Medical Loans from 6.99% p.a.

Why Australians Are Using Medical Loans

Australia's healthcare system is world-class, but significant out-of-pocket costs remain a reality for many medical procedures. Even with private health insurance, gap payments for elective surgery can range from $2,000 to $20,000. Dental work not covered by general treatment insurance — implants, full mouth reconstruction, or adult orthodontics — routinely costs $5,000 to $30,000. And for Australians pursuing IVF, the cumulative cost of multiple cycles can exceed $40,000.

Public hospital waiting lists for many procedures stretch 6-18 months or longer. A medical loan allows you to access private treatment on your timeline rather than waiting, which for many conditions means better outcomes. For orthopaedic issues like hip or knee replacements, early intervention prevents further deterioration. For fertility treatment, timing is critical as success rates decline with age.

The growth in medical lending reflects a broader trend: Australians increasingly view their health as an investment worth financing, not an expense to defer. When the alternative is ongoing pain, reduced quality of life, or diminishing chances of success with fertility treatment, the cost of a loan at 7-10% interest is marginal compared to the cost of waiting.

Medical Procedures Commonly Financed

Our medical loan customers finance a wide range of procedures. Understanding typical costs helps you budget and determine how much to borrow.

Dental and orthodontics: This is our most popular medical loan category. Dental implants cost $3,000-$6,000 per tooth, full mouth reconstruction runs $20,000-$50,000, and Invisalign or traditional braces for adults cost $6,000-$9,000. Many dental practices offer payment plans, but these are typically interest-free for just 12-24 months — if you need longer to repay, a personal loan at 7-10% over 3-5 years provides much lower monthly payments.

IVF and fertility treatment: A single IVF cycle costs approximately $8,000-$12,000, with Medicare rebates reducing the out-of-pocket cost to around $5,000-$8,000 per cycle. Most couples need 2-4 cycles before achieving success. Financing multiple cycles upfront ($15,000-$40,000) removes the financial stress between attempts and allows you to focus entirely on treatment. Some fertility clinics partner with finance providers, but their rates are often higher than what we can access through our lender panel.

Elective and orthopaedic surgery: Knee replacements ($15,000-$25,000 gap), hip replacements ($12,000-$20,000 gap), shoulder reconstructions ($8,000-$15,000 gap), and other orthopaedic procedures have significant out-of-pocket components even with insurance. Weight loss surgery (gastric sleeve $10,000-$15,000) and LASIK eye surgery ($5,000-$8,000) are also commonly financed.

Cosmetic procedures: Rhinoplasty ($8,000-$15,000), breast augmentation ($8,000-$12,000), abdominoplasty ($10,000-$18,000), and other cosmetic surgeries are not covered by insurance and require full out-of-pocket payment. A personal loan provides an affordable way to spread these costs over 2-5 years.

Navigating Insurance Gaps and Out-of-Pocket Costs

Understanding what your health insurance covers — and what it does not — is essential before committing to a medical loan amount. The “gap” between what your insurer pays and what your surgeon charges can be surprisingly large, even with top-level hospital cover.

Before your procedure, obtain a detailed quote from your surgeon, anaesthetist, and the hospital or day surgery facility. Ask your health fund for a written estimate of their contribution. The difference is your gap payment, and this is the amount you may need to finance.

Medicare also provides rebates for many medically necessary procedures through the Medicare Benefits Schedule (MBS). Your GP or specialist can advise whether your procedure qualifies. For IVF, the Medicare Safety Net significantly reduces costs after your out-of-pocket expenses exceed the annual threshold (approximately $2,400 for the concessional threshold).

Our approach is to help you borrow only what you need after maximising insurance and Medicare contributions. We often see customers initially requesting a $20,000 loan who, after proper assessment of their coverage, only need $8,000-$12,000.

Choosing Between Medical Loan Options

Several financing options exist for medical expenses. A personal loan through our panelprovides competitive rates from 6.99% p.a. with flexible terms up to 7 years. Medical-specific finance through clinics often has higher rates and shorter terms. Credit cards should be avoided for large medical expenses due to the significantly higher interest rates.

If you own a vehicle or other asset, a secured personal loan can offer even lower rates for medical financing. For those without assets to offer as security, unsecured medical loans from 7.99% p.a. provide fast approval with no risk to your property.