A medical loan is like any other personal loan you take out for a big one-off expense, only instead of using the loan to buy a new car or kitchen, you’re using the money to cover medical expenses. With these loans you get the money you need upfront and pay it back over time. Of course with any personal loan you’ll be paying interest on the money borrowed so it’s a good idea to find the lowest rate loan with low fees.
Medical expenses, especially for big procedures or surgeries can quickly add up, but you’ll be happy to know that our comparison tables feature loans from many lenders that will allow you to borrow as much as $50,000. In saying that, with any loan, you’ll need to be able to prove to the bank or lender that you can meet the regular repayments so how much you’ll be able to borrow will depend on your income, assets and other liabilities.
The great news is that these days, you can apply for a loan online and in some cases have the money deposited into your Australian bank account within a few days. Here at Mozo we can connect you direct with many lenders where you can start your application. There is no need to visit a bank branch.
Fixed
Borrow up to $50,000 unsecured from the only lender with no fees and none of the bank. Perfect if you earn more than $22,100 p.a. and have good to excellent credit. Winner of Mozo’s Experts Choice Unsecured Personal Loan 2021 award.
Terms from 2 to 7 years. Representative example: a 5 year $30,000 loan at 5.95% would cost $34,757.21 including fees.
Read our Mozo Review to learn more about the NOW Finance No Fee Unsecured Personal Loan
Excellent Credit
Terms from 1 to 7 years. Representative example: a 5 year $30,000 loan at 5.45% would cost $34,590.57 including fees.
OurMoneyMarket offer competitive low rates for borrowers with excellent credit 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^.
Read our Mozo Review to learn more about the OurMoneyMarket Low Rate Personal Loan
Unsecured, Fixed
Terms from 1 to 5 years. Representative example: a 5 year $30,000 loan at 4.99% would cost $33,959.97 including fees.
Excellent credit score needed to obtain this rate. Enjoy no-fuss personal loans of up to $30,000 with Alex Bank. No hidden early repayment penalties. Terms from 6 months to 5 years. Convenient, 100% online approval. Must be over 18 to be eligible (other eligibility criteria may apply). Winner of Mozo's Experts Choice Best New Loan Product award 2021^.
Read our Mozo Review to learn more about the Alex Bank Personal Loan
Unsecured, Fixed, Excellent Credit
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. You could qualify by simply earning above $25,000 and you’ll be on the way to start spending (other eligibility criteria may apply).
Read our Mozo Review to learn more about the Plenti Personal Loan
Fixed
Terms from 3 to 5 years. Representative example: a 5 year $30,000 loan at 5.35% would cost $34,832.61 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 could qualify (other eligibility criteria may apply).
Read our Mozo Review to learn more about the Harmoney Unsecured Personal Loan
Variable, Unsecured
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. Lower rates for better credit. Money transferred to your account in 24 hours. No exit or early repayment fees. Borrow up to $50,000.
Read our Mozo Review to learn more about the Symple Loans Personal Loan
Excellent Credit, Fixed
Terms from 2 to 5 years. Representative example: a 3 year $10,000 loan at 5.95% would cost $10,943.74 including fees.
Be rewarded for your good credit history with low rates. No ongoing fees. Pay off your loan with no early repayment penalties. Apply online and get a quote in minutes
Read our Mozo Review to learn more about the SocietyOne Unsecured Personal Loan
Fixed
Terms from 3 to 5 years. Representative example: a 5 year $30,000 loan at 6.49% would cost $35,210.64 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. $0 establishment fee for loans from $5,000 to $30,000, a $595 establishment fee will be charged on loan amounts of $30,001 to $64,000.
Read our Mozo Review to learn more about the Wisr Unsecured Personal Loan
Fixed
Terms from 2 to 7 years. Representative example: a 5 year $30,000 loan at 5.95% would cost $34,757.21 including fees.
Borrow up to $50,000 unsecured from the only lender with no fees and none of the bank. Perfect if you earn more than $22,100 p.a. and have good to excellent credit. Winner of Mozo’s Experts Choice Unsecured Personal Loan 2021 award.^
Read our Mozo Review to learn more about the NOW Finance No Fee Unsecured Personal Loan
Very Good Credit
Terms from 1 to 7 years. Representative example: a 5 year $30,000 loan at 8.49% would cost $37,171.08 including fees.
