Search and compare personal loans for IVF

In vitro fertilisation (IVF) is a fertility treatment used to overcome challenges in conception. Plenty of couples and individuals who are experiencing infertility might consider going through the process of IVF, but find it can be a costly expense that isn't always easy to cover with savings alone. A personal loan for IVF is a financing option that might come in handy when you need some extra cash to get the ball rolling.

Many lenders offer medical personal loans for the purpose of healthcare expenses, under which IVF typically falls. It's worth reaching out to your preferred lender directly to confirm whether they offer a medical loan that will cover IVF costs.

If you are considering applying for a personal loan to assist with the cost of IVF, you'll want to have an understanding of how much you need to borrow first.

According to IVF Australia, many fertility treatments are eligible for a rebate from Medicare, while the Medicare Safety Net provides additional rebates for people with substantial medical expenses.

The following table provides an estimate of the out of pocket fertility treatment costs and related services with IVF Australia:

Source: IVF Australia

Consider getting in touch with your fertility clinic for more information about IVF treatment costs, and visit the IVF Australia website for details on exactly what the fees cover.

Specific eligibility requirements tend to differ from one lender to the next, but often have the following minimum eligibility criteria for applicants:

• Must be 18 years or older
• Must be an Australian citizen or permanent resident
• Must be employed or receive a regular income

There's more to comparing personal loans than simply looking for the loan product with the lowest interest rate. Here are some of the most important factors to consider when making your comparison:

Interest rate - In order to find a competitive finance option, comparing interest rates can be a good place to start. Just remember to also consider any fees payable, as loans with the lowest interest rates don't necessarily charge the lowest fees. The most competitive interest rates are often reserved for borrowers with excellent credit scores. Visit RateCity's credit score hub to find out more about your credit history, or to learn about improving a bad credit score.

Comparison rate - A loan's comparison rate will include both the interest rate and any major fees payable. It can give you a better understanding of the overall cost of the loan.

Unsecured vs secured loan - If you have an asset, such as home equity, you could opt for a secured loan by offering the asset up as collateral. This will often help you get a lower interest rate, as secured loans are a lower risk to the lender than unsecured loans.

Fees - The types of fees and amount charged will differ from one product to the next, but commonly include application fees, establishment fees, ongoing monthly fees and extra repayment fees.

Lender - Whether it's one of the big four banks, a credit union or an online lender, consider whether the loan provider offers what's important to you, such as branch access, internet banking and/or other features.

Many who are trying to conceive through IVF may not be successful in the first round. Often, it can take several attempts. Since the costs associated with IVF are charged per cycle, it might be worth being prepared to cover the cost of more than one attempt.

While you may technically be able to secure a second personal loan if the need arises, it might not be the best option for your finances. For example, it's likely that you won't be offered a loan with an interest rate that is as competitive as your first personal loan, plus it could be detrimental to your credit score. Keep in mind that some lenders won't approve a second personal loan at all.

So, rather than applying for several smaller personal loans, borrowers might want to look at a larger personal loan that sets their limit.

Consider having a discussion with your doctor and IVF specialist before deciding what's right for you.

Once you have an idea of how much you will need to borrow, you might find RateCity's personal loan calculator helpful to determine how much your monthly payments might be. Simply enter your preferred loan amount, loan term, interest rate and credit score for an estimate of your regular repayments and interest payable.

You might also like to consider using a comparison table to simplify your search by using the filters to narrow down your search results.

And, if you're looking for advice specific to your personal circumstances before you begin the application process, consider speaking to a financial adviser or broker.