Medical loans

Looking for a personal loan to help you cover the cost of an emergency dental procedure, a sports injury, IVF or another medical issue? Mozo helps you to compare loan options from a range of banks and lenders in Australia so that you can find the one that best meets your needs.

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How do medical loans work?

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.

How much can I borrow for a medical loan?

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.

How do I apply for a medical loan?

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.

Medical loan comparisons on Mozo - last updated 24 June 2021

Search promoted personal loans below or do a full Mozo database search. Advertiser disclosure.
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    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.

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    Personal Loan

    Unsecured, Fixed, Excellent Credit

    interest rate
    comparison rate
    Monthly repayment
    5.44% p.a.to 7.49% p.a.
    5.44% p.a.to 8.19% p.a.based on $30,000
    over 5 years

    Terms from 3 to 5 years. Representative example: a 5 year $30,000 loan at 5.44% would cost $34,332.26 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.

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    Mozo Experts Choice 2021
    Low Rate Personal Loan (Fixed, Unsecured)

    Excellent Credit

    interest rate
    comparison rate
    Monthly repayment
    6.29% p.a.to 8.48% p.a.
    6.36% 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 6.29% would cost $35,192.28 including fees.

    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.

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    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!

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    Personal Loan

    interest rate
    comparison rate
    Monthly repayment
    6.25% p.a.to 19.95% p.a.
    7.64% p.a.to 21.35% p.a.based on $30,000
    over 5 years

    Terms from 1 to 5 years. Representative example: a 5 year $30,000 loan at 6.25% would cost $36,103.67 including fees.

    Enjoy flexibility with the ability to make additional repayments. Borrowers with excellent credit rating can receive interest rates as low as 6.25% fixed rate (7.64% comparison rate*). Loan terms between 1 to 5 years.

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    Unsecured Personal Loan

    Excellent Credit, Fixed

    interest rate
    comparison rate
    Monthly repayment
    5.95% p.a.to 10.49% p.a.
    5.95% p.a.to 12.83% p.a.based on $10,000
    over 3 years

    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. 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.

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    Personal Loan

    interest rate
    comparison rate
    Monthly repayment
    6.75% p.a.
    7.10% 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 $35,680.23 including fees.

    Handypay offer flexible home improvement loans up to $75,000. Handypay is a specialist home improvement plan provider.

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    Unsecured Personal Loan

    Fixed

    interest rate
    comparison rate
    Monthly repayment
    5.35% p.a.to 24.79% p.a.
    6.14% 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 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'll likely qualify.

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    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.

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    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!

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    Personal Loan

    Fixed, Unsecured

    interest rate
    comparison rate
    Monthly repayment
    6.99% p.a.to 18.99% p.a.
    7.91% p.a.to 19.83% p.a.based on $30,000
    over 5 years

    Terms from 1 to 7 years. Representative example: a 5 year $30,000 loan at 6.99% would cost $36,383.67 including fees.

    Borrow from $5,000 to $55,000 with a 1 - 7 year flexible loan term with NAB. Enjoy no fees for extra repayments and no early exit fees. NAB accepts documents online so you can get your funds fast.

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    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.

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^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.

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FAQ

Medical loans 101

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. 

What interest rate options do I have for Medical loans?

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.  

How do I compare medical loans between providers?

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.

How quickly can I get a medical loan?

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. 

Can I get a medical loan with bad credit?

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.

  • Start small - Smaller loans are less of a risk for lenders and also require less of an income to service, so make sure you’re not blowing yourself out of the water by asking for too much cash unnecessarily.
  • Show you’ll be able to meet repayments - Lenders will look upon your application more favourably if you’ve shown that you’re a steady saver by making regular deposits into a savings account  as it will show them that you’ll be able to meet your new loan repayments. This is especially important if you haven’t previously applied for credit in the form of a different personal loan or credit card.
  • Keep on top of bills and payments - Even if you haven’t been so diligent in the past, make sure you keep your recent credit history as clean as possible. A missed repayment two years ago doesn’t look so bad when you’ve consistently made the last 18 months worth of repayments on your credit card.

Should I choose a secured medical loan?

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.

What types of procedures can I use a medical loan for?

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. 

Are medical loans just for surgeries and procedures?

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.

