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What is an IVF personal loan?

In vitro fertilisation (IVF) is a fertility treatment used to overcome challenges in conception. Plenty of couples and individuals who are experiencing infertility might consider going through the process of IVF, but find it can be a costly expense that isn't always easy to cover with savings alone. A personal loan for IVF is a financing option that might come in handy when you need some extra cash to get the ball rolling.

Many lenders offer medical personal loans for the purpose of healthcare expenses, under which IVF typically falls. It's worth reaching out to your preferred lender directly to confirm whether they offer a medical loan that will cover IVF costs.

How much does IVF treatment cost?

If you are considering applying for a personal loan to assist with the cost of IVF, you'll want to have an understanding of how much you need to borrow first.

According to IVF Australia, many fertility treatments are eligible for a rebate from Medicare, while the Medicare Safety Net provides additional rebates for people with substantial medical expenses.

The following table provides an estimate of the out of pocket fertility treatment costs and related services with IVF Australia:

Treatment Costs correct at 1 November 2020 Cycle payment Estimated out of pocket costs 1st cycle in a calendar year (safety net not reached) Estimated out of pocket costs 1st cycle in a calendar year (safety net reached)
IVF cycle$9,974$5,063$4,502
ICSI cycle$10,754$5,367$4,806
Frozen embryo transfer (FET)$3,797$2,343$2,265
Intrauterine Insemination (IUI)$2611$2,066$1,923
Ovulation Induction (OI)$700$700$700

Source: IVF Australia

Consider getting in touch with your fertility clinic for more information about IVF treatment costs, and visit the IVF Australia website for details on exactly what the fees cover.

How do I compare IVF loans?

There's more to comparing personal loans than simply looking for the loan product with the lowest interest rate. Here are some of the most important factors to consider when making your comparison:

Interest rate - In order to find a competitive finance option, comparing interest rates can be a good place to start. Just remember to also consider any fees payable, as loans with the lowest interest rates don't necessarily charge the lowest fees. The most competitive interest rates are often reserved for borrowers with excellent credit scores. Visit RateCity's credit score hub to find out more about your credit history, or to learn about improving a bad credit score.

Comparison rate - A loan's comparison rate will include both the interest rate and any major fees payable. It can give you a better understanding of the overall cost of the loan.

Unsecured vs secured loan - If you have an asset, such as home equity, you could opt for a secured loan by offering the asset up as collateral. This will often help you get a lower interest rate, as secured loans are a lower risk to the lender than unsecured loans.

Fees - The types of fees and amount charged will differ from one product to the next, but commonly include application fees, establishment fees, ongoing monthly fees and extra repayment fees.

Lender - Whether it's one of the big four banks, a credit union or an online lender, consider whether the loan provider offers what's important to you, such as branch access, internet banking and/or other features.

Who can get a personal loan for IVF?

Specific eligibility requirements tend to differ from one lender to the next, but often have the following minimum eligibility criteria for applicants:

  • Must be 18 years or older
  • Must be an Australian citizen or permanent resident
  • Must be employed or receive a regular income

Can I get several personal loans for IVF?

Many who are trying to conceive through IVF may not be successful in the first round. Often, it can take several attempts. Since the costs associated with IVF are charged per cycle, it might be worth being prepared to cover the cost of more than one attempt.

While you may technically be able to secure a second personal loan if the need arises, it might not be the best option for your finances. For example, it's likely that you won't be offered a loan with an interest rate that is as competitive as your first personal loan, plus it could be detrimental to your credit score. Keep in mind that some lenders won't approve a second personal loan at all.

So, rather than applying for several smaller personal loans, borrowers might want to look at a larger personal loan that sets their limit.

Consider having a discussion with your doctor and IVF specialist before deciding what's right for you.

How much can I borrow with an IVF personal loan?

Once you have an idea of how much you will need to borrow, you might find RateCity's personal loan calculator helpful to determine how much your monthly payments might be. Simply enter your preferred loan amount, loan term, interest rate and credit score for an estimate of your regular repayments and interest payable.

You might also like to consider using a comparison table to simplify your search by using the filters to narrow down your search results.

And, if you're looking for advice specific to your personal circumstances before you begin the application process, consider speaking to a financial adviser or broker.

Frequently asked questions

What is a bad credit personal loan?

A bad credit personal loan is a personal loan designed for somebody with a bad credit history. This type of personal loan has higher interest rates than regular personal loans as well as higher fees.

Is a personal loan a variable or fixed-rate loan?

