Ultimate guide to wedding loans
Ding-dong, wedding bells are ringing! If you’ve just started the planning your big day, then you’ve probably got a fair idea of how much it’s going to cost... a lot.
But not everyone has a spare $50k lying around, so you might consider taking out a personal loan to cover the cost. Splitting things 50/50 with your fiancé? Taking out a loan for two would be much easier to repay than taking one out on your own, especially if you’re just starting out.
Compare personal loans - rates updated daily
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 yearsPay 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.
No 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
- Late payment fee
- $35.00
- 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
- Hot DealA discounted rate of 5.25% p.a. (CR: 6.20% p.a.) for the first 12 months will apply for all eligible applicants
Low Rate Personal Loan (Fixed, Unsecured)
Excellent Credit
interest rate
comparison rate
Monthly repayment
6.29% p.a.to 8.48% p.a.6.50% p.a.to 8.69% p.a.based on $30,000
over 5 yearsOurMoneyMarket offer competitive low rates on loans up to $75,000, plus free extra repayments and fee-free redraw facility. Winner of Mozo's Experts Choice Unsecured Personal Loan 2021 award.
Low Rate Personal Loan
OurMoneyMarket offer competitive low rates on loans up to $75,000, plus free extra repayments and fee-free redraw facility. Winner of Mozo's Experts Choice Unsecured Personal Loan 2021 award.
- interest rate
- 6.29% p.a.to 8.48% p.a.
- comparison rate
- 6.50% 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
- Late payment fee
- $35.00
- Repayment options
- Weekly, Fortnightly, Monthly
- Early repayment penalty
- $0.00
- Minimum loan amount
- $2,001.00
- Maximum loan amount
- $75,000.00
- 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
- Featured Product
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 yearsGet 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.
Personal 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
- Late payment fee
- $35.00
- 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
Personal Loan
Unsecured, Fixed
interest rate
comparison rate
Monthly repayment
5.49% p.a.to 19.99% p.a.5.49% p.a.to 19.99% p.a.based on $30,000
over 5 yearsExcellent credit score needed to obtain this rate. Enjoy no-fuss personal loans of up to $30,000 with Alex. No hidden early repayment penalties. Terms from 6 months to 5 years. Convenient and fast 100% online approval. Must be over 18 to be eligible. Winner of Mozo's Experts Choice Best New Loan Product award 2021^.
Personal Loan
Excellent credit score needed to obtain this rate. Enjoy no-fuss personal loans of up to $30,000 with Alex. No hidden early repayment penalties. Terms from 6 months to 5 years. Convenient and fast 100% online approval. Must be over 18 to be eligible. Winner of Mozo's Experts Choice Best New Loan Product award 2021^.
- interest rate
- 5.49% p.a.to 19.99% p.a.
- comparison rate
- 5.49% p.a.to 19.99% p.a.based on $30,000
over 5 years
- Upfront fee
- $0
- Monthly fee
- $0.00
- Exit fee
- -
- Late payment fee
- $20.00
- Repayment options
- Weekly, Fortnightly, Monthly
- Early repayment penalty
- -
- Minimum loan amount
- $2,100.00
- Maximum loan amount
- $30,000.00
- Minimum loan term
- 1 Year
- Maximum loan term
- 5 Years
- Security required
- Unsecured
- Other benefits
- Establishment fee of $295 waived for applications made by 31 March 2021.
- Other restrictions
- -
Read our Mozo Review to learn more about the Alex Personal Loan
Unsecured Personal Loan
Fixed
interest rate
comparison rate
Monthly repayment
6.49% p.a.to 19.95% p.a.6.76% p.a.to 20.26% p.a.based on $30,000
over 5 yearsLow personalised rates, ideal for borrowers with excellent credit. No monthly account fees, no early payout fees, so you can pay off your loan sooner. Borrow between $5,000 and $63,000. Easy online application, receive a response in minutes and approved funds within 24-48 hours!
Unsecured Personal Loan
Low personalised rates, ideal for borrowers with excellent credit. No monthly account fees, no early payout fees, so you can pay off your loan sooner. Borrow between $5,000 and $63,000. Easy online application, receive a response in minutes and approved funds within 24-48 hours!
- interest rate
- 6.49% p.a.to 19.95% p.a.
- comparison rate
- 6.76% p.a.to 20.26% p.a.based on $30,000
over 5 years
- Upfront fee
- $195
- Monthly fee
- $0.00
- Exit fee
- $0.00
- Late payment fee
- $25.00
- Repayment options
- Weekly, Fortnightly, Monthly
- Early repayment penalty
- $0.00
- Minimum loan amount
- $5,000.00
- Maximum loan amount
- $63,000.00
- Minimum loan term
- 3 Years
- Maximum loan term
- 5 Years
- Security required
- Unsecured
- Other benefits
- -
- Other restrictions
- -
Read our Mozo Review to learn more about the Wisr Unsecured Personal Loan
Wedding loan pros & cons
“What’s that? You’re having a wedding? Excuse me while I hike the price up an extra 30%.” As you start booking things for your big day, you’ll soon see that an extra zero (or two) gets added to the bill the moment you mention the ‘W’ word.
From the venue and DJ hire to the photographer and cake-makers, everyone seems to want a cut from your big day. That’s just the reality of having a wedding. It’s the biggest (and most expensive) day of your life that'll go by in the blink of an eye. So you'll want to get the most bang for your buck!
