Wedding businesses across the country are still screaming ‘yes’ to the Yes vote

Ceyda Erem   |   20 Nov 2017

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As celebrations slowly die down from the result of the marriage postal survey, there may still be a group of Aussies clinking their champagne glasses.

Wedding businesses around the country are now gearing up in anticipation of the influx same-sex couples will bring to the industry.

Although the winning ‘yes’ vote doesn’t technically mean legislation relating to same-sex marriage will pass, businesses are expecting to see a massive increase in sales.

“We anticipate wedding spending will go up by 30%. It’s going to have a huge impact across the board because firstly same-sex couples are often double-income no children and the amount of money they have available as disposable income is bigger,” said realweddings.com.au founder, Kirsten MacKelden.

RELATED: Australia’s best personal loans of 2017

Experts are also anticipating that the ‘go large’ approach to ceremonies and venues by same-sex couples - due to their disposable income and “impeccable taste” - will ultimately turn up the heat between competitors.

“There’s going to be a lot more competition for venues and suppliers and for people to get in first, people will start to go to alternate weddings venues as opposed to the ones we all know and love,’’ said marriage celebrant, Scott Duncombe.

However, for Aussie same-sex couples who still desire a lavish wedding but need a little help to score their Dior, taking out a personal loan may also be on couple’s to-do lists.

If you’re on the hunt for the perfect personal or wedding loan for your big day, here are five personal loans to get your search started. Alternatively, give yourself a variety of options by using our personal loan comparison tool, which compares 186 personal loans. And if the term ‘wedding loan’ has you puzzled, read on for a wedding loan crash course.

Personal loan comparisons on Mozo - rates updated daily

  • Promoted

    Harmoney

    Harmoney

    Unsecured Personal Loan (Fixed)

    6.99% p.a.to 26.95% p.a.

    7.69% p.a.to 28.21% p.a.based on $30,000
    over 5 years

    $500.00upfront and $0.00/month

  • Promoted

    HSBC

    HSBC

    Unsecured Personal Loan (Fixed)

    9.50% p.a.to 15.99% p.a.

    10.06% p.a.to 16.53% p.a.based on $30,000
    over 5 years

    $150.00upfront and $5.00/month

  • Promoted

    Bank Australia

    Bank Australia

    Lifestyle Personal Loan (Variable, Unsecured)

    11.89% p.a.

    12.94% p.a.based on $10,000
    over 3 years

    $150.00upfront and $0.00/month

  • Promoted

    MyState Bank

    MyState Bank

    Secured Personal Loan (vehicles up to 2 years old, Variable)

    7.99% p.a.

    8.96% p.a.based on $30,000
    over 5 years

    $200.00upfront and $10.00/month

  • Promoted

    SocietyOne

    SocietyOne

    Unsecured Personal Loan - Excellent Credit (Fixed over 5 years)

    8.10% p.a.to 10.59% p.a.

    9.36% p.a.to 12.31% p.a.based on $30,000
    over 5 years

    $300.00upfront and $0.00/month

*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. WARNING: 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.

What is a wedding loan? 

A wedding loan is simply another way to describe a personal loan - except it’s wearing a veil.

Where can I get a wedding loan? 

You’ll be able to apply for a wedding loan at most major banks and credit unions. Typically, you’ll need to apply for a regular personal loan, set the loan amount and the repayment term.

What should I look for in a wedding loan? 

Weddings can be a pricey businesses, so to keep your savings in check, here are a few features to look for in a personal loan:

Unlimited extra repayments - A wedding only has a lifespan of 24 hours so to keep yourself from being haunted by a repayment schedule, having the ability to make constant extra repayments is a plus.

Zero fees - You’re already going to be coughing up heaps to walk down the aisle, do yourself a favour and avoid a loan with multiple or high admin fees.

The rates - While there is no guarantee on how an fixed or variable rate will perform, you’ll still need to take the time to shop around compare your options. Oh, and if you’d like a little of preview of what your repayment might look like, our repayments calculator can help.

Is there anything I should watch out for in a wedding loan? 

The W word - You’ll come to find that even mentioning the word ‘wedding’ causes a spike in price no matter what you’re buying - this also applies to your loan rate. It’s important to always get a second or third opinion to avoid paying more than you need to.

Your credit score - Before you apply for the loan, make sure you’ve got a clean credit file as any spots could result in your application being declined. It’s also a good idea to carefully map out your application and repayment schedule, especially if you’re planning to borrow a bundle.

Save for Swarovski - Once all the pieces start to come together you may find that you’ve become more lenient in terms of budget, after all, it is your day. However, to keep yourself from blowing the bank, it’s a good idea to keep a secret stash of cash for all those unexpected wedding extras.

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