Medical loans

Low rate medical loans from 6.89% p.a. (comparison rate 8.55% p.a.)* with no ongoing fees.

medical loans
Canstar Outstanding Value Personal Loan 2019
Canstar Outstanding Value Personal Loan 2018
Canstar Outstanding Value Personal Loan 2017
Canstar Outstanding Value Personal Loan 2016
Canstar Outstanding Value Personal Loan 2015

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

  • We reward your good credit history with even better rates. It means the loan you end up with has been tailored for you in every way.
  • Our medical loans come with our market-leading Rate Promise. Borrow with confidence knowing you have the best deal for you.
  • We’ve won Canstar’s Outstanding Value Award five years running. We think that’s pretty outstanding.
  • Enjoy no monthly or early repayment fees on your loan. It’s just one of the ways we help you save more and pay off your medical bills faster.
Low Rate Personal Loans

Apply for a medical loan in 3 simple steps

Get your personalised rate

Get your rate

Discover your personalised interest rate in just 1 minute. It’s fast, simple and won’t have any impact on your credit score.

Apply for your personal loan

Apply in minutes

You can apply for a loan online in under 10 minutes. Make sure you have your driver’s license and bank details handy.

Drawing down on your personal loan

Enjoy your funds

We’ll review your application. Once your loan is approved and funded your funds will be with you the next business day.

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.

What can I use a medical loan 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
  • Dentist bills

How much does a medical loan cost?

There are three key features that make up the cost of a medical loan. They are the:

  • Interest rate (e.g. fixed or variable rate)
  • Upfront fees (e.g. establishment fee)
  • Ongoing fees (e.g. monthly fees, late payment fees, and other charges)

These costs can be combined to create a measure called a comparison rate. This blended rate represents the total cost of the loan over a standard term (e.g. $10,000 over 3 years). This makes it a useful tool for comparing loans on a like-for-like basis.

For an accurate estimate of the costs of your medical loan, we recommend completing a RateEstimate. We’ll provide you with a summary of your repayment amount and options across different loan terms. This makes it easy for you to compare loans and choose the right option for you.

At RateSetter, we use risk-based pricing to set the overall cost of your loan. This means we look at a range of factors, including your credit history, to provide you with a personalised interest rate. The better your credit history, the better the rate we are able to offer. We also don’t charge any fees for early repayments. As a result, if you are able to pay back your loan early through additional repayments, you’ll benefit from lower interest repayments.

RateSetter Personal Loan Rates, Fees & Charges
Term1 Year2 Year3 YearYear 4Year 5
Loan TypeVariable Variable Variable Fixed Fixed
Interest Ratefrom 6.89% p.a.from 6.89% p.a.from 6.89% p.a.from 9.79% p.a.from 9.89% p.a.
Comparison Rate*from 8.55% p.a.from 8.92% p.a.from 8.92% p.a.from 10.66% p.a.from 10.75% p.a.
Credit Assistance Feefrom $249 from $299from $299from $299from $299
Monthly Fees$0$0$0$0$0
Early Repayment Fees$0$0$0$0$0

Can I get a medical loan?

To be eligible for a RateSetter medical loan you must be:

  • Aged 21 or over
  • An Australian citizen or permanent resident
  • Be earning over $25,000 p.a. from a regular source of income
  • Have a good credit history

RateSetter will consider a medical loan application if you are self-employed. Additional credit assessment criteria and requirements may apply.

How do I apply for a medical loan?

Applying for a medical loan with RateSetter is easy. You will first need to complete a RateEstimate which will provide you with a summary of your loan options and borrowing power. This will include your personalised interest rate and fees for different loan terms. From there you will be able to select your preferred loan option and start your online application.

As part of your online application, we will need you to verify your identity. To complete this step you will need to make sure you have your Australian driver’s license handy. If you do not have a driver’s license you will need to provide us with a copy of your passport and documents verifying your current address.

During your online application, we will need to verify your income, expenses and liabilities (e.g. credit cards, loans etc). We will ask you to login to a portal which will allow you to connect to your bank account and share your data with us. You will need your bank login details on hand to complete this step. A member of our customer service team will let you know if we require anything further from you at this stage.

Finally, we will need you to provide us with your bank account details for your loan funds to be deposited. This account will be the same account we use to set up your direct debit payment schedule. You will also have the flexibility to make extra repayments at any time.

In completing our assessment of your application, we will look for evidence of how suitable a medical loan is to your situation. This includes reviewing:

  • Your employment stability
  • Your income (e.g. salary, rent, interest etc)
  • Your expenses (e.g. mortgage, groceries etc)
  • Your repayment history
  • Credit bureau information
  • Other details you communicate to us
RateSetter in the Australian Financial Review
RateSetter on News.com.au
RateSetter in The Australian Newspaper
RateSetter on Finder.com.au
RateSetter in the Sydney Morning Herald

*Comparison rates for loans over 1, 2 and 3 years are based on an unsecured personal loan of $10,000 over 36 months. Comparison rates for loans over 4 and 5 years are based on an unsecured personal loan of $30,000 over 60 months. Rates shown assume a customer with an excellent credit history and are current as at 7am, 6 December 2019. RateSetter credit criteria and terms and conditions apply. Warning: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

Representative Example: Based on a loan of $10,000 over 36 months a borrower with an excellent credit history can expect to pay a total of $11,430. This represents a comparison rate of 8.55% p.a. and includes all interest and fees included in your loan repayments over the life of the loan. RateSetter personal loans are available for a minimum of 6 months to a maximum of 5 years. Interest rates range from 6.89% p.a. (comparison rate 8.55% p.a.) to 14.49% p.a. (comparison rate 25.10% p.a.). Rates are subject to change depending on the rates offered in our Lending Markets.