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: 

StateAverage Cost% of Weddings Australia-wide
New South Wales$36,08233%
Victoria$33,89127%
Western Australia$29,02410%
Tasmania$28,9482%
South Australia$28,6067%
Queensland$24,75918%
Northern Territory$24,6001%
Australian Capital Territory$23,3392%

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.

Mozo may receive payment if you click the products below. We don’t compare the entire market, but you can search our database of 252 personal loans.
Last updated 25 June 2024 Important disclosures and comparison rate warning*
  • Mozo Expert Choice Badge
    Unsecured Personal Loan

    Fixed

    interest rate
    comparison rate
    Monthly repayment
    6.75% p.a.to 26.95% p.a.
    6.75% p.a.to 26.95% p.a.based on $30,000
    over 5 years

    Borrow 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 6.75% would cost $35,430.23 including fees.

    Compare
    Details
  • Mozo Expert Choice Badge
    Low Rate Personal Loan

    Excellent Credit

    interest rate
    comparison rate
    Monthly repayment
    6.57% p.a.to 8.48% p.a.
    7.19% p.a.to 8.84% p.a.based on $30,000
    over 5 years

    Competitive low rates for borrowers with excellent credit on 1-7 year loans from $2,001 up to $75,000, 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 6.57% would cost $35,528.12 including fees.

    Compare
    Details
  • Unsecured Personal Loan

    Fixed

    interest rate
    comparison rate
    Monthly repayment
    5.76% p.a.to 24.03% p.a.
    6.55% p.a.to 24.98% 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 5.76% would cost $35,173.52 including fees.

    Compare
    Details
  • Holiday Loan

    Excellent Credit

    interest rate
    comparison rate
    Monthly repayment
    6.57% p.a.to 8.48% p.a.
    7.19% p.a.to 8.84% p.a.based on $30,000
    over 5 years

    Travel the globe with competitive low rates for borrowers with excellent credit on 1-7 year loans from $2,001 up to $75,000, plus free extra repayments. Winner of Mozo's Experts Choice award for 2024 ^. 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 6.57% would cost $35,528.12 including fees.

    Compare
    Details
  • Express Personal Loan

    Secured

    interest rate
    comparison rate
    Monthly repayment
    14.95% p.a.to 27.95% p.a.
    29.30% p.a.to 42.8% p.a.based on $10,000
    over 3 years

    Access fast finance on loans from $3,000 to $25,000 with a Jacaranda Finance Personal Loan. Terms from 25-48 months. Check if you qualify with no impact on your credit score. Enjoy a speedy, online approval.

    Repayment terms from 2 years to 4 years. Representative example: a 3 year $10,000 loan at 14.95% would cost $14,324.71 including fees.

    Compare
    Details
  • Debt Consolidation Loan

    interest rate
    comparison rate
    Monthly repayment
    6.57% p.a.to 18.99% p.a.
    7.19% p.a.to 19.39% p.a.based on $30,000
    over 5 years

    Competitive 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 6.57% would cost $35,528.12 including fees.

    Compare
    Details

* 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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