Personal Loans for Cosmetic Surgery

Cosmetic surgery can be a great way to enhance your natural beauty or fix that tiny imperfection that’s been bothering you. Unfortunately, it can also come with a hefty price tag.

This is where you might want to consider a Personal Loan. Keep reading to learn more about how they work.
iSelect Editorial Team
5 min read
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What is a Personal Loan and how can it be used for Cosmetic Surgery?

Simply put, it’s a Personal Loan used for cosmetic procedures or surgery.

Like most Personal Loans, it provides you with a lump sum. This is usually anywhere from a few thousand dollars to a six-figure amount, depending on what you require and what the lender is willing to provide.

You’ll then pay this amount back in regular instalments over the loan term. You’ll typically have the option to select which term works well for you too – whether it’s a few months or several years.

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What can I use it for?

Generally speaking, unsecured Personal Loans can be used for a variety of cosmetic procedures. These may include, but are not limited to:

  • Rhinoplasty. This is surgery to change the shape of your nose.

  • Lip enhancements. Where lips are injected with dermal fillers to make them fuller or more shapely.

  • Facelifts. A surgical procedure that lifts the folds of your skin to give you a more youthful appearance.

  • Eyelid surgery. Also called “blepharoplasty”. This surgery lifts and repairs the eyelids and is commonly used to reduce or get rid of eyebags.

  • Wrinkle reduction. Apart from surgery, wrinkles can be treated with regular dermal fillers or anti-wrinkle injections.

  • Liposuction. Surgery that removes fat from specific areas of the body. Generally ideal when these areas don’t respond to diet or exercise.

  • Tummy tucks. Removes excess skin and fat around the abdomen. Also tightens loose muscles.

Of course, this all depends on the specific conditions of your loan. So before committing to anything, you should always read over the terms and conditions of the loan.

This will tell you if there’s anything you’re not allowed to purchase with the funds provided.

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Where should I start?

According to the government website healthdirect, you should speak to your general practitioner before going ahead with cosmetic surgery.

This is because they’ll be able to advise whether it’s a good fit for your health. And they’ll also be able to help you find a suitable surgeon.

What about insurance and Medicare?

While Medicare is an option for most medical procedures, it does not cover “non-therapeutic” cosmetic surgery.

This category includes any procedure that is not done to prevent or alleviate an illness or injury. So, procedures done purely to enhance your own appearance and not for any medical reason.

If you have a health insurance policy, this may cover reconstructive surgery for injuries or congenital abnormalities. Or any surgery deemed medically necessary – even if it alters your appearance in some way.

However, this all depends on the procedures covered by your particular policy. And you’ll need to go over it to check what kind of exclusions or restrictions might apply.

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How do I find a loan?

Comparing Personal Loans is another important part of the process.

This is because different lenders can offer different features and conditions. And you’ll need to work out which loan product is suitable for you.

Some of the key ways these loans can differ include their:

  • Interest rates. This is calculated as a percentage of your loan amount. And over time, you will need to pay this back in addition to the loan principal.

  • Interest rate type. These come in two types. Fixed interest rates, which stay the same for a fixed period of time. And variable interest rates, which go up and down over the loan term for a variety of reasons.

  • Fees and charges. This can vary between lenders and products. Some may charge application fees, loan service fees or even a fee for early repayments. However, checking the loan’s product disclosure statement will show you which fees apply.

  • Comparison interest rates. This figure will help you compare the total cost of a loan more easily. This is because it takes the interest rates and any additional fees into account to give a more accurate picture of the loan’s total cost, rather than the interest rate alone.

With two different types of loan to choose from:

  • Unsecured Personal Loans. These are loans that don’t require you to put down an asset as collateral. Because this increases the risk to the lender, the interest rates are typically higher than secured Personal Loans.

  • Secured Personal Loans. For these loans, you’ll need to put down an asset (such as your car) as a form of security. This means the lender may be able to take this asset if you ever default on your loan. In addition to this, such loans may have stricter conditions on what you’re allowed to purchase – though some may still allow for cosmetic procedures.

Now, if all of that sounds like a lot to take in, that’s perfectly understandable! There’s quite a lot of differences to keep in mind.

However, the good news is that iSelect offers an easy way to compare these options. So definitely hop online with us if you want to weigh up your options from a range of lenders.

A Personal Loan can help you to finance cosmetic surgery. Picture: iStock

Are there other payment options?

Besides Personal Loans, there are other ways to pay for cosmetic surgery. Some of these include the following:

Credit Cards

  • Often have higher interest rates than Personal Loans.

  • The minimum repayments are usually lower.

  • You can’t borrow as much due to strict payment limits.

  • May have “interest-free days” for purchases. So if you use it for cosmetic surgery and then pay back the cost within a certain timeframe, you may avoid interest fees altogether.

Home Loan savings

  • If your Home Loan has a redraw facility, you can withdraw any extra repayments you’ve made to pay for expenses.

  • You can also use the funds in any linked offset accounts.

  • In either case, this will increase the balance you owe on your Home Loan (as well as the interest amount).

Payment plans

  • A loan arrangement provided by medical finance companies.

  • You’ll need to pay back the loan in regular instalments.

  • Your cosmetic surgeon or practice will also need to agree to the payment plan.

  • Can be interest-free.

  • Requires an up-front deposit on the loan amount (usually about 20%).

Where can I start comparing options?

If you’re ready to get that procedure you’ve always wanted, then start comparing Personal Loans here. At iSelect, we’ll show you a range of lenders* so that you can find the one that suits you.

Personal Loan Comparison Tables