ME Bank reveals 51% of married couples have the same wedding regret
ME’s recent Love and Money Survey found that a whopping 51% of married couples regret how much they spent on their wedding, with the top three regretted expenses being, the reception (17%), photography/videography (13%) and wedding favours for guests (13%).
According to ME money expert Matthew Read, “decisions are commonly made with the heart rather than the head when it comes to weddings. Couples can easily get caught up in the moment, failing to consider the financial impact of their decisions.”
Considering that just 55% of couples set a wedding budget, and of those who did, 32% exceeded it, we can see that when it comes to weddings, it clearly pays more to follow your head, not your heart.
ME’s survey also revealed that the average cost of a wedding is $21,159! So, it’s really no surprise that 19% of couples surveyed admitted to borrowing money to fund their big day.
Kiss wedding debt goodbye
If you took out a personal loan to pay for your wedding like loads of other Aussies, and you’re now stuck in a jam trying to keep up with expensive loan or credit card repayments, a great way to cut down personal loan repayments and pay debt off faster is to refinance to a debt consolidation loan.
By combining all debt into the one debt consolidation loan, it’ll be much easier to manage repayments as all your debt will be in the one place. On top of this, you’ll end up saving a tonne in interest as you’ll have only one interest rate for the lot, rather than one for each debt.
Scenario:
Let’s say you have the following debt:
- $20,000 personal loan with a 12% interest rate used to pay for your wedding
- $5,000 credit card balance with a 20% interest rate
This would work out to be $850 in monthly repayments over 3 years, totalling $5,603 interest. However, if you combined the two debts into one debt consolidation loan with an 8% interest rate, your monthly loan repayments would drop to $783 and you’d only pay $3,203 in interest over 3 years, saving $2,400 in interest.
Compare debt consolidation loans - last updated February 25, 2021
No Fee Unsecured Personal Loan
Fixed
interest rate
comparison rate
Monthly repayment
5.95% p.a.to 17.95% p.a.5.95% p.a.to 17.95% p.a.based on $30,000
over 5 yearsTerms from 2 to 7 years. Representative example: a 5 year $30,000 loan at 5.95% would cost $34,757.21 including fees.
Pay ZERO fees on loans up to $50,000 with NOW Finance. With no establishment fee, ongoing fees or early payout fee. What’s more, get your guaranteed, tailored interest rate in two minutes with no impact on your credit score! Winner of Mozo's Experts Choice Unsecured Personal Loan 2021 award^.
CompareCompareNo Fee Unsecured Personal Loan
Pay ZERO fees on loans up to $50,000 with NOW Finance. With no establishment fee, ongoing fees or early payout fee. What’s more, get your guaranteed, tailored interest rate in two minutes with no impact on your credit score! Winner of Mozo's Experts Choice Unsecured Personal Loan 2021 award^.
- interest rate
- 5.95% p.a.to 17.95% p.a.
- comparison rate
- 5.95% p.a.to 17.95% p.a.based on $30,000
over 5 years
- Upfront fee
- $0
- Monthly fee
- $0.00
- Exit 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 our Mozo Review to learn more about the NOW Finance No Fee Unsecured Personal Loan
Low Rate Personal Loan (Fixed, Unsecured)
Excellent Credit
interest rate
comparison rate
Monthly repayment
6.75% p.a.to 8.48% p.a.6.96% p.a.to 8.69% p.a.based on $30,000
over 5 yearsTerms from 1 to 7 years. Representative example: a 5 year $30,000 loan at 6.75% would cost $35,580.23 including fees.
OurMoneyMarket offer competitive low rates on loans up to $50,000, plus free extra repayments and fee-free redraw facility. Winner of Mozo's Experts Choice Unsecured Personal Loan 2021 award^.
CompareCompareLow Rate Personal Loan
OurMoneyMarket offer competitive low rates on loans up to $50,000, plus free extra repayments and fee-free redraw facility. Winner of Mozo's Experts Choice Unsecured Personal Loan 2021 award^.
- interest rate
- 6.75% p.a.to 8.48% p.a.