A great place to start is by looking for the best wedding loan features you can find. Keep your eyes peeled. No point in being all loved-up and starry-eyed when signing a document that seals a small fortune away. So stay alert and check out these wedding loan pros and cons:
Wedding loan pros:
Much like a personal loan, rates are competitive between lenders and you’ll have the option to secure a fixed or variable rate. So take into consideration how long you can make repayments for and if you’ll need a strict budget to deal with your daily expenses.
Remember, the shorter the loan the less you’ll pay in the long run. So if you can afford to pay more for each instalment, then you’ll be on your second honeymoon in no time. Check out Mozo’s personal loans repayment calculator to see. You might even surprise yourself.
Wedding loan cons:
Don’t trip over the long list at your feet there. The biggest challenge is overcoming the price hike after mentioning that you’re planning a wedding. And that may go for loan rates too, so watch out! Always look for a second opinion, in fact, get 3 or 4 quotes for everything.
You want value for money, weddings aren’t cheap. Even small receptions add up in no time. There are so many hidden extras to entice you for the ‘bigger and better’ wedding and since you’re all loved-up and over the moon, you may be vulnerable to buying-in on them. So having more cash up your sleeve could be ideal if you want to flaunt it all. After all, it’s your big day! Go out with a bang.
Remember, your credit score will play a part in what kind of interest rate you secure, or whether you qualify for a loan at all. So be sure to plan out your application if you intend on borrowing a handsome sum. You’ll appreciate the spending freedom as opposed to scrimping on the event of your lifetime.
Features to look for in a wedding loan
When planning a wedding, it's all sunshine, rainbows and heart-eye emojis. Which makes sense when you’re getting ready to spend the rest of your life with your soulmate. But you may want to save the mush and gush for the ceremony and keep your game face on while picking out a wedding loan.
Remember wedding loans are just like personal loans, just with a fancier title. Here’s a quick run-down on some of the features to look for when picking one:
- Unlimited extra repayments: Having this feature means you'll be able to pay your loan off even faster. The more payments you pay, the less you owe in the end.
- Low or no ongoing fees: Imagine having no or low admin fees for the life of your loan? It's possible. If you see a finance provider with a promotion at the time of your search, look into it - you could be saving a whole heap of fees.
- Fixed vs. variable rates: Variable rates can change at any time, but, there’s no telling if it will be for the better as there’s no guarantee your financial provider will pass on any RBA cash rate savings (leaving you in the lurch while they profit from you for longer). With a fixed rate (which won't change) you might pay more over time, but your regular repayments won't change, so you'll be able to budget accordingly.
Which lenders offer wedding loans?
Major banks & credit unions:
In Australia most major banks and credit unions offer wedding loans. Generally you’ll just apply for a standard personal loan and then set the loan term and amount you're after. Compare major bank personal loans or click here to check out all our personal loan providers.
Peer to peer lenders:
For an alternative lending option, you might consider a peer to peer personal loan. Peer to peer (P2P) platforms generally offer tiered interest rates - meaning you could score better rates if you’re a creditworthy borrower with a good credit rating.
P2P interest rates are often lower than traditional banks and other lenders and they generally allow you to pay your loan off early without any penalty.
Wedding loan budget hacks:
The quicker you can kiss your loan goodbye the better right? Here are some hacks to help you get more bang for your buck on your wedding loan:
- Shop around: Always shop around to find the best deal before applying for a loan, or else miss out on some serious savings. Start by using Mozo’s free personal loan comparison tool to compare your options until you find a loan that suits your current budget and needs.
- Have a garage sale: Whether you’re moving in together for the first time or you’ve lived together for years, getting hitched is a great excuse to do some decluttering. Not to mention, you could make some serious cash by selling your old bits and bobs... which could go towards paying off your wedding loan!
- It pays to pay a little extra: If your loan allows it, try to pay more than just the minimum repayment each month. This can really help shave down your loan and get you debt-free in no time.
Wedding cash traps to watch out for
It’s natural to get caught up in all the hype, but you'll need your wits about you if you want to avoid all those sneaky wedding cash traps and get the best deal possible. Here are some common traps to watch out for:
One expensive piece of paper:
Wedding invitations can cost $10 plus per invite. So if you’ve got 100 guests and are already paying $100 a head for the reception, that’s an extra $10 each on top. Got a friend who dabbles in calligraphy? See if they’ll do mates rates or gift you some invites instead to save a bundle.
Forget the photographer:
Mouth still agape after hearing how much wedding photography costs? Buy a disposable camera for each table instead. You’ll be surprised by how well these candid pics will capture the essence of the night. Plus, in this day and age, an iPhone shot could easily pass as something taken on a professional camera. And since most guests will own a smartphone you’ll have your photos in the click of a button!
Ditch the expensive dress:
Why spend thousands on a dress you’ll only wear once when there are some beautiful off-the-shelf options available at a fraction of the price. Check out some up-market online stores, but make sure they have a decent returns policy in case it doesn't suit you.
Call up to let them know that you're looking for a wedding dress, then ask if you can buy a few to try on and return what you don’t keep. Bonus tip: Watch out for dresses that are on sale as some sites won’t accept returns on sale items and you could get stuck with them.
Bridesmaid dresses on a budget:
Bridesmaid dresses and groomsmen attire are a lovely touch to the day, but they don’t need to be custom-made for $500 plus each. Save by buying suits and formal cocktail dresses for your bridal party off the rack instead. If one style doesn't suit everyone, then make it your own and have a spray of colours in a few different styles.
Top wedding guides & articles:
For more wedding savings tips and tricks, head on over to our weddings hub.
Or, check out these popular wedding articles:
^See information about the Mozo Experts Choice Personal Loans Awards
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