Search and compare personal loans for cosmetic surgery

If you’ve done your research on cosmetic surgery in Australia, you would know that most procedures don’t come cheap. Deciding whether or not you should get a personal loan for cosmetic surgery will depend on whether or not you can afford the surgery without it, and whether or not you can afford the loan repayments.

Common cosmetic surgery procedures – such as facelifts, rhinoplasty and liposuction – can run into the thousands of dollars range. Even breast augmentation, which is a fairly common surgical procedure among women in Australia, can elicit a high price tag. For more extensive surgery, it could set you back even more. 

Cost of common plastic surgery procedures

Source: cocorubyplasticsurgery.com.au, sydneyhairtransplant.com.au

If you’re considering getting a personal loan for cosmetic surgery, a good place to start is finding out whether your health insurance will cover part of the costs for your surgery. 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 you don’t have private health insurance, or your provider doesn’t cover your surgery, your next step is to assess your finances. If you do not have the funds to pay for the procedure outright, a personal loan may help you finance the operation. 

If your insurance provider won’t cover the costs and you think you’ll still need to get a personal loan, RateCity’s comparison tables - like the one on this page - may help you get an idea of how much you could borrow, what interest rates and fees you could be facing as well as your potential repayments.

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.