- Cosmetic surgery procedures can run into the thousands of dollars, or sometimes more.
- If you have health insurance, it’s a good idea to find out whether your policy could cover part or all 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.
Search and compare personal loans for cosmetic surgery
Find a personal loan to help cover the cost of cosmetic surgery. Compare interest rates, repayments, fees and features to find a cosmetic surgery personal loan that's ideal for you.
Find and compare cosmetic surgery personal loans
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Low Rate Personal Loan Unsecured (Excellent Credit)
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Unsecured Personal Loan (Excellent Credit) (Amount > $5000)
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Winner of Excellent Credit Personal Loans, RateCity Gold Awards 2023
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Summary
What are cosmetic surgery personal loans?
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. Some people opt to undergo cosmetic surgery by choice, and some may find procedures are medically necessary.
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 change or alter one’s appearance or physicality.
In any case, a cosmetic surgery personal loan may help Australians to finance the cost of their medical procedures. Just like any other type of personal loan, a cosmetic surgery personal loan will involve borrowing a lump sum from a lender, and repaying this debt with interest over a set period (typically 1-5 years).
Should you 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. 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
Procedure | Cost |
Breast augmentation and reduction | Low-range - $8,000 to $10,000. Mid-range - $10,000 to $14,500 High-range - $14,600 to $20,000+ |
Abdominoplasty (tummy tuck) | Low-range $10,500 to $14,000 Mid-range - $15,000 to $19,000 High-range - $19,000+ |
Rhinoplasty (nose job) | Low-range - $12,000 to $14,500 Mid-range - $15,000 to $25,000 High-range - $40,000+ |
Facelift | Low-range - $10,500 to $15,000 Mid-range - $15,000 to $30,000 High-range - $40,000 to $70,000+ |
Blepharoplasty (eyelid surgery) | Anywhere from $5000 – $10,000+ |
Hair transplant | Depending on the amount of graphs you require: Anywhere from $3,273 - $13,200 |
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.
Benefits
- 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.
- If you don’t have health insurance, you may still be approved for a loan and still undergo your operation.
- Allows you to take a lump sum and undergo the surgery when you want to.
Drawbacks
- 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.
- If you struggle with making repayments, this will negatively affect your credit score. If you’re not financially committed to paying off the loan, a personal loan may not be for you.
Comparing cosmetic surgery personal loans
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.
How do you take out cosmetic surgery loans?
- Check your credit score: Having a good to excellent credit score may make you more likely to be approved for a personal loan and nab a more competitive rate. If you don’t know your credit score, visit RateCity’s credit score hub to access your score within minutes.
- Assess your budget: Consider using RateCity’s personal loan calculator to estimate your loan repayments and ensure they’ll fit comfortably within your budget.
- Search and compare: RateCity’s comparison tables allow you to easily compare apples with apples by viewing a range of personal loans from a wide range of lenders. You can filter down your options and see how they stack up side by side to find the one that best suits your individual needs.
- Check the lending criteria: Be sure to check to see if you meet the eligibility requirements of the personal loan to avoid having your application rejected. There may be restrictions around which types of plastic surgeries you may use the funds for, for example.
- Prepare your application: Depending on the lender, you may have the option to submit your personal loan application online or at a local branch. Gather your documentation ahead of time to streamline this process.
- Submit your application and await a decision: This can take a few business days, depending on the lender.