more about MOVE Bank personal loans
-
Ready Credit Personal Loan - 3 Year Fixed Rate, Balance Transfer Offer
Unsecured
interest rate
comparison rate
Monthly repayment6.90% p.a.n/aEnjoy a competitive rate on the initial balance that you request to be transferred to your bank account within 3 months of approval. Choose your repayments each month above the minimum payment due. Apply online in as little as 10 minutes. Only pay interest on the amount you have used, not on your whole credit limit. A one-off establishment fee of $249. This product is provided by National Australia Bank Limited, using certain trademarks temporarily under licence from Citigroup Inc.
CompareCompare- interest rate
- 6.90% p.a.
- comparison rate
- n/a
- interest rate
- 6.90% p.a.
- comparison rate
- n/a
- Upfront fee
- $249.00
- Monthly fee
- $0.00
- Exit fee
- $0.00
- Late payment fee
- $15.00
- Repayment options
- Monthly
- Early repayment penalty
- $0.00
- Minimum loan amount
- $5,000.00
- Maximum loan amount
- $75,000.00
- Minimum loan term
- 0 Years
- Maximum loan term
- 3 Years
- Security required
- Unsecured
- Other benefits
- -
- Other restrictions
- 6.90% for 3 years on loans up to $75,000, with any unpaid amount reverting to 22.49% p.a. variable rate after three years. Application and supporting documents must be submitted by 1st August 2025 end date.
Read reviews and learn more about Citi personal loans
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* 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
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