Medical Loans

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Medical loans in Australia

There’s nothing more urgent than needing to get medical care and not having the funds to cover the costs. Even when you try your best to be prepared, you still may get left with a hefty medical bill. A medical loan is one of the easiest and fastest ways to pay for the critical care either you or your loved ones need.

Getting support to fund your physical or mental health treatment lets you prioritise your wellbeing. So you have more time to focus on your medical needs, instead of worrying about the cost. After all, there’s nothing more precious than health.

What are medical loans?

Medical loans are personal loans for medical procedures or emergencies. Both secured and unsecured medical loans are available through Oceania Finance.

You can use medical finance for any type of medical procedure, whether it be for health purposes that are essential, elective, cosmetic, physical, or mental.

How do medical loans work?

When you take out a medical loan you receive a lump sum of money at the start. You pay back the loan over time in scheduled installments, so you don’t have to pay the cost of treatment all at once. It makes it easier to manage your costs while still receiving treatment or undergoing a medical procedure.

Personal medical loans also come with interest rates and fees, which are included in your repayments.

Read about ways to finance your home renovations below.

What can you get a medical loan for?

Common reasons to get a medical loan include:

• Medical emergency
• Emergency surgery
• Elective surgery
• Weight-loss surgery
• Pregnancy costs
• Fertility treatment (including IVF)
• Cosmetic surgery (including breast augmentation, dermabrasion, and hair transplantation)
• Medical debt consolidation

The flexibility of a personal loan means you can use the money for any medical expense, or to cover costs that aren’t covered by other finance options. For example, private health insurance often doesn’t cover cosmetic procedures or out-of-hospital medical services like diagnostic tests or specialist consultations.

How to get a loan for medical treatment

So, how do I get an emergency medical loan or a loan for a medical procedure? You can either apply directly with a lender or go through a broker.

To get a loan from a lender:

• Check your credit rating – you can find when to get a free credit history report here. This is important to know before you begin as it will impact eligibility, borrowing power, and interest rates.
• Review medical finance lenders and options – there are many banks and private lenders in Australia that offer personal loans. Compare interest rates and fees, terms and conditions, and borrowing limits.
• Decide on a lender – review your options and eligibility requirements carefully before you make your decision.
• Submit your loan application – most major banks and private lenders will have an online application available.

If you’re looking to save time and the stress of choosing a lender, opt for a broker instead. A broker can help you get a loan tailored to your individual needs and financial circumstances.

How do I apply for medical finance?

The exact process will depend on your lender and your individual situation. But generally, once you choose a lender, the loan application process involves the following:

• Complete the online loan application – check you meet the eligibility requirements before you begin.
• 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.

To make finding the right loan for you easy and stress-free, you can seek out a personal broker to source and secure a medical loan for you. By going through a loan broker, like Oceania Finance, you can streamline the process and take the financial stress off your plate.

Eligibility

Specific eligibility criteria will depend on which lender you apply for a loan with but at a minimum you can expect 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

How do you finance medical costs without a loan?

Before you decide how to finance your medical procedures or treatments, consider the different options available to you. We have listed some alternative finance solutions below to help you make an informed decision.

Private health insurance

Private health insurance helps to cover the cost of medical bills. But this type of finance usually comes with strict limitations on what is and is not covered. So you may find you still need to take out a loan to cover your medical expenses.

Credit card

Card cards can be used to pay medical bills. How much they can cover will depend on your credit limit and how expensive your bills are. Keep in mind that medical expenses tend to add up over time. So if you keep needing to rely on your credit card you’ll end up paying a lot of interest.

Buy Now Pay Later (BNPL)

BNPL is not as widely available in the health and medical field as it is in other industries, but you may still be able to finance some payments this way.

No interest loan scheme (NILS)

Some charitable institutions offer NILS, which allow people to get cash quickly when they need it. You only need to repay the loan amount and there are no extra fees as there are with other loan types.

This type of loan is generally only available to low-income earners and those in financial hardship.

Payment plan through a medical provider

Some medical practitioners and businesses offer payment plans that allow patients to pay bills in installments instead of as a lump sum. You will need to check and negotiate with your health care provider for this payment method.

Medical loan broker

When you want a personal loan for medical expenses but don’t want to face the stress and hassle of finding the right lender, a broker is an easy solution. A medical loan broker acts as the middleman between you and the lender. They find, review, and negotiate a loan agreement so it’s tailored to your individual needs.

As well as saving you time and stress, they also work quickly to find a financial solution that works for you.

Keep in mind that you will also need to pay a brokerage fee for their services.

Loans for every reason

Need a personal loan for another expense? Learn more about how we can help you to secure:

• Renovation loans
• Holiday loans
• Wedding loans
• Dental loans