Are there any restrictions on what I use my medical loan for?

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.

Will medicare or private health insurance help cover my medical costs?

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.

Is a medical loan a good choice for ongoing medical expenses?

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

Personal Loan Reviews

Bankwest Unsecured Personal Loan review
Overall 1/10
Age discrimination.

Having been a loyal customer for over 52 years. Never overdue with any repayments on any loans. Running a multi million dollar business with them. Investing my SMSF with them now that I am 70. I have a great credit rating. I asked for a small personal loan for a short term while I was buying a new home and had not sold my existing home. They refused and told me to ask my accountant to change the figures on my Superfund statement. Is that legal??? Anyway I have just sold my house and my funds will not be invested with them. Changing banks out of principal. I feel They discriminated against me because of my age. I personally brought 2 teen grandchildren to them to start a savings account. I have 10 more grandchildren. Guess what. Don’t go to Bankwest.

Read full review

Having been a loyal customer for over 52 years. Never overdue with any repayments on any loans. Running a multi million dollar business with them. Investing my SMSF with them now that I am 70. I have a great credit rating. I asked for a small personal loan for a short term while I was buying a new home and had not sold my existing home. They refused and told me to ask my accountant to change the figures on my Superfund statement. Is that legal??? Anyway I have just sold my house and my funds will not be invested with them. Changing banks out of principal. I feel They discriminated against me because of my age. I personally brought 2 teen grandchildren to them to start a savings account. I have 10 more grandchildren. Guess what. Don’t go to Bankwest.

Price
1/10
Less
Hennie, Western Australia, reviewed about 1 hour ago
Pepper Money Personal Loan review
Overall 1/10
Not great

Look, I knew what I was getting into regarding rates and repayments. However, what I didn’t realise is how bad it was on the following: - no transparency at all. Online banking auto selected but they never actually set me up. I have rung a few times and none of the staff actually address this. - no actual care for your situation. This shocked me. Their focus is on sell the product, let it run, send it to collections as quickly as possible. There is no middle ground. - lied at application point. They are a rate switcher. They discussed on the telephone with me my request. 4 year loan, rate of 9.55%. Application approved, four years later find out it is a 5 year loan at 18.95% That ok, my fault. Should have checked right? Except when you apply they sign you up and give you online aces to an application portal, you set up your profile, your password, complete your app… real smooth and easy. Then you are approved, you log in and accept and at that point, you have no access to online banking because the sign in you had was for your app only. They don really explain or clarify this. So I kept ringing with the wrong access number. Be very wary.

Read full review

Look, I knew what I was getting into regarding rates and repayments. However, what I didn’t realise is how bad it was on the following: - no transparency at all. Online banking auto selected but they never actually set me up. I have rung a few times and none of the staff actually address this. - no actual care for your situation. This shocked me. Their focus is on sell the product, let it run, send it to collections as quickly as possible. There is no middle ground. - lied at application point. They are a rate switcher. They discussed on the telephone with me my request. 4 year loan, rate of 9.55%. Application approved, four years later find out it is a 5 year loan at 18.95% That ok, my fault. Should have checked right? Except when you apply they sign you up and give you online aces to an application portal, you set up your profile, your password, complete your app… real smooth and easy. Then you are approved, you log in and accept and at that point, you have no access to online banking because the sign in you had was for your app only. They don really explain or clarify this. So I kept ringing with the wrong access number. Be very wary.

Price
1/10
Features
1/10
Customer service
1/10
Convenience
1/10
Trust
1/10
Less
Brad, New South Wales, reviewed 1 day ago
ANZ Unsecured Personal Loan review
Overall 1/10
Very poor bank

Only wanted a few dollars for a week to pay bond changing house told me I would have to borrow 5,000 so went with that all the drama never had this before never do it again and they didn’t give me any respect been with them for years. I never even received an answer if I was accepted very very poor.

Read full review

Only wanted a few dollars for a week to pay bond changing house told me I would have to borrow 5,000 so went with that all the drama never had this before never do it again and they didn’t give me any respect been with them for years. I never even received an answer if I was accepted very very poor.

Price
1/10
Features
1/10
Customer service
6/10
Convenience
5/10
Trust
1/10
Less
Des, Tasmania, reviewed 27 days ago

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