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Summary

  • Cosmetic surgery procedures can run into the thousands of dollars, or sometimes more.
  • If you have health insurance and are considering getting a personal loan for cosmetic surgery, it’s a good idea to find out whether your policy could cover part of the costs for your surgery.
  • When seeking the best cosmetic surgery personal loans, make sure to compare the interest rate, fees, loan amount and loan term before applying for a loan.
  • Be aware that the interest rates for an unsecured personal loan could be higher than if you were to secure a loan against a property or car.

Cosmetic surgery has traditionally been a subject of taboo. But that’s slowly changing. Australia’s billion-dollar love affair with cosmetic surgery exceeded the United States by almost 40 per cent per capita. 

While some people opt to undergo cosmetic surgery by choice, there are cases where procedures are medically necessary. 

And with more and more Aussies looking to go under the knife, it’s also becoming more common to seek financing options to fund these costly procedures. 

In some cases, a personal loan could help make your cosmetic surgery journey an easier one.

Should I get a personal loan for cosmetic surgery?

If you’ve done your research on cosmetic surgery in Australia, you would know that most procedures don’t come cheap.

The next step would be to sort out your finances. Getting a personal loan for your cosmetic surgery procedure is one option to fund the procedure.

Common cosmetic surgery procedures – such as facelifts, rhinoplasty and liposuction – can run into the thousands of dollars. For more extensive surgery, it could set you back even more.

If you’re considering getting a personal loan for cosmetic surgery, a good place to start is finding out whether your health insurance could cover part of the costs for your surgery.

There are two types of cosmetic surgery:

  • Reconstructive surgery – Performed to help restore the appearance and function of body parts defected from birth, traumatic injuries or other medical conditions, such as cancer.
  • Elective cosmetic surgery – Performed by choice to enhance one’s appearance.

Generally, health insurance policies won’t cover cosmetic surgery costs unless the procedure is deemed medically necessary. It’s best to check with your own health insurance policy for details.

If your insurance provider won’t cover the costs and you think you’ll still need to get a personal loan, comparison sites like RateCity could help you get a good idea of how much you could borrow, what interest rates and fees you could be facing as well as your potential repayments.

What are the pros and cons of a cosmetic surgery personal loan?
  • Allows you to take a lump sum and undergo the surgery when you want to, so you can worry about paying off the loan later.
  • An unsecured personal loan won’t require any collateral to secure the loan. Even if you don’t have any assets, you can still apply for a personal loan.
  • A fixed loan term means no nasty surprises. You’ll know exactly how much you will be paying per month and for how long.
  • Because there’s no collateral involved, the interest rates could be higher than if you were to secure a loan against a property or car.
  • If you want to pay off your personal loan earlier than originally agreed, you may be facing break fees to compensate for the lender’s loss as a result of the borrower “breaking” the loan term.
  • Not making repayments or making late repayments could negatively affect your credit score. If you’re not financially committed to paying off the loan, a personal loan may not be for you.

How do I find the best cosmetic surgery personal loan for me?

When applying for a cosmetic surgery personal loan, it’s important to do your research and compare your options before deciding on the best loan for you. Here are some of the things you should consider before you sign on the dotted line:

  • Interest rate – As the interest rate will affect your future repayments, it makes sense to look at this first. When shopping around for personal loans, you will see an advertised rate and a comparison rate. It’s best to look at the comparison rate as this takes into account the fees charged by the lender, so you’ll have a clearer picture of the full cost of the loan. You should also compare whether you’d be better off on a fixed rate or a variable rate. Consider using RateCity’s Personal Loan calculator to compare repayments.
  • Fees – Apart from the interest rate, lenders make money by charging customers various fees. These include establishment fees, ongoing fees, break fees and late repayment fees.
  • Loan amount – Lenders typically have minimum and maximum amounts that you can borrow, so you should find out whether the lender can lend you the full amount you need, or if you’ll need to stump up part of the cosmetic surgery costs yourself. Your credit rating will also have an impact on how much the loan provider will lend you.
  • Loan term – This is the set term you need to pay off your personal loan by. Loan terms generally range from one to seven years. The longer your loan term, the more interest you could be paying over time.

Frequently asked questions

What is a personal loan?

A personal loan sits somewhere between a home loan and a credit card loan. Unlike with a credit card, you need to sign a formal contract to access a personal loan. However, the process is easier and faster than taking out a mortgage.

Loan sizes typically range from several hundred dollars to tens of thousands of dollars, while loan terms usually run from one to five years. Personal loans are generally used to consolidate debts, pay emergency bills or fund one-off expenses like holidays.

How are personal loans regulated?

Personal lenders in Australia are regulated by ASIC (the Australian Securities & Investments Commission) and must follow responsible lending rules. That means they can’t lend money without making “reasonable inquiries” about a borrower’s financial situation and ensuring the loan is “not unsuitable” for them.

Can I get a personal loan if I receive Centrelink payments?

It is hard, but not impossible, to qualify for a personal loan if you receive Centrelink payments.

Some lenders won’t lend money to people who are on welfare. However, other lenders will simply consider Centrelink payments as another factor to weigh up when they assess a person’s capacity to repay a loan. You should check with any prospective lender about their criteria before making a personal loan application.

Where can I get a personal loan?

The Australian personal loans market contains dozens of lenders offering several hundred different products. Personal loans are available through a range of institutions, including:

There are three main ways to access personal loans. You can go through a comparison website, such as RateCity. You can use a finance broker. Or you can directly contact the lender.

What are the pros and cons of personal loans?

The advantages of personal loans are that they’re easier to obtain than mortgages and usually have lower interest rates than credit cards.

