Enjoy a low rate wedding 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 and your big day.
- Our wedding loans come with our market-leading Rate Promise. Borrow with confidence knowing you have the best deal.
- 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 make paying for your wedding stress-free.
We’re Australia’s best-rated personal loan
Over 2164 borrowers have rated us 4.8/5 on ProductReview. Here’s what those happy customers have to say about our loans.
Vince , VIC
Extremely satisfied with the service, no surprises or hidden costs, of course, you always want a better interest rate but they listen when others don’t so well done. I’m impressed by the service.
Burton , NSW
The staff I dealt with were very helpful and professional. The administration costs were lower than other peer to peer lenders in the market. The interest rate was competitive and lower than I expected.
Michael , QLD
Approved and great rate matched with lender in 24 hours. Process was simple, feedback great with everything very well explained. Funds deposited in nominated account in less than 2 business days.
Lisa , VIC
My experience with RateSetter has been exceptional. The whole process was simple, painless, speedy and efficient. Much less stressful than any other loan. I could not have asked for a better service.
Meg , NT
It was a surprisingly easy process. RateSetter has helped me combine by debt into one manageable bill with one easy repayment. Definitely would recommend to anyone looking at consolidating.
Fin , QLD
I truly found this to be one of the easiest sites to navigate. It was so easy to apply and the response times were unreal. The rate was significantly better than minimum rates advertised by other lenders.
Apply for a wedding loan in 3 simple steps
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 in minutes
Finalise your application in 5 minutes, then complete our simple online identity verification and bank statement upload process.
Receive your funds
After receiving your approval, complete our simple online settlement process to receive your loan funds.
You’ve got questions we’ve got answers.
What is a wedding loan?
A wedding loan is a form of unsecured personal loan that you can use to finance your big day. It provides you with the cash you need to book a venue, hire a DJ, buy a dream bridal gown, hire caterers, and more.
According to Moneysmart, the average Australian wedding costs $36,200. Canstar puts the figure even higher, at $65,482. Either way, there’s no escaping the fact that hosting a wedding can be a very expensive exercise. However, with a low rate RateSetter loan, you don’t need to give up on enjoying the wedding of your dreams just because you can’t pay for it all at once.
A wedding 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 for a loan, you must submit an application and agree to a credit check that takes into account your borrowing history, employment status, credit score, and other factors.
What can I use a wedding loan for?
Your loan can be used to fund anything you need for your big day (and beyond). Borrow for:
- Wedding rings / engagement rings
- Wedding venue hire
- Flowers / decorations
- Hair and makeup
- Wedding catering
- Wedding dresses / bridesmaids dresses / formal wear
- Photography / videography
- Wedding car hire
- Wedding cakes
- Wedding music
How much does a wedding loan cost?
There are three key features that make up the cost of a wedding 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 wedding loans on a like-for-like basis.
For an accurate estimate of the costs of your wedding 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.
|Term||1 Year||2 Year||3 Year||Year 4||Year 5|
|Interest Rate||from 6.79% p.a.||from 6.79% p.a.||from 6.79% p.a.||from 9.69% p.a.||from 9.79% p.a.|
|Comparison Rate*||from 8.46% p.a.||from 8.83% p.a.||from 8.83% p.a.||from 10.57% p.a.||from 10.66% p.a.|
|Credit Assistance Fee||from $249||from $299||from $299||from $299||from $299|
|Early Repayment Fees||$0||$0||$0||$0||$0|
Can I get a wedding loan?
To be eligible for a RateSetter wedding 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 wedding loan application if you are self-employed. Additional credit assessment criteria and requirements may apply.
How do I apply for a wedding loan?
Applying for a wedding 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 wedding 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
*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 6am, 30 January 2020. 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 $11,413. This represents a comparison rate of 8.46% 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 6.79% p.a. (comparison rate 8.46% p.a.) to 14.99% p.a. (comparison rate 25.65% p.a.). Rates are subject to change depending on the rates offered in our Lending Markets.