Cosmetic Surgery Loans

Looking to finance a major cosmetic change? A surgery loan could be key to making your makeover happen. Compare for yourself with our handy personal loan tables below.

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cosmetic surgery personal loans

Cosmetic surgery personal loan comparisons on Mozo - last updated 13 June 2024

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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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  • 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).

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    interest rate
    comparison rate
    Monthly repayment
    5.76% p.a.to 24.03% p.a.
    6.57% p.a.to 24.99% p.a.based on $30,000
    over 5 years

    Roll multiple debts into one loan to streamline your finances with one set of repayments and one interest rate. Competitive fixed interest rates with no monthly or early repayment fees and flexible repayment options. Easy online application and funding in as little as 24 hours (subject to approval).

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What do I need to know about cosmetic surgery loans? 

You may be wondering if you’ll be charged a higher rate or need to pass different requirements in order to secure funding for cosmetic surgery or other surgical procedures. In reality cosmetic surgery loans are the same as any other personal loans - just under a different name. 

So instead of taking out a car loan or using a personal loan for your next holiday or home renovation, you’ll be able to use one to fund common cosmetic surgery procedures such as breast augmentations, rhinoplasties and facelifts. 

While you may have done extensive research on your surgeon and the operation itself, you may not have given a lot of thought to the cosmetic surgery loan you'll be using to fund it. 

Still, the loan you pick could make a big difference when it comes to how much you end up paying, which is why it could seriously pay off to shop around and compare a range of cosmetic surgery loans first. 

If you’re taking care of your body, you may as well take care of your finances as well!

How much can I borrow for cosmetic surgery? 

Given that cosmetic surgery procedures can range from a few thousand dollars to upwards of $30,000 depending on the type of procedure you’re opting for, taking out a cosmetic surgery loan is an attractive and necessary option for many Australians looking to finance their procedure.

There are other payment options, from credit cards to dipping into your savings, but medical loans offer a convenient choice with comparatively low interest. If you compare your options and do your research, you could be saving a considerable amount. While you may be recommended certain lenders at your consultation, we always recommend doing your research!

The vast majority of personal loans listed in the Mozo database will be able to provide sufficient funding for a typical cosmetic surgery procedure, but that doesn’t mean you should opt for any loan. When taking into account varying interest rates and fees, the amount you end up paying for your operation could be vastly different depending on the loan you choose. 

To demonstrate just how much you could save by opting for a better value cosmetic surgery loan deal, here’s an example using the Mozo Personal loan comparison calculator

Tanya has been planning a purely cosmetic nose job for a long time. She has decided to undergo a rhinoplasty procedure which will cost her roughly $8,700, with none of it reimbursed by Medicare or private health insurance. If she were to fund her surgery by taking out an unsecured, variable rate personal loan with the average interest rate in our database of 9.59% over a 3 year term, she would end up paying $1,346 in total interest. 

However, if Tanya took advantage of her excellent credit history and opted for one of the lower rate personal loans currently in the Mozo database with an interest rate of 6.25% over a period of 3 years, she would pay just $864 in total interest - a $482 difference. 

What cosmetic surgery loan features should I know about? 

  • Secured or unsecured: If you’re looking for the best value way to finance your cosmetic surgery, a secured personal loan is likely to offer a lower interest rate, with the caveat being that the loan will need to be secured against an asset such as your car or home. On the flip side, an unsecured personal loan will likely come with a higher interest rate, but won’t require any security against it. 

  • Variable or fixed: Fixed rate personal loans will generally charge higher interest rates and comes with higher fees than variable personal loans, though a fixed rate will give you certainty when it comes to the amount you need to repay compared to variable rates which could rise or fall at any time. 

  • Fees: Comparing interest rates is a great place to start when looking for a great value deal to fund your surgery, but you’ll also want to consider any application or monthly fees you’ll also be required to pay with cosmetic surgery loans. 

  • Extra repayments: If you’re in a position to, being able to make extra repayments could prove a handy feature in order to pay off the cost of your cosmetic procedure faster and save on interest. While most providers will offer an extra repayments feature, some will charge a penalty fee if you pay off the loan too quickly. 

What choice do I have between lenders for my cosmetic surgery? 

If you do opt to fund your procedure using a cosmetic surgery loan, you’ll have plenty of choice between different lenders:

  • Online lenders: While you’ll want to meet your surgeon in person before the procedure, you won’t have to leave home in order to fund it. Online personal loans are an increasingly popular and convenient way to pay for major life goals, plus they offer some of the most competitive interest rates around. A lot of specialist lenders also exist, equipped to deal with the ins and outs of plastic surgery financing.
  • Peer to peer lenders: Like the idea of being rewarded with a better rate for your excellent credit history? A peer to peer lender could be the right place for you to start, with competitive rates and simple online application processes. 
  • Major Banks: If you already do your banking with one of Australia’s big banks, you may prefer to fund your cosmetic surgery procedure with a personal loan from them too. Luckily the major banks have a range of competitive secured and unsecured personal loans for you to choose from.

