Medical loans made simple

Low rate medical loans from 4.98% p.a. (comparison rate 6.59% p.a.)* with no ongoing fees. Now that’s simple.

award winning peer-to-peer lending
award winning personal loans

Enjoy a low rate medical loan that is 100% made for you

  • We reward your good credit history with even better rates ensuring the loan you end up with has been tailored for you in every way.
  • Winner of Canstar’s Outstanding Value Award for four years running (2015, 2016, 2017 and 2018). We think that’s pretty outstanding.
  • Flexible loan terms from 6 months to 5 years for loans between $2,001 and $45,000.
  • No monthly or early repayment fees help you save more and pay off your loan faster. Because nobody has ever said ‘yes please’ to fees.
Low Rate Personal Loans

Getting a loan is as easy as 1, 2, 3.

Get your personalised rate

Get your quote

Discover your personalised interest rate and repayments in 1 minute (without impacting your credit score) with our quick and easy online quote.

Apply for a personal loan

Apply in minutes

Finalise your application in 5 minutes, then complete our simple online identity verification and bank statement upload process.

Get your personal loan funds

Settle your loan

After receiving your pre-approval and finding your new car, complete our simple online settlement process.

Get your personal loan funds

Enjoy your car

After your loan has been approved, settled and funded, your funds will be transferred on the next business day. It really is as simple as that.

You’ve got questions we’ve got answers.

What is a medical loan?

A medical loan is a form of unsecured personal loan that you can use to pay for various medical expenses. Medical loans provide you with the cash you may need for out-of-pocket treatment costs, surgery costs, dental work, physical therapy, and so on. They’re particularly popular as a way to finance various elective procedures, such as cosmetic surgery, bariatric surgery, laser eye surgery, and orthodontics.

According to the Australian Institute of Health and Welfare, Australia spent $180.7 billion in the 2017–2018 financial year on healthcare. That’s an average of $7,400 per person, a figure that’s expected to grow as the average age of the Australian population increases. So what if you needed to pay for a medical expense but didn’t have the necessary cash at hand? That’s where a medical loan can help.

A medical loan works just like a personal loan. That is, you borrow a specific amount of money and then pay it back with interest over an agreed term. To qualify you’ll need to submit an application and provide us with information to verify your identity and financial circumstances (such as a bank statement). As part of this process we will take into account your borrowing history, employment status, credit score, and other factors.

How much does it cost?

Medical loans generally have three components that that affect the total cost over the life of the loan:

  • the interest rate (this may be fixed or variable)
  • a one-time establishment fee
  • ongoing fees (such as account maintenance fees, late payment fees, and other charges)

These costs may be displayed to you as a comparison rate that represents the total effective price of a loan. This allows you to compare different loans to find the one that best suits your needs.

See below for an overview of fees and charges (including interest rates) associated with a RateSetter loan:

Term 1 yr2 yr3 yr4 yr5 yr
Loan typeVariableVariableFixedFixedFixed
Interest rate
from
4.98% p.a.
from
4.98% p.a.
from
6.86% p.a.
from
9.92% p.a.
from
10.01% p.a.
Comparison rate*from
6.59% p.a.
from
6.97% p.a.
from
8.83% p.a.
from
10.75% p.a.
from
10.84% p.a.
Credit Assistance Feefrom
$249
from
$299
from
$299
from
$299
from
$299
Monthly fees$0$0
$0$0$0
Early Repayment Fees$0$0$0$0$0

Comparison rates for 1, 2 and 3 year loans are based on an unsecured personal loan of $10,000 over a 36 month term. Comparison rates for 4 and 5 year loans are based on an unsecured personal loan of $30,000 over a 60 month term. Comparison rates shown assume a customer with an excellent credit history. Rates current as at 1pm, 24 August 2019. Warning: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

What can I use it for?

You can use a medical loan for many reasons, including:

  • Hospital bills
  • Surgery costs
  • Cosmetic procedures
  • IVF treatment
  • Laser/ Lasik surgery
  • Tattoo removal
  • Veterinary costs

Am I eligible?

RateSetter provides secured and unsecured loans to Australian-residents. Save time before applying by making sure:

  • You are aged 21 or over
  • You are an Australian citizen or permanent resident
  • You have a regular source of income that you can demonstrate
  • You have a good credit history

To see if you may qualify for a RateSetter loan, you can get a RateEstimate, it only takes 1 minute and won’t affect your credit score. If you request a RateEstimate, we will ask you a few questions so we can calculate an initial estimate of your borrowing potential, and the rates, fees and charges that may apply to your loan.

In making a final decision, we consider a number of factors, including your credit file as provided to us by Equifax or Illion, our credit bureau partners. If you would like more information regarding your credit file, you should contact Equifax and Illion directly.

What do I need to apply?

To apply for a RateSetter loan, you will need to complete our identity verification process successfully. To complete identity verification you will need to provide one or more of the following documents:

  • Australian State or Territory-issued drivers licence
  • Australian or foreign passport
  • Address verification document such as a utility bill or tenancy agreement

These details can either be entered on our website during the application process and automatically verified online or you can upload as part of the application process.

When assessing your application, we are looking for evidence of how suitable a loan is to your current circumstances. Among other things, we’ll assess your:

  • Employment stability;
  • Income;
  • Expenses;
  • Repayment history;
  • Credit bureau information; and
  • Other details you communicate to us.
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personal loans worth talking about

Comparison rates for 1, 2 and 3 year loans are based on an unsecured personal loan of $10,000 over a 36 month term. Comparison rates for 4 and 5 year loans are based on an unsecured personal loan of $30,000 over a 60 month term. Comparison rates shown assume a customer with an excellent credit history. Rates current as at 1pm, 24 August 2019. Warning: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.