Holiday Loans

If you’re in need of an island getaway or planning to spend a couple of months travelling abroad but don’t quite have the funds saved up to make that happen, a holiday loan could be just what the doctor ordered. Scan the table below to compare holiday loan options available from a range of lenders.

Read more

Is a holiday loan different from a personal loan?

No, a holiday loan is simply a type of personal loan where the funds borrowed are used to fund a holiday whether that be a 2 week family vacation to Disneyland or a 6 week cruise around the Mediterranean. With a holiday loan you can choose between fixed or variable interest rates, and from day dot you’ll have a regular repayment schedule so that you’ll know the exact date you can celebrate paying off your loan.

Who offers holiday loans?

The good news is that the personal loan market in Australia is big and most big and small banks, credit unions and building societies will have loans that can be used for holidays. There are even a bunch of online only lenders, like peer-to-peer lenders that will also lend money which can be used for a holiday. 

Bank branch or online loans, what’s better?

Just like all other aspects of banking, it’s getting more and more common to apply for a personal holiday loan online than it is to go into the bank to apply in person. The other benefit of getting your loan online is that often, many lenders have special rates for loans that are applied for online  and all from the comfort of your couch. Get started by hitting one of the ‘go to site’ buttons below to kick-start your application.

Holiday loan comparisons on Mozo - last updated February 27, 2021

Search promoted personal loans below or do a full Mozo database search. Advertiser disclosure.
  • Mozo Experts Choice 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 years

    Terms 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^.

    Compare
    Details
  • 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 years

    Terms 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.

    Compare
    Details
  • 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 years

    Terms 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.

    Compare
    Details
  • 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 years

    Terms from 3 to 5 years. Representative example: a 5 year $30,000 loan at 6.49% would cost $35,405.64 including fees.

    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!

    Compare
    Details
  • Unsecured Personal Loan

    Fixed

    interest rate
    comparison rate
    Monthly repayment
    6.99% p.a.to 24.79% p.a.
    7.79% p.a.to 25.74% p.a.based on $30,000
    over 5 years

    Terms from 1 to 5 years. Representative example: a 5 year $30,000 loan at 6.99% would cost $36,208.67 including fees.

    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'll likely qualify.

    Compare
    Details
  • Personal Loan

    Fixed, Unsecured

    interest rate
    comparison rate
    Monthly repayment
    12.69% p.a.to 18.99% p.a.
    13.34% p.a.to 19.59% p.a.based on $30,000
    over 5 years

    Terms from 1 to 7 years. Representative example: a 5 year $30,000 loan at 12.69% would cost $41,270.45 including fees.

    Get same day approval on flexible personal loans from $5,000 to $55,000 on 1-7 year loan terms with NAB. Enjoy no fees for extra early repayments and get funds in your account fast. To be eligible you must be over 18 and be an Australian resident.

    Compare
    Details
  • Mozo Experts Choice 2020
    Unsecured Personal Loan

    Fixed

    interest rate
    comparison rate
    Monthly repayment
    9.39% p.a.
    9.64% p.a.based on $30,000
    over 5 years

    Terms from 1 to 7 years. Representative example: a 5 year $30,000 loan at 9.39% would cost $37,881.66 including fees.

    No account keeping fees. Apply online and get a fast decision, normally within 24 hours. Winner of Mozo's Experts Choice Award for Australia's Best Large Credit Union 2020^.

    Compare
    Details
  • Mozo Experts Choice 2021
    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 years

    Terms 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^.

    Compare
    Details
  • Unsecured Personal Loan - Excellent Credit

    Fixed over 5 years

    interest rate
    comparison rate
    Monthly repayment
    6.99% p.a.to 10.49% p.a.
    6.99% p.a.to 11.92% p.a.based on $30,000
    over 5 years

    5 year term only. Representative example: a 5 year $30,000 loan at 6.99% would cost $35,633.67 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.

    Compare
    Details
  • Unsecured Personal Loan

    Fixed, Excellent Credit

    interest rate
    comparison rate
    Monthly repayment
    6.39% p.a.to 8.69% p.a.
    6.39% p.a.to 9.61% p.a.based on $30,000
    over 5 years

    Terms from 3 to 5 years. Representative example: a 5 year $30,000 loan at 6.39% would cost $35,126.40 including fees.

    With low rates for borrowers with excellent credit, a quick 1 minute rate estimate and simple online application, there’s a lot to love about this loan! You’ll not only benefit from no exit fees, there are also no early repayment fees. To qualify, simply earn above $25,000 and you’ll be on the way to start spending.

