Wedding Loans

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What is a wedding loan?

Wedding loans, or marriage loans, are a type of personal loan you take out to help cover the costs of your wedding. Whether it’s booking the venue, finding the perfect dress, or organising a romantic honeymoon, you can finance it all with a wedding day loan.

Like other personal loans, wedding financing provides the funds you need as a lump sum, which you then pay off in manageable smaller installments for a set term.

Can you get a personal loan for a wedding?

Absolutely. With Oceania Finance, you can get either a secured or unsecured loan for your wedding with flexible repayment options to suit your circumstances.

Why get a wedding loan?

Weddings should be a time of celebration. For many of us, this is the one day where we get to splash out on ourselves and celebrate our love with all our friends and family.

Unfortunately, this special occasion is also a time of great stress and anxiety – especially when it comes to finances.

Everyone deserves that glorious day and to enjoy it without the pressure of costs sitting in the back of their mind. Getting a wedding loan means you can afford the wedding of your dreams without having to compromise to fit a tight budget. Even when those unexpected costs pop up, you can rest easy knowing you’ll have the funds to cover them.

What to consider before getting a wedding loan

Getting a loan can be a great help when you need it most. But taking out any loan is a significant commitment and you should consider several factors before you apply.

Read below for what you should keep in mind while making your decision and what pros and cons to consider:

• How much will you need for your dream wedding?
• How much do you have saved?
• Do you have any close friends or family who can help cover some of the costs?
• What costs are essential and what can be negotiated if necessary?
• Do you have a steady income that will allow you to make repayments over a set term?
• Have you budgeted for hidden costs? Weddings are full of little decisions and there’s nothing worse than missing out because you forgot to factor something in during the planning stage.
• Do you or your partner already have a loan? A consolidation loan may be a better way to save money on interest while financing your wedding.

Pros and cons of wedding loans

Consider the following pros and cons to help decide if a personal loan for wedding expenses is the right option for you:

How to get a loan for a wedding

As with all financial considerations, the best way to get a wedding loan in Australia will depend on your individual circumstances. However, many couples find a personal loan for their wedding to be a streamlined process to get the funds they need without stress.

By going through a loan broker, you can streamline the loan process even further and have more time to enjoy this special time.

While a loan is the most common way to finance your wedding, there are other options open to you…

Other ways to finance your wedding

Not everyone is in a position to commit to a personal loan for their whole wedding. Here are some other options to consider to help finance your special day:

• Joint wedding loan: This works the same way as a joint personal loan. You can generally borrow more money and improve your chances of getting approved. Both parties will need to make repayments.
• Loans for wedding dresses or wedding rings: You can take out a personal loan to cover the whole wedding if you wish. Or you could take out a loan to pay for a single expense, like your wedding dress or wedding rings.
• Family and friends: Some family members might offer to cover some of the wedding costs. But be careful though, borrowing money from the people we’re close to can cause some tension or awkwardness down the line.
• Credit card: You could use a credit card to help pay for parts of your wedding. Please note: credit cards tend to come with higher interest rates than other finance options.
• Line of credit: This is a flexible loan option where instead of receiving a lump sum of money, you have a set amount of money that you can draw from at any time
• Buy Now Pay Later: Some businesses will offer these services, but it’s not guaranteed.

Where to get a wedding loan

These are the two most common ways of getting a wedding loan:

1. Wedding loan lender

You can go to a direct lender for a personal loan to finance your wedding. Most major banks and large lenders have online application forms on their websites.

If you apply through a direct lender make sure you review your options carefully to find the right deal for you. Be careful of hidden fees and costs that are not always apparent at first glance.

2. Wedding loan broker

Wedding loan brokers act as the middleman between you and a lender. They have access to a portfolio of lenders and have financial expertise and experience to find and negotiate the best deal for your circumstances. With a financial broker, you receive a more personalised service than with a direct lender. They work for you, to make sure your interests are first, not the lenders.

Using a loan broker will involve an additional service fee. As each loan is personalised, the broker fee will depend on each particular service.

Eligibility

Specific eligibility requirements 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 marriage 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

Other types of personal loans

Need a personal loan for another reason? We can source and secure a number of personal loan options:

• Medical loans
• Renovation loans
• Holiday loans
• Dental loans