Ding dong, the bells are ringing! Is it your wedding they’re chiming for? Congrats! If you’ve just started the research for your big day, then you’ve probably got a fair idea how much it’s all going to cost - a lot. Not everyone has a spare $50k lying around, so you might want to consider taking out a personal loan. Here’s hoping you’re sharing the costs with your partner of course! Can you go 50/50? Whatever the fraction, taking out a loan for two would be much easier to repay than taking out a loan on your own, especially if you’re just starting out as a couple.
What’s that you say? You’re having a wedding?! How Lovely! Excuse me while I hike up the price by another 30%. You’ve probably noticed by now that the average prices for standard events have gone up considerably since you’ve mentioned the ‘W’ word. From venue hire, DJ hire, chandelier hire to invitation and cake-makers - everyone it seems wants a cut from your big day.
Well, seeing as you can’t mask this day as any other event, you’re going to have to grin an bear it. After all it’s the biggest day of your lifetime! It goes by so super quickly like a flash of lightening, so stay put and enjoy every tiny moment. What you should focus on right now is the best wedding loan features you can secure. Keep your eyes peeled! No point in staying loved-up and starry-eyed when signing a document that seals a small fortune away. Stay alert and check out the pros and cons of a wedding loan with us:
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 and if you require a strict budget to deal with your everyday expenses.
Remember, the shorter the loan the less you pay in the long run so if you can budget to pay more for each installment, then you'll be on your second honeymoon in no time! Check out Mozo’s repayment calculator and see. You might even surprise yourself.
Don’t trip over the long list at your feet there. The biggest challenge is overcoming the price hike after mentioning that you’re preparing a wedding, and that may go for loan rates too, so watch out! Always look for a second opinion, in fact go for 3 or 4 quotes for everything.
You want value for money because weddings are not cheap! Even the smaller receptions can add up in no time. There are so many hidden extras to entice you for the bigger and better wedding...since you’re all loved-up and uber happy, you may be vulnerable to buying-in on the wedding extras. So having a 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 rating will play a part in what kind of interest rate you secure, or whether you qualify for a loan at all, so be certain to plan your application out a bit if you intend on borrowing a handsome sum. You’ll appreciate the spending freedom as opposed to scrimping on the event of your lifetime.
When planning a wedding, it's difficult to keep the bright rainbows and pulsing love hearts from bursting out of our eyes and mouth. It’s ok, because getting gushy and mushy about spending the rest of your life with the partner of your dreams should be all about unicorns leaping and happy days ahead. So instead of getting distracted with your future conjugal bliss, you may want to knuckle down and focus on the most suitable wedding loans available.
Remember wedding loans are just like personal loans, just with a fancier title. The types of features you’ll want to look out for are things like: free extra repayments, low or no ongoing fees, fixed or variable rates. Here’s a quick run-down on what to cool features you should look out for:
Here in Australia you’ll be able to get a loan for a wedding from most major banks and credit unions. Generally you’ll apply for a standard personal loan, with you setting the loan amount and loan repayment term.
You can search which lenders offer loans quickly here on Mozo:
An alternative to a bank or credit union is a peer to peer lender. P2P platforms are a competitive option if you have a good credit rating as peer-to-peer players have tiered interest rates, meaning their most competitive rates are for more creditworthy borrowers. Their interest rates are often lower than banks or other lenders and you can generally pay off the loan early without penalty. See which peer to peer lenders are available in Australia or read our P2P guide for more information.
From what to do with extra dollars to how you make repayments, we can give you a few helpful tips to get you started:
If you accidentally find yourself getting caught in the wedding hype then it’s really okay - afterall this is a once in a life-time moment to shine. But if you want to play the wedding game in a clever way, you’ll do a lot more research to getting the best deals around. Saving money is the kind of game Mozo likes to play! Here is a brief checklist to peruse over regarding dodging a handful of wedding traps:
For more wedding savings tips and ideas for ways to do more for less money, head on over to our wedding hub. Some of our most popular articles include: