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Getting married? Find out about wedding loans & financing your wedding

Financing Your Wedding

With the cost of the average Australian wedding estimated between $30,000 – $40,000, having the wedding of your dreams can seem out of reach for many. However getting a loan to finance your big day can make it happen. So what is a wedding loan all about?

A wedding loan is essentially a personal loan, packaged in different ways depending on where you go to get the finance. It can be used to cover the many costs associated with a wedding like the dress, reception, rings, flowers, cake, venue hire and other necessities on the long list of wedding expenses.

Where can you get a wedding loan?

  • The big banks

    The major banks offer personal loans to finance wedding costs. If you have an existing personal loan with a bank, you may also be able to extend that loan to help pay for your wedding.

  • Specialty providers and small lenders

    Specialty providers offer loans branded as ‘wedding finance’ or a ‘wedding loan’. With these specialty packages, they do offer benefits that may be attractive specifically for a wedding, such as a quick approval and payment process for the excited bride who can’t wait to start booking things and making purchases for the big day.

Fixed rate or variable rate?

With a fixed rate loan, the interest rate is set at a specific rate for the term of the loan, however, you may lose the flexibility to make extra repayments without incurring additional fees.

With a variable rate, the interest rate may go up or down over the course of the loan, but you can have more flexibility to pay back extra without incurring additional fees.

Secured or Unsecured?

An unsecured loan is the most common when you’re looking at borrowing for wedding expenses. They do have higher interest rates than a secured loan, as the lender is taking on a higher risk due to no assets being provided as security should you default on the loan.

Some lenders do offer secured loans for wedding expenses, which means you put up an asset such as your car as security against the loan. Because the lender is taking on less risk, secured loans typically offer lower interest rates.

Once you’ve scoped out the different options, before committing to a loan consider what you can reasonably afford to pay back. There are many temptations to spend more and more money on your special day, but you don’t want to start a new marriage off with stress due to money troubles left over from the wedding.

Lend Me – Car & Home Loan Brokers – Perth, Western Australia

How we've helped our clients...

"Starting up a new business isn’t easy, with so many things to think about it can be quite a stressful process. With the services of Lend Me Asset Finance and Locate Me, they have really helped to take this stress away in the way of meeting me on my job sites to sign documents and dealing directly with the Car Dealers, Bobcat Dealers and even my accountant.

The guys at Lend Me really do take the time to listen to what you are after and work in to suit you and make the transaction so simple and convenient, I can’t thank them enough! I’ve also recommended their services to 3 friends already and have only had good feedback. Lend Me have certainly gained a client for life! Reece"

"Hi there, Saturday just gone, I picked up my dream car, a 2013 black lancer LX.

I'd like to take this chance to say Lend Me Car Loan customer service was by the far the best I have ever received. What I thought was going to be tough work turned out to be the opposite. The process easy, simple and quick for me, she did the hard yards... I will be recommending friends and family... Thanks again! Regards, Stephanie"

I just wanted to say thank you... This has been the smoothest process. You and the other girls I dealt with at Lend Me Home Loans were so friendly and so efficient with everything, I felt like I was the only customer you were dealing with.

I will definitely be raving on to loads of people about Lend Me and the great service you provide.

I am stoked, this will take so much pressure off and will seriously change our lives... we can actually get ahead on payments and start saving some more money.

Thanks again, Kath :)

"Emily & I just want to take this opportunity to say a very big thank you for seeing us through our first home purchase and home loan, you have been a massive help not to mention getting us out of a sticky situation. We will definitely be in touch in the near future and will refer/recommend you to our family & friends if looking out for a friendly, helpful and reliable mortgage broker.

Take care and speak soon. Matt & Emily" 

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