    Compare
    Details
  • No Fee Secured Personal Loan

    interest rate
    comparison rate
    Monthly repayment
    4.45% p.a.to 15.45% p.a.
    4.45% p.a.to 15.45% p.a.based on $30,000
    over 5 years

    Terms from 2 to 7 years. Representative example: a 5 year $30,000 loan at 4.45% would cost $33,516.53 including fees.

    Pay zero fees on loans up to $100,000 with NOW Finance. With no establishment fee, ongoing fees or early payout fee. What’s more, get your personalised interest rate in two minutes with no impact on your credit score!

    Compare
    Details
  • Standard Personal Loan

    Fixed, Unsecured

    interest rate
    comparison rate
    Monthly repayment
    7.99% p.a.
    8.62% p.a.based on $30,000
    over 5 years

    Terms from 1 to 7 years. Representative example: a n/a year $0 loan at 7.99% would cost $6,988.90 including fees.

    Heritage Bank discounted rates for loans starting from $5,000 to $25,000 and a choice of loan terms up to five years.

    Compare
    Details

^See information about the Mozo Experts Choice Personal loans Awards

*WARNING: 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. 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.

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.

Switch & Save Calculator

How much could you save by switching your personal loan? Compare savings from over 200 personal loans. Find out in a few clicks.

Get started

Advertisement

Personal loan resources

Reviews, news, tips and guides to help find the best personal loan for you.

FAQ

Holiday loans, your questions answered

Maybe you’ve been thinking about a multiple-month adventure overseas, or are just in need of a couple of soothing weeks in a resort somewhere to forget about the world. Whatever your motivation, a holiday loan can be a straightforward way to get going on your next trip without having to save in advance.

Keen to learn more whether a holiday loan is right for you? We’ve answered some of the most frequently asked questions about these types of loans below.

What do I look for in a holiday loan?

When you are borrowing money for any reason, including a holiday, there are really three key things you’ll want to look at:

  • Competitive interest rates: The number one ingredient of any holiday loan worth its salt is a competitive rate. With holiday loans you can opt for a variable rate that could fluctuate over the life of loan or choose the certainty of a fixed rate, even if it means paying slightly more.
  • Flexible repayment options: Be on the hunt for a loan that allows your repayments to match up when it suits you, not the bank. You can opt for weekly, fortnightly or monthly repayments. It’s also handy to look for a personal loan that provides you with the flexible option of an extra repayments facility so that you can put any additional cash towards paying off your loan faster if you’re able to. The faster you pay that loan off, the less interest you’re going to have to pay.
  • Low fees: With holiday loans you’re likely to come across several types of fees. Firstly, you might need to pay upfront fees like application or set up fees. Sometimes these fees are a flat fee so you’ll pay the same amount whether you’re borrowing $1,000 or $20,000. Ongoing fees are things like service fees and are generally in addition to interest fees. Then there are one off fees like late payment fees and loan discharge fees for when your loan comes to an end.

Should I get a holiday loan or use my credit card?

Weighing up whether to use a travel credit card or a take out a holiday loan will come down to your borrowing needs.

If most of your holiday is going to be put on credit and paid back over a period of time, you’ll want to choose the lowest interest option. There are low interest credit cards that can have interest rates lower than a personal loan but only if you pay off the balance in the quickest time possible. If you just pay the minimum balance each month you could find your holiday will cost you a lot more than a holiday loan where you’ll have fixed monthly repayments.

Credit cards often have other travel benefits that personal loans don’t have like travel insurance or interest free days but to really get value from these benefits you need to pay your balance off in full each month.

To learn more about the pros and cons of each option check out our dedicated credit card versus holiday loan guide

How much can I borrow on a holiday loan?

One of the major positives about using a personal loan for your holiday needs is that you can borrow more than you’d be able to on a credit card. In most cases you can apply for holiday loans for as little as $2,000 or as much as $50,000 which means almost any travel dream can come true.

Mozo lets you investigate and compare the $5000 personal loans and $10000 personal loans available.

Can I get a holiday loan through a peer to peer lender?

Yes, peer to peer (P2P) lenders provide an alternative way to finance your holiday to credit unions and banks. They are a good option if you’ve got a good credit history as you’ll be eligible for their most competitive rates and they are even an option if you’re new to borrowing and don’t have much of a history already built up. You might have to pay higher interest rates, but generally these loans have flexible features so you can pay back your loan faster and pay less interest. You can can learn more about peer to peer lenders with our extensive P2P guide.

Should I get a secured holiday loan?

If you own your car or house, you might have the option with some lenders of using these assets as security for your holiday loan. Why do this? Well, secured loans often have lower rates and fees so you’ll be able to save money in interest by opting for this type of loan. The drawback? Well, if you default on the loan your provider has the right to seize the assets you’ve put on the table.

