Cosmetic Surgery Loans

What is a cosmetic surgery loan?

A cosmetic surgery loan is money your borrow that you use to pay for cosmetic surgery. For the privilege of borrowing these funds, you'll be charged interest that you have to repay every month. You may also have to pay an establishment or monthly fee, which is why it pays to compare.

What options do you have to finance cosmetic surgery?

When looking for a cosmetic surgery loan, you can consider the following options:

Personal loan

Personal loans allow you to borrow money either using an asset as security or with an unsecured loan, and you can choose a variable or fixed rate option. Depending on the loan you choose, you may be able to borrow between $3,000 and $100,000 for a term of between 1 and 5 years for fixed rate loans or 1 and 7 years for variable rate loans.

Credit card

Depending on your credit limit, you may be able to finance part of your procedure or even the entire thing. If you plan on using an existing card, confirm the interest rate you will be charged and whether you will be able to manage the minimum repayments. If you decide to get a new card, you may want to opt for one with 0% p.a. on purchases so it can save you money on interest.

Medical loan

Some lenders specialise in providing financing options for people looking to get medical treatments and procedures. The benefit in dealing with these lenders is that they are most likely familiar with the type of procedures you are looking to finance and the costs that may be involved. They offer payment plans that offer loans for amounts up to $70,000, with reduced fees being another common feature. Be wary of the interest rates that are charged with these loans as they tend to be considerably higher than with other finance options.

How you can compare cosmetic surgery loans

• Loan terms. You should try and determine a realistic length of time that you may need to pay back the loan in full then check that these terms are offered by the lender. The length of time you borrow for may affect the amount of interest you pay over the life of the loan and the cost of your repayments.
• Loan amount. Before signing up for the loan, you should check that you will be able to borrow the full amount of money you want. Some lenders have set minimum and maximum amounts, while the amount you will be approved for is also dependent on your credit history.
• Fixed or variable. Fixed rate loans have a set rate for the life of the loan, allowing you to plan your repayments. Variable rate loans may have a fluctuating rate, but you may also be able to take advantage of good market conditions that afford you a lower rate. Variable rate loans tend to offer longer loan terms as well.
• Repayment options. Most personal loans will have the option of weekly, fortnightly or monthly repayments that you can align with your budget, but some lenders are more restrictive. You should also see if you are able to make additional repayments without incurring fees as this option can help you save money on interest.

What to consider with a cosmetic surgery loan

• Fees. Before you sign up for a loan, you should check all applicable fees that you might incur. Look for fees that you will be charged for the loan to be set up, ongoing loan administration fees plus fees you may be charged for closing the loan early or for making additional repayments.
• Interest rate. The interest rate may be fixed or variable. Although the rate contributes significantly to the cost of the loan, you need to consider this alongside other costs, such as fees, to get an idea of the real cost of the loan.
• Restrictions. Depending on the lender you go with, there may be certain restrictions placed on the loan. For instance, you may not be able to make additional repayments or be able to pay back the loan early. Make sure you are familiar with all aspects of the loan before you apply.

How you can apply for a loan for your cosmetic procedure

To apply for a personal loan or credit card to finance a cosmetic procedure, compare your options on finder.com.au and click through to your chosen lender’s website to fill out an online application form. Eligibility requirements will differ between lenders, but you will typically need to be over the age of 18, a permanent Australian resident and have a good credit rating. You will also need to provide the following details when you apply:

• Personal details including your name, age and proof of your identification
• Financial details including your assets, debts and liabilities
• Your income and pay frequency, which may require payslips or tax returns
• Your employer’s name and contact information

Unsecured personal loan information and options

Frequently asked questions about loans for cosmetic surgery

• Can I get a loan for a plastic surgery holiday?

  Yes, a personal loan could be used to travel overseas for a cosmetic procedure. In an attempt to save money, many Australians opt to go to countries such as Thailand or Turkey, where cosmetic procedures are cheaper.

  Please keep in mind, Australia's medical services are among the best in the world, and procedures in other countries may not be as hygienic or safe. If you are considering an overseas procedure, you should seek professional advice in order to understand the risks involved.

• Can I get a cosmetic surgery loan if I have bad credit?

  For most standard personal loans you will need to have a good credit score to be approved. If your credit score isn't in that bracket, there are short term loan options you can explore. However, these loans are very expensive and should be considered a last resort.

• Can I get a personal loan for IVF?

  For Australian couples who are struggling to have a baby, IVF programs are often the only solution. These types of fertility treatments assist the couple with getting pregnant by using donor and implantation techniques. Recent advancements have made these procedures possible for as little as $800, but since they don't always work the first time, it can become very costly for the couple. You can compare personal loans for IVF while exploring your financing options.

• How much does cosmetic surgery cost?

  These are some of the most common types of cosmetic surgery, recovery times and price ranges in Australia.

  Type of surgery	Description	Recovery time	Price range
  Rhinoplasty	Commonly known as a "nose job", this is surgery to reconstruct, reshape or otherwise "correct" the nose.	6 weeks	$7,900 - $10,900
  Otoplasty	This is surgery on the ears that can include correcting "bat ears", "cauliflower ears" or uneven ears.	1-2 weeks	$6,990 - $7,900
  Brow lift surgery	Also known as a forehead lift or forehead rejuvenation, this is surgery to raise the brows.	6 weeks	$5,900 - $6,900
  Breast surgery	Common types of breast surgery include enlargement, reduction, breast lifts and gynaecomastia correction.	6 weeks	$5,900 - $12,900
  Bariatric surgery	Bariatric surgery is used as a weight-loss method that helps the patient to control their appetite. This is done using a variety of methods including having a band placed around the upper portion of the stomach.	3-5 weeks	$4,000 - $5,500
  Cosmetic dentistry	Common cosmetic dental surgery consists of veneers, implants, whitening and crowns.	5 days	$800 - $5,500
  Laser eye surgery	Laser eye surgery, or Lasik, corrects a person's vision without the use of glasses or contact lenses. Instead, a laser is used to restore vision to the ideal 20/20.	7 - 10 days	$2600 - $3700 (per eye)
  Hair restoration	This involves removing hair-bearing skin from one area of the body and transplanting it onto the scalp.	2 - 5 days	$3,273 - $13,200
  Genital surgery	Genital surgery includes procedures such as circumcision and labiaplasty. Prices range depending on the procedure.	6 weeks	$3,500 - $17,990

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Written by

Alanna Glenn

Publisher

Alanna Glenn was the lead publisher for money at Finder. She has an Honours Bachelor of Commerce from McMaster University in Ontario, Canada and likes to get into the nitty gritty of all things financial and legal. See full bio

Co-written by

Bria Horne

Writer

Bria Horne is a writer for Finder, with a specialist knowledge of personal loans, car loans and business loans. Originally from the UK, Bria has been a professional personal finance writer in Australia for over 2 years. She has an M.A and B.A in Philosophy and Literature from the University of Sussex, and previously worked on the UK’s leading hospitality publication. See full bio