How a cosmetic loan works
A cosmetic or beauty loan is a personal loan used for an elective procedure or treatment. You borrow a fixed amount, it is paid to you in one go, and you repay it over a set term, often one to five years. Most are unsecured, so nothing you own is tied to the loan.
Medicare and private health cover usually do not pay for purely cosmetic procedures, so you are normally covering the whole cost yourself. That makes a written, all-inclusive quote worth getting first: the surgeon, the anaesthetist, the hospital or clinic, garments and follow-up visits. Some quotes only show the surgeon's fee, and the rest arrives later.
The rules for cosmetic surgery
A referral first
Since 1 July 2023, anyone having cosmetic surgery in Australia needs a referral, preferably from their usual GP, before seeing the surgeon.
A cooling-off period
After your second consultation there is a cooling-off period of at least seven days. The surgery cannot be booked, and no deposit can be taken, until it ends.
Finance stays separate
Doctors who perform cosmetic surgery cannot offer, promote or recommend loans, or encourage patients to take on debt. If you use finance, you arrange it yourself.
Treatments without surgery
The referral and cooling-off rules above apply to surgery. Non-surgical treatments such as injectables have their own requirements, so ask your practitioner what applies to you.
What it can cover
Cosmetic surgery
Procedures such as breast, nose, eyelid or tummy surgery, with the surgeon, anaesthetist and hospital costs together.
Injectables and skin
Anti-wrinkle injections, fillers, peels and skin treatments, which often come as a course of sessions.
Laser treatments
Laser hair removal, skin resurfacing and pigment treatments that run over several visits.
Cosmetic dentistry
Veneers, whitening and straightening that extras cover often pays for only in part.
Hair restoration
Hair transplants and longer treatment programs, which can cost thousands over a year.
Body treatments
Non-surgical body contouring and similar treatments that clinics sell as packages.
What lenders look at
Income and how stable it is
The repayment needs to fit comfortably, including any time off work while you recover.
Your credit file
Repayment history matters most. A thin or patchy file is not always a no, but it does change the rate.
What you already owe
Cards, car loans and buy now pay later accounts all count, including card limits you are not using.
The quote
A written quote shows the lender what the money is for and helps size the loan properly.
Typical terms
Common ranges, not promises. Every lender sets its own policy.
- Amount: from a few thousand dollars to $50,000 or more, depending on income.
- Term: usually one to seven years.
- Rate: fixed or variable, priced on your credit profile.
- Fees: an establishment fee is common, and some loans add a monthly account fee.
- Paying it off early: variable loans are usually flexible. Some fixed loans charge to pay out early.
- Timing: once approved, funds are often paid within a few business days.
An example
Illustrative only. A $12,000 cosmetic loan at an example rate of 12.50% p.a., fees not included.
Comparison rate 12.50% p.a., based on a $30,000 loan over 5 years with no fees.
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.
| Term | Monthly repayment | Total interest |
|---|
| 2 years | $568 | $1,625 |
| 3 years | $401 | $2,452 |
| 5 years | $270 | $4,199 |
If you will need time off work to recover, choose a repayment you could still carry on less income. The cheapest option is usually the shortest term that fits comfortably, and many loans let you pay extra once you are back at work.
These figures are illustrative only. They are not a quote, a current rate or an offer of credit. Your rate, fees and terms depend on the lender and your circumstances.
Personal loan, buy now pay later or credit card?
Personal loan
One fixed amount, one repayment and a clear end date. Suits surgery and larger courses of treatment.
Buy now pay later
Common at clinics for smaller treatments. Limits are usually lower and missed payments can bring late fees, so read the terms.
Credit card
Fine for a small treatment you can clear quickly. Carry a large balance and the interest adds up. See personal loan vs credit card.
What to have ready
- Photo ID, such as a driver licence
- Recent payslips or other proof of income
- A few months of bank statements
- The written quote, showing the full cost
- A list of current debts and repayments, including buy now pay later
Running a salon or clinic?
Buying lasers, skin machines or a salon fit-out for a business is business finance, not a personal loan. See equipment finance for machines and business loans for fit-outs and cash flow.
Cosmetic loan questions
Can I get a personal loan for cosmetic surgery?
Yes. Many lenders fund elective and cosmetic procedures with a personal loan. You tell the lender what the money is for, it is paid to you, and you pay the clinic yourself.
Can my surgeon arrange the finance?
No. Under the Medical Board of Australia guidelines, doctors who perform cosmetic surgery cannot offer, promote or recommend loans. You arrange any finance yourself, separately from the clinic.
Does Medicare or my health fund cover cosmetic surgery?
Usually not when the procedure is purely cosmetic. Some reconstructive or medically necessary procedures can attract a Medicare rebate or a health fund benefit, so ask your doctor about item numbers. For treatment that is partly covered, see medical and dental loans.
When should I apply?
Once you have a written quote and have had time to think it over. Comparing here does not touch your credit file, so you can see your options during the cooling-off period without committing to anything.
How much can I borrow?
It depends on your income, your expenses and what you already owe. We work out an amount that fits your budget, sized to the quote rather than the maximum on offer.
Can I use it for injectables or laser?
Yes. Smaller treatments can be funded too, though for a few hundred dollars a card or buy now pay later may be simpler. A personal loan makes more sense for a larger course of sessions.
Can I get a cosmetic loan with bad credit?
Some lenders will look past an old default or a thin credit file, usually at a higher rate. See bad credit finance.
How fast can I get the money?
Once your documents are in and the loan is approved, funds often arrive within a few business days.
Will applying affect my credit score?
Comparing here does not touch your credit file. A formal application does involve a credit check, and we tell you before that happens.
Looking at something else? See medical and dental loans for treatment that is not cosmetic, debt consolidation if treatments are already on cards, or personal loans for the full picture.
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