How much will you save on a personal loan if you opt for a microwedding?

By Tom Watson · · 3 min read
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There’s no doubt about it, paying for a wedding isn’t cheap. While the figures on the average wedding cost vary wildly - from a staggering $90,000 to around the $30,000 mark - Australians often need to rely on a bit of extra financial help from a personal loan or their credit card to make it down the aisle.

But, as many of the 100,000 plus Aussies who get hitched each year look to find ways to cut down costs for their big day, one increasingly popular trend is moving away from traditional affairs in favour of ‘microweddings’.

But just what is a microwedding?

RELATED: Say adieu to post-wedding debt with Police Bank’s debt consolidation personal loan

Microweddings 101   

A micro wedding is exactly what you think it is - an intimate ceremony, generally with far fewer guests than you would expect at a regular affair.

Of course the major benefit of a smaller ceremony lies in the opportunity splash out on all the  the normal trimmings - amazing venue, decorations, food, drinks and of course a cake - all at a far lower price.

According to Dorothy Polka from website Polka Dot Bride, micro weddings tend to fall somewhere in between a traditional wedding ceremony and getting eloped.     

“There’s so much societal pressure and a thought that you have to do things a certain way. But couples are finally starting to understand that they can do things whatever way they want and there are no rules,” she said in an interview with Mamamia .

“It’s grown in the last couple of years as couples become comfortable in really customising their own wedding days.

Breaking down the cost

There’s no doubt that given the average cost of a traditional wedding - for argument’s sake let’s say it's in the region of $50,000 - a microwedding, with far fewer guests, is going to save you a significant amount.

According to the Mozo Personal Loans Repayment Calculator, a borrower looking to take out a $50,000 unsecured personal loan with the average rate in the Mozo database of 11.67% in order to pay for their wedding would fork out $16,234 in interest over a five year loan period.  

Conversely, borrowing $10,000 to fund a microwedding would cost $3,247 in interest using the same loan rate over a five year period.

RELATED: Renovation resolution? Here’s why a personal loan might be a good idea

Whether you’re looking to fund the big wedding you’ve always wanted, or a smaller affair for your close friends and family, a low interest personal loan could be one way to give you a bit of extra financial help.

To compare 186 loans from 43 different lenders head over to the Mozo personal loan comparison hub, or check out some of these low interest personal loan deals below!

Low interest personal loans

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Last updated 30 October 2024 Important disclosures and comparison rate warning*
  • Low Rate Personal Loan

    Excellent Credit, $5,000 - $75,000

    interest rate
    comparison rate
    Monthly repayment
    6.57% p.a.to 8.39% p.a.
    7.19% p.a.to 8.75% p.a.based on $30,000
    over 5 years

    Competitive low rates for borrowers with excellent credit on 1-7 year loans from $5,000 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.

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  • 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.

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  • Debt Consolidation Loan

    $5,000-$75,000

    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.

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  • Unsecured Personal Loan

    interest rate
    comparison rate
    Monthly repayment
    6.99% p.a.to 24.99% p.a.
    6.99% p.a.to 22.79% p.a.based on $30,000
    over 5 years

    Competitive fixed rates for borrowers on 1-7 year loans from $5,000 up to $50,000. $0 monthly fees and no early repayment fees to pay. Fast application process on the Revolut app. According to Revolut and subject to loan approval, you'll receive your money into your Revolut account straight away.

    Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 6.99% would cost $36,132.67 including fees.

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  • 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.

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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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