Cosmetic surgery costs to keep in mind

When taking out a surgery loan, it’s important to keep in mind that a cosmetic procedure can cost more than what it says on the tin. Your consultation and research should provide you with a good idea of the ballpark costs overall, but these costs will most likely be broken down into individual bills and fees that can vary greatly and end up surprising you.

In most cases, you will need to be able to verify your financing to your team, so a loan application will need to take place between an initial consultation and the actual procedure. To save you from getting surprised, there are some things to keep in mind before you apply for a loan. 

Things to prepare for include a bill from the anaesthesiologist, who can charge roughly $600 an hour. You will also need to check in with your doctor after surgery, which incurs its own costs. This can be increased if you need any additional attention like touch ups, dressing changes, new garments or medication.

There are also costs outside of the surgeon’s office. If you find yourself with a brand new bra size, for instance, you may need to replace the staples in your underwear drawer. Likewise, a tummy tuck or liposuction might find you with some fresh new clothes.

Remember that if your procedure is medically necessary or has medical benefits - rhinoplasty that aids in breathing, eyelid surgery that removes excess overhanging skin, breast reduction to improve medically documented chronic pain - you may be able to claim back some expenses and surgical costs on Medicare, and private health insurance if relevant. If you can reduce the overall costs, why not?

Picture of Sara Borman
Sara Borman
Money writer

Sara writes about personal loans and credit cards for Mozo. She is ASIC RG146 (Tier 2) qualified for general advice, and uses her Communications degree to bring an approachable feel to complex topics.

More frequently asked questions (FAQs) about cosmetic surgery loans

What is a medical loan?

Much like cosmetic surgery loans, medical loans are simply personal loans used for medical procedures. But rather than just cosmetic surgery, a medical loan can also help you fund non-elective surgery and other procedures including dental work, IVF and even hospital fees.

Think that might be the right option for you? Head over to our medical loans page to compare deals and read up on everything you need to know about medical loans.

Will medicare or private health insurance cover my cosmetic surgery?

Simply put, no. In most cases you’ll need to fund your cosmetic surgery procedure yourself. According to the Commonwealth Ombudsman, “Cosmetic Surgery and non surgical cosmetic procedures are not recognised by Medicare, and health insurance providers do not pay benefits for those procedures or the hospital costs associated with them.”  

However, if your procedure does come under the umbrella of plastic or reconstructive surgery, you will likely receive some degree of cover from your private health insurance (depending on your policy) or under medicare.

Can I get a cosmetic surgery loan for an overseas operation?

Medical ‘tourism’ is an increasingly popular option for many Australians who are choosing to head abroad for cheaper cosmetic and dental procedures. In fact, it’s estimated that roughly 15,000 Aussies travel overseas each year for these kinds of operations - spending around $300 million in the process.

But while securing a cosmetic surgery loan to fund an operation abroad isn’t likely to be any harder than if you were having the surgery in Australia, travel insurance is a different matter. The majority of travel insurance providers will only cover you for unforeseen medical emergencies, rather than complications that arise as a result a pre-planned medical procedure, which means you’ll be forced to pay your out of your own pocket if any complications arise.

If you are considering an overseas cosmetic surgery procedure, it’s also worth weighing up the medical standards in your country of choice.

According to SmartTraveller, “If you plan to travel overseas for medical or dental treatment, including a cosmetic procedure, keep in mind that the quality of care you receive may not be the same standard you would expect in Australia. Remember that you are financially responsible for costs incurred during and after treatment. These costs will not be covered by medicare.”

Can I get a cosmetic surgery loan with bad credit?

Depending on your lender, you may be ineligible for cosmetic surgery loans or any other source of lending if you’ve had a history of bad credit. That doesn’t mean every borrower with bad credit will find it impossible to secure a loan, but it does mean that they may find it more costly if a provider only offers a loan with a higher interest rate.

If you do find yourself in a situation where your credit history is holding you back, there are a few actions you can take to improve your chances of being approved:  

Pay off outstanding debt: Whether it’s an outstanding loan or the balance on your credit card, demonstrating that you can pay off your debt should be your first priority to improving your credit health and one that will signal your reliability as a borrower to lenders in the future.

Make your monthly repayments: Keeping up with your bills by making regular payments through direct debit or scheduled repayments will also show any future lenders that you’re diligent when it comes to paying off your debt.

Prove your good habits: Establishing your ability to put money away is also likely to be looked upon favourably by lenders, which means putting regular deposits into a savings account could also prove your reliability as a borrower.

How else can I fund my cosmetic surgery?

If you’re unable to grab a cosmetic surgery loan deal for your procedure, a credit card may be another funding option available to you. Of course, being able to use a credit card will depend  on the cost of your surgery and the size of your credit card limit.

It’s also important to consider that a credit card will generally be a more expensive funding  option compared to a personal loan when it comes to the interest rate you’ll be required to pay, though it’s worth comparing all the benefits and drawbacks of both before locking one in.

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