If that sounds like too great of a risk to you, or you don’t have any assets you could use to secure your loan, there are a range of unsecured loans in our database to choose from instead. But you’ll likely have to pay that bit more in interest and fees.
Will there be any conditions on how I spend the money?

When you apply for a personal loan, you might be asked the reason for the loan like ‘holiday’ or ‘travel’ but as long as you can prove to the bank or lender that you’ve got the means to pay the money back there shouldn’t be any conditions on what you can use the money for. As soon as the money is deposited into your account you’ll be able to use the money to pay for flights, a five-star hotel or to load up a prepaid travel card to use abroad.

Just remember though, that as soon as the funds are deposited you’ll be required to meet the monthly or weekly repayment schedule, so if you are going on an extended holiday be sure that you set up automatic repayments so that you don’t accidentally forget to make a payment.  

How are repayments calculated on holiday loans?

The monthly repayments on your holiday loan will be calculated based on the loan amount and term as well as the interest rate and any associated fees. Luckily, to help you work out how much you possible repayments will be you can try Mozo’s personal loan repayments calculator.

SCENARIO

Stephanie is planning to spend a couple of months country-hopping through Europe over summer but needs a holiday loan to make her eagerly-awaited trip happen. After shopping around, Stephanie secures a 9.50% variable interest rate on a $5,000 loan which she’ll pay back over three years.

Using the repayments calculator,  her monthly repayments will amount to $160 and that over the life of the loan, she’ll pay $766 in interest.

How do I apply for a holiday loan?

If you’ve done all your due diligence and found a competitive holiday loan in the table above that suits your travelling needs, the process to apply is really simple. Start by clicking on the blue 'go to site' button which will take you to the providers' application website where you can apply right now without having to leave the house.

Just bear in mind that there are a few important documents to have on hand when applying, like:

  • Proof of identity - Passport, driver’s license and or Medicare card
  • Proof of income - You’ll need to provide several of your most recent pay slips
  • Financial details - Make sure you have copies of your income, assets, debts, expenses and liabilities.

How do I pay for things when on my holiday?

Once you’ve sorted out your loan and paid for big ticket items like a cruise, airfares, tours or accommodation you’re going to want access to some cash for things like food and souvenirs. 

Head over to Mozo’s travel money hub to discover a range of travel money products along with helpful tips and tricks to make your travel budget stretch as far as possible on your trip.

Personal Loan Reviews

ANZ Unsecured Personal Loan review
Overall 8/10
Fast application, trustworthy as a bank can be.

Excellent customer service in all areas. Highly skilled phone staff. Incredibly fast personal loan approval ($48000 towards my new preowned vehicle) for existing customer with a recent homeloan approval. Personal loan interest rates are seriously shabby and can be beaten elsewhere but if you get the (higher) variable option, you can pay it down hell for leather; they are quite flexible with their lending products. And their customer service is exemplary in my opinion. Just choose your products wisely and don't hock yourself to the eyeballs. Very convenient for existing customers. Good for female borrowers, whether working, retired, pensioners etc.

Read full review

Excellent customer service in all areas. Highly skilled phone staff. Incredibly fast personal loan approval ($48000 towards my new preowned vehicle) for existing customer with a recent homeloan approval. Personal loan interest rates are seriously shabby and can be beaten elsewhere but if you get the (higher) variable option, you can pay it down hell for leather; they are quite flexible with their lending products. And their customer service is exemplary in my opinion. Just choose your products wisely and don't hock yourself to the eyeballs. Very convenient for existing customers. Good for female borrowers, whether working, retired, pensioners etc.

Price
5/10
Features
8/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Isabella, Victoria, reviewed 15 days ago
Plenti New Car Loan (Fixed) review
Overall 1/10
Hidden Fees & Brokerage - Lies & Deceitful

Its a bad joke, hidden fees / deceptive interest rates & sneaky brokerage. A network of lies.

Read full review

Its a bad joke, hidden fees / deceptive interest rates & sneaky brokerage. A network of lies.

Price
1/10
Features
1/10
Customer service
1/10
Convenience
1/10
Trust
1/10
Less
Derek, Queensland, reviewed 17 days ago
CUA Personal Loan review
Overall 1/10
Terrible to deal with

Terrible company to deal with, terrible customer service, not very flexible most certainly not helpful at all. Would not deal with them at all for anything ever again.

Read full review

Terrible company to deal with, terrible customer service, not very flexible most certainly not helpful at all. Would not deal with them at all for anything ever again.

Price
1/10
Features
4/10
Customer service
1/10
Convenience
3/10
Trust
1/10
Less
L, Victoria, reviewed 17 days ago

More personal loan reviews

Calculators

Switch and Save

See calculator

Repayment calculator

See calculator

Comparison calculator

See calculator