- comparison rate
- 6.96% p.a.to 8.69% p.a.based on $30,000
over 5 years
- Upfront fee
- $150
- Monthly fee
- $0.00
- Exit fee
- $0.00
- Repayment options
- Weekly, Fortnightly, Monthly
- Early repayment penalty
- $0.00
- Minimum loan amount
- $2,001.00
- Maximum loan amount
- $50,000.00
- Minimum loan term
- 1 Year
- Maximum loan term
- 7 Years
- Security required
- Unsecured
- Other benefits
- -
- Other restrictions
- Rate for Excellent Credit
Read our Mozo Review to learn more about the OurMoneyMarket Low Rate Personal Loan
Personal Loan
Variable, Unsecured
interest rate
comparison rate
Monthly repayment
5.75% p.a.to 25.99% p.a.6.47% p.a.to 29.2% p.a.based on $30,000
over 5 yearsTerms from 1 to 7 years. Representative example: a 5 year $30,000 loan at 5.75% would cost $35,190.18 including fees.
Get a personalised rate quote in just 2 minutes, apply in just 7 minutes. Money transferred to your account the next business day. No exit or early repayment fees. Borrow up to $50,000.
CompareComparePersonal Loan
Get a personalised rate quote in just 2 minutes, apply in just 7 minutes. Money transferred to your account the next business day. No exit or early repayment fees. Borrow up to $50,000.
- interest rate
- 5.75% p.a.to 25.99% p.a.
- comparison rate
- 6.47% p.a.to 29.2% p.a.based on $30,000
over 5 years
- Upfront fee
- $0
- Monthly fee
- $10.00
- Exit fee
- $0.00
- Repayment options
- Monthly
- Early repayment penalty
- $0.00
- Minimum loan amount
- $5,000.00
- Maximum loan amount
- $50,000.00
- Minimum loan term
- 1 Year
- Maximum loan term
- 7 Years
- Security required
- Unsecured
- Other benefits
- -
- Other restrictions
- Loan application fee ranges between 0% and 5% for loans with interest rates above 5.75% p.a.
Read our Mozo Review to learn more about the Symple Loans Personal Loan
Unsecured Personal Loan
Excellent Credit, Fixed
interest rate
comparison rate
Monthly repayment
6.99% p.a.to 9.49% p.a.6.99% p.a.to 12.2% p.a.based on $10,000
over 3 yearsTerms from 2 to 3 years. Representative example: a 3 year $10,000 loan at 6.99% would cost $11,114.11 including fees.
Be rewarded for your good credit history with low rates. Plus there are no ongoing fees and you can pay off your loan with no early repayment penalties. Simply apply online and get a quote in minutes.
CompareCompareUnsecured Personal Loan
Be rewarded for your good credit history with low rates. Plus there are no ongoing fees and you can pay off your loan with no early repayment penalties. Simply apply online and get a quote in minutes.
- interest rate
- 6.99% p.a.to 9.49% p.a.
- comparison rate
- 6.99% p.a.to 12.2% p.a.based on $10,000
over 3 years
- Upfront fee
- $0
- Monthly fee
- $0.00
- Exit fee
- $0.00
- Repayment options
- Fortnightly, Monthly
- Early repayment penalty
- $0.00
- Minimum loan amount
- $5,000.00
- Maximum loan amount
- $50,000.00
- Minimum loan term
- 2 Years
- Maximum loan term
- 3 Years
- Security required
- Unsecured
- Other benefits
- Establishment fee from 0% (with maximum fee of $995) is added to principal loan amount and not paid upfront, amount shown is the minimum of $0.
- Other restrictions
- Interest rate and establishment fee vary according to Equifax credit score. Rates and fees shown are for a Tier 1 (Excellent Credit) graded borrower. Minimum employment income of $30,000 p.a. Application fee added to principal amount of loan.
Read our Mozo Review to learn more about the SocietyOne Unsecured Personal Loan
Planning a wedding? Well, be sure to stop by the weddings hub for more juicy wedding tips, like the 5 money-saving secrets wedding planners don’t want you to know! And don’t forget to check out our debt consolidation comparison tool to find a competitive refinance loan deal.
^See information about the Mozo Experts Choice Personal Loans Awards
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