One disadvantage with personal loans is that you have to go through a formal application process, unlike when you borrow money on your credit card. Another disadvantage is that you’ll be charged a higher interest rate than if you borrowed the money as part of a mortgage.

How long do personal loans take?

Depending on the lender, some personal loan applications can be approved in as little as one hour, or you may need to wait until the next business day. If approved, you may receive your money on the same day, the next business day, or within the week.

Is a personal loan a variable or fixed-rate loan?

Depending on the personal loan lender, you may be able to choose between a fixed and a variable interest rate. But, there are a few distinct differences between the two, so it’s important to weigh up the pros and cons before deciding on what’s right for you.

A fixed interest rate loan gets you the convenience of knowing exactly how much you need to repay each fortnight or month. On the other hand, you generally won’t be able to make lump sum or advanced payments to close your personal loan early - or at least not without a penalty.

With a variable interest rate personal loan, you may be able to get a longer loan repayment term, with the option of paying off the loan early. You typically won’t need to pay any additional charges for an early full repayment either. The potential disadvantage with an interest rate that can change is that your repayment is not entirely predictable, as it can fluctuate with the market. However, you’ll likely have more options as more lenders offer a variable interest rate personal loan.

Should I get a fixed or variable personal loan?

Fixed personal loans keep your interest rate the same for the full loan term, while interest rates on variable personal loans may be raised or lowered during your loan term.

A fixed rate personal loan keeps your repayments consistent, which can help keep your budgeting consistent. You won't have to worry about higher repayments if your rates were to rise. However, on a fixed loan you’ll also potentially miss out on more affordable repayments if variable rates were to fall.

Can I repay a $3000 personal loan early?

If you receive a financial windfall (e.g. tax refund, inheritance, bonus), using some of this money to make extra repayments onto your personal loan or medium amount loan could help reduce the total interest you’re charged on your loan, or help clear your debt ahead of schedule.

Check your loan’s terms and conditions before paying extra onto your loan, as some lenders charge fees for making extra repayments, or early exit fees for clearing your debt ahead of the agreed term.

What is a bad credit personal loan?

A bad credit personal loan is a personal loan designed for somebody with a bad credit history. This type of personal loan has higher interest rates than regular personal loans as well as higher fees.

Can you refinance a $5000 personal loan?

Much like home loans, many personal loans can be refinanced. This is where you replace your current personal loan with another personal loan, often from another lender and at a lower interest rate. Switching personal loans may let you enjoy more affordable repayments, or useful features and benefits.

If you have a $5000 personal loan as well as other debts, you may be able to use a debt consolidations personal loan to combine these debts into one, potentially saving you money and simplifying your repayments.

Can I merge my personal loan with my home loan?

Yes, you can refinance your home loan and, in the process, merge or consolidate your personal loan and home loan. By doing so, you can lower the number of debts you have, and you may also reduce the total interest you have to pay.

However, you should consult a financial advisor or a mortgage broker to confirm that you are decreasing your total outstanding debt, including interest payments. The repayment term for a home loan can be much longer than that for a personal loan, and by merging the two, you could be repaying a higher amount over the full term.

What is the average interest rate on personal loans for single parents?

Like other types of personal loans, the average interest rate for personal loans for single parents changes regularly, as lenders add, remove, and vary their loan offers. The interest rate you’ll receive may depend on a range of different factors, including your loan amount, loan term, security, income, and credit score.

Does refinancing a personal loan hurt your credit score?

Personal loan refinancing means taking out a new loan with more desirable terms in order to access a more competitive interest rate, longer loan term, better features, or even to consolidate debts.

In some situations, refinancing a personal loan can improve your credit score, while in others, it may have a negative impact. If you refinance multiple loans by consolidating these into one loan, it could improve your credit score as you’ll have only one outstanding debt liability. Your credit may also improve if you consistently pay the instalments on time.

However, applying to refinance with multiple lenders could negatively affect your credit if your applications are rejected. Also, if you delay or default the repayment, your credit score reduces.

How much can you borrow with a bad credit personal loan?

Borrowers who take out bad credit personal loans don’t just pay higher interest rates than on regular personal loans, they also get loaned less money. Each lender has its own policies and loan limits, but you’ll find it hard to get approved for a bad credit personal loan above $50,000.

Can I get an easy/instant personal loan?

Some lenders are able to approve applications with little documentation and within minutes. However, there is a catch. People who take out easy/instant loans generally pay higher interest rates and are restricted to lower amounts than people who follow a traditional borrowing process.

What causes bad credit ratings/scores?

Failing to repay loans and bills will damage your credit score. So will falling behind on your repayments. Your credit score will also suffer if you apply for credit too often or have credit applications rejected.

How long does it take to get a bad credit personal loan?

In the best-case scenario, an application for a bad credit personal loan can be made within minutes and then be approved within 24 hours. However, if a lender needs more information or needs more time to verify the provided documents, the application process may take longer.

How are credit ratings/scores calculated?

Different credit reporting bodies may use different formulas to calculate credit scores. However, they use the same type of information: credit history and demographic profile.

They’re likely to look at how many credit applications you’ve made, which lender the applications were for, what purpose they were for, how much they were for and your repayment record. They’ll also look at your age and postcode. They’ll also look to see if you’ve had any bankruptcies or other relevant legal judgements against you.

Your score can change if your demographic profile changes or new information is added to your file (such as a new loan application) or existing information is removed from your file (i.e. because it has reached its expiry date).

What is bad credit?

A person is deemed to have ‘bad credit’ when they have a poor history of managing credit and repaying debts.