Holiday Loans

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Holiday loans Australia

We all need to get away sometimes. And whether it’s a short but fabulous vacation or a travel adventure that turns into a lifestyle change, a holiday loan can help you get there.

What is a holiday loan?

A holiday loan, also known as a travel loan or vacation loan, is a type of personal loan intended to finance your holiday. It can cover the whole cost of your holiday or just certain parts of it, like your airfares, accommodation or travel insurance.

How do holiday loans work?

Personal holiday loans are lump sums of money you receive at the start of the loan and pay off in installments over the loan term. Most holiday loans can be between 1-7 years and allow you to borrow up to $65,000 to finance your holiday.

In addition to paying back the initial sum of money, you will also need to pay interest at a fixed rate with each installment.

Can you get a loan for travelling?

Yes, you can get a personal holiday loan to finance your holiday. What your options are and how much you can borrow will depend on your financial situation, income, and credit history. Read below to find out the minimum eligibility requirements and what documents you will need to provide to get travel finance.

Holiday financial loan requirements

Specific eligibility criteria for a holiday loan will depend on the lender, but at a minimum, you will need to:

• Be 18 years old or over
• Be a permanent Australian resident or hold a valid visa
• Not filed for bankruptcy
• Have a regular income and demonstrate financial stability

Documents required for a holiday loan

You may require other documentation depending on the lender, but you typically need to supply:

• Certified copy of your passport or identity document
• Proof of income and employment details
• Proof of address
• Assets and liabilities

Where can I get a holiday loan?

There are many lenders offering personal loans for holidays in Australia. You can either apply directly through a bank, a private lender, or go through a loan broker, which will give you access to multiple lending options.

Travel loan brokers

A travel loan broker acts in service of their client to facilitate the loan process – saving you time and eliminating stress. They have access to a large portfolio of lenders, and years of experience in negotiating better deals for their clients.

As experts in finance, Oceania Finance loan brokers reject the ‘one size fits all’ approach to provide a tailored finance solution for each person.

How to choose the best holiday finance loan

Finding the best holiday loan for you involves doing a lot of research. Or you could use a travel loan broker to do the hard work for you to get a fast, easy solution that is tailored to you!

If you want to undertake the process for yourself or know what it involves, here are some tips:

Other ways to finance your holiday

A personal loan is not the only way to fund your trip. Here are some other options to consider:

Credit card

Credit cards have many uses and could be a viable financial option for some of your holiday expenses. But keep in mind that when you use a credit card, the high interest rate isn’t the only fee you have to worry about. If you’re travelling overseas you’ll also be charged currency conversion fees and ATM fees.

If you’re using a credit card overseas make sure to let your bank know beforehand. Otherwise, you could find your account frozen.

Travel money card

Unlike credit cards, travel money cards are linked to your savings account. They are also set at the exchange rate from the time when you transferred the money. So you can keep an eye out and transfer the money when the exchange rate is high for the Australian dollar.

Line of credit

A line of credit personal loan works in a similar way to credit cards. You are approved to borrow up to a pre-agreed limit that you can draw from at any time. Instead of being charged interest for the full sum, you are only charged for the money you spend. Lines of credit generally have lower interest rates than credit cards but higher interest rates than secured personal loans.

Buy Now Pay Later

More and more businesses are offering Buy Now Pay Later services. Depending on where you are holidaying you might be able to pay for some travel items through this service.

How to apply for a holiday loan

The exact process will depend on your lender and your individual situation. But generally, the application process for a travel loan will involve the following:

• Review holiday loan lenders and options – there are many banks and private lenders in Australia that offer personal loans.
• Decide on a lender – review your options carefully before you make your decision.
• Complete the loan application – most major banks and private lenders will have an online application available.
• Submit your supporting documents – including identity documents, income statements, and any further information about assets and liabilities.
• Wait for further contact from the lender – often they will seek to verify or ask for more information.
• Receive an offer – review the document carefully to ensure everything is correct.
• Sign the loan agreement – only sign if you are happy with the terms and fees.
• Receive the money – usually, the money will be transferred into your bank account between 1-7 days of signing the loan agreement.

Loans for every occasion or reason

Need a personal loan for another reason? Learn more about the options:

• Dental loans
• Wedding loans
• Renovation loans
• Medical loans