Competitive low rates on loans up to $75,000 for excellent credit. Free extra repayments. Fee-free redraw facility. Winner of Mozo's Experts Choice Unsecured Personal Loan 2021 award^.
Read our Mozo Review to learn more about the OurMoneyMarket Low Rate Personal Loan
Fixed
Terms from 1 to 7 years. Representative example: a 5 year $30,000 loan at 9.39% would cost $37,881.66 including fees.
Borrow from $5,000 to $50,000 with low rates for great credit. No account keeping fees. Free extra repayments and redraw facility. Same day approval may be possible. Winner of Mozo's Experts Choice Award for Australia's Best Large Credit Union 2021^.
Read our Mozo Review to learn more about the Great Southern Bank Unsecured Personal Loan
Fixed, Unsecured
Terms from 1 to 7 years. Representative example: a 5 year $30,000 loan at 6.99% would cost $36,383.67 including fees.
Borrow from $5,000 to $55,000 with a 1 - 7 year flexible loan term with NAB. Get competitive low rates for excellent credit. Enjoy no fees for extra repayments and no early exit fees. NAB accepts documents online so you can get your funds fast.
Read our Mozo Review to learn more about the NAB Personal Loan
Fixed, Unsecured
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 borrowers with excellent credit. Available loans starting from $5,000 to $25,000. Your choice of loan terms up to five years. Extra repayments allowed, but may incur fees.
Read our Mozo Review to learn more about the Heritage Bank Standard Personal Loan
^See information about the Mozo Experts Choice Personal loans Awards
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If you’re after a loan that will help cover the costs of a surgery or to cover some urgent medical expenses you’ll want to brush up on the basics. We’ll have you an loan expert in no time so that when it comes to choosing which loan and lender to go with you’ll know you’re making an informed choice.
When it comes to borrowing money for medical purposes, the bank or lender won’t be all that concerned why you are borrowing money; you could be using it for a renovation or to buy a boat. What they will be concerned about is your ability to pay back the loan amount.
You will generally have the option between a fixed or a variable rate loan. A fixed interest rate loan means that for the duration of the loan period your loan repayments will remain fixed. Many people prefer this option as it allows them to budget effectively. With a variable rate loan, your repayments could go up or down during your loan period. Generally variable rate loan have flexible features like extra repayment and redraw facilities. These can be useful if you are able to make more than the minimum repayment so that you can pay off your loan sooner.
You’ll notice that our table and all loans in our database have two sets of interest rates advertised, the interest rate and the comparison rate. The comparison rate combines the headline interest rate with any loan fees into a single rate. It’s a good idea to use this rate to compare loans between providers because often some lenders that have low interest rates could have higher fees, so by using the comparison rate you are able to make a more informed choice.
Just be aware that the comparison rate advertised is worked out on a set criteria. If your loan amount or loan term is different to this your comparison rate will be different to this rate but the lender will be required to tell you what it will be. Also, you may find that you will get a different rate whether you're applying for a Melbourne personal loan or Sydney personal loan or somewhere else.
The great news is that with online applications and approvals some personal loan providers can turn around your application and get your medical loan approved pretty quickly. Medical loans can be applied for online and conditional approval can be granted in as little as 60 seconds with official approval and funds often received within 24-48 hours.
There is no way to be certain that you’ll be approved for a medical loan and if you’ve had a chequered past when it comes to borrowing cash it could be a little harder or you may have to pay a premium when it comes to the interest rate on your loan. However, it certainly isn’t impossible and there are even a few easy ways to improve your chances of being approved.
If you’ve got a home loan, you might be able to opt for a secured loan for your medical expenses. ‘Securing’ your loan means that you’re offering up an asset as security for the loan and in return, providers will offer you a more competitive interest rate. But keep in mind that if you default on the loan, they could then seize the asset you’ve placed on the table.
If that isn’t an option for you or just not something you’re comfortable with, not to worry, you can always choose an unsecured personal loan.
Whether you’re after a facelift, some liposuction or in need of something a little more structural like a knee reconstruction or hip replacement, medical loans can help cover the costs for a range of procedures and surgeries. This includes elective surgery, which is when you go under the knife for non-essential procedures, like cosmetic or laser eye surgery. But you can also use a medical loan to pay for dental procedures as well as to help cover the costs of any essential surgeries - like an appendectomy if you suddenly fall victim to appendicitis.
No, you can use medical loans for a host of health-related expenses including travel costs for overseas procedures or to pay for a series of specialist appointments. Just bear in mind that if you do plan on fueling a trip overseas for a medical procedure with one of these loans, the money you receive into your bank account will be in Australian dollars. If that’s the case for you and you’re looking for a way to use that money overseas, head over to our travel money hub to find the perfect way to spend your money abroad.
When you apply for a personal loan you’ll usually have to nominate what the money will be used for and more often than not, medical expenses will be an option you’re given by the provider. Aside from that, there are very few restrictions on how you spend the money you’re approved for. One thing to keep in mind, however, is that you don’t want to be using a medical loan for everyday expenses - like groceries or utilities - as it’s a form of income that can dry up quickly, especially if you’re taking some time off work to recover from a big procedure or serious illness.
Medicare - Australia’s publicly funded form of healthcare - will definitely help cover the cost of a range of medical expenses, whether it be an unexpected few days at the hospital or an elective surgical procedure. But you’re at the mercy of the public health system which often means lengthy waiting times for consultations and procedures.
For this reason, a lot of Australians choose a private health insurance provider to help cover their medical costs as well as provide them with a few added health perks like choosing a specific surgeon or hospital. But even then, medical costs can easily balloon beyond the caps and coverage levels provided by health insurance providers in Australia, which is where a medical loan can come in handy.
Generally speaking, medical loans are a good choice if you’re trying to fund a large, one-off medical expense that your budget can’t accommodate rather than any ongoing costs. This is because eventually the loan amount will run out, meaning you’ll have to find another way to stump up for your continuing medical expenses.
If you’re looking for a way to accommodate any ongoing health-related costs into your current budget, why not run a refresh using Mozo’s budget calculator. It will give you the option of adding in the cost and its frequency alongside all of your other expenses so that you can build a budget that works for you in the long-term
Do not use this bank, applied for a personal loan, they advertise simple and easy, what a joke, supplied documentation to them, looks like I was dealing with idiots overseas as most of my correspondence was online due to work commitments. Instead of looking over the application and telling me what they wanted me to supply first go instead of coming back in drubs and drabs asking for information, I supply it and they tell me they didn’t receive it, but I have proof it went through but anyway. Not reading emails properly or even knowing what they are asking for when it’s right in front of them. At one point some one in their assessing team sent an email and said application was not successful. Next day I get an email from them saying we need more information??? I said you knocked the application back and the guys says oh no we haven’t finished processing it?? I then emailed them what they said and they apologised for confusion, but still going back and forth. Not well trained staff, either I ended up pulling the application and went to another bank and got the loan in 24 hours. Do not waste your time and energy!
Read full reviewDo not use this bank, applied for a personal loan, they advertise simple and easy, what a joke, supplied documentation to them, looks like I was dealing with idiots overseas as most of my correspondence was online due to work commitments. Instead of looking over the application and telling me what they wanted me to supply first go instead of coming back in drubs and drabs asking for information, I supply it and they tell me they didn’t receive it, but I have proof it went through but anyway. Not reading emails properly or even knowing what they are asking for when it’s right in front of them. At one point some one in their assessing team sent an email and said application was not successful. Next day I get an email from them saying we need more information??? I said you knocked the application back and the guys says oh no we haven’t finished processing it?? I then emailed them what they said and they apologised for confusion, but still going back and forth. Not well trained staff, either I ended up pulling the application and went to another bank and got the loan in 24 hours. Do not waste your time and energy!
Corporate robots, don't lend to singles the two percent deposit scheme is rubbish, I tick all boxes and can afford the loan but cannot get because of unrealistic lending criteria. All banks.
Read full reviewCorporate robots, don't lend to singles the two percent deposit scheme is rubbish, I tick all boxes and can afford the loan but cannot get because of unrealistic lending criteria. All banks.
Don’t believe the TV commercials, Jackson was dismissive and short. Pretty ordinary all over.
Read full reviewDon’t believe the TV commercials, Jackson was dismissive and short. Pretty ordinary all over.
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