Depending on the personal loan lender, you may be able to choose between a fixed and a variable interest rate. But, there are a few distinct differences between the two, so it’s important to weigh up the pros and cons before deciding on what’s right for you.

A fixed interest rate loan gets you the convenience of knowing exactly how much you need to repay each fortnight or month. On the other hand, you generally won’t be able to make lump sum or advanced payments to close your personal loan early - or at least not without a penalty.

With a variable interest rate personal loan, you may be able to get a longer loan repayment term, with the option of paying off the loan early. You typically won’t need to pay any additional charges for an early full repayment either. The potential disadvantage with an interest rate that can change is that your repayment is not entirely predictable, as it can fluctuate with the market. However, you’ll likely have more options as more lenders offer a variable interest rate personal loan.

What is the average interest rate on personal loans for single parents?

Like other types of personal loans, the average interest rate for personal loans for single parents changes regularly, as lenders add, remove, and vary their loan offers. The interest rate you’ll receive may depend on a range of different factors, including your loan amount, loan term, security, income, and credit score.

Can you refinance a $5000 personal loan?

Much like home loans, many personal loans can be refinanced. This is where you replace your current personal loan with another personal loan, often from another lender and at a lower interest rate. Switching personal loans may let you enjoy more affordable repayments, or useful features and benefits.

If you have a $5000 personal loan as well as other debts, you may be able to use a debt consolidations personal loan to combine these debts into one, potentially saving you money and simplifying your repayments.

What do credit scores have to do with personal loan interest rates?

There is a strong link between credit scores and personal loan interest rates because many lenders use credit scores to help decide what interest rates to offer to potential borrowers.

If you have a higher credit score, lenders will probably classify you as a lower-risk borrower. That means they’ll be keen to win your business, so they may offer you a lower interest rate if you apply for a personal loan.

If you have a lower credit score, lenders will probably classify you as a higher-risk borrower. That means they might be concerned about you defaulting on the loan and costing them money. As a result, they might protect themselves by charging you a higher interest rate.

How much can you borrow with a bad credit personal loan?

Borrowers who take out bad credit personal loans don’t just pay higher interest rates than on regular personal loans, they also get loaned less money. Each lender has its own policies and loan limits, but you’ll find it hard to get approved for a bad credit personal loan above $50,000.

Does refinancing a personal loan hurt your credit score?

Personal loan refinancing means taking out a new loan with more desirable terms in order to access a more competitive interest rate, longer loan term, better features, or even to consolidate debts.

In some situations, refinancing a personal loan can improve your credit score, while in others, it may have a negative impact. If you refinance multiple loans by consolidating these into one loan, it could improve your credit score as you’ll have only one outstanding debt liability. Your credit may also improve if you consistently pay the instalments on time.

However, applying to refinance with multiple lenders could negatively affect your credit if your applications are rejected. Also, if you delay or default the repayment, your credit score reduces.

What is a personal loan?

A personal loan sits somewhere between a home loan and a credit card loan. Unlike with a credit card, you need to sign a formal contract to access a personal loan. However, the process is easier and faster than taking out a mortgage.

Loan sizes typically range from several hundred dollars to tens of thousands of dollars, while loan terms usually run from one to five years. Personal loans are generally used to consolidate debts, pay emergency bills or fund one-off expenses like holidays.

Should I get a fixed or variable personal loan?

Fixed personal loans keep your interest rate the same for the full loan term, while interest rates on variable personal loans may be raised or lowered during your loan term.

A fixed rate personal loan keeps your repayments consistent, which can help keep your budgeting consistent. You won't have to worry about higher repayments if your rates were to rise. However, on a fixed loan you’ll also potentially miss out on more affordable repayments if variable rates were to fall.

Can I merge my personal loan with my home loan?

Yes, you can refinance your home loan and, in the process, merge or consolidate your personal loan and home loan. By doing so, you can lower the number of debts you have, and you may also reduce the total interest you have to pay.

However, you should consult a financial advisor or a mortgage broker to confirm that you are decreasing your total outstanding debt, including interest payments. The repayment term for a home loan can be much longer than that for a personal loan, and by merging the two, you could be repaying a higher amount over the full term.

Can I repay a $3000 personal loan early?

If you receive a financial windfall (e.g. tax refund, inheritance, bonus), using some of this money to make extra repayments onto your personal loan or medium amount loan could help reduce the total interest you’re charged on your loan, or help clear your debt ahead of schedule.

Check your loan’s terms and conditions before paying extra onto your loan, as some lenders charge fees for making extra repayments, or early exit fees for clearing your debt ahead of the agreed term.

How can I get a $3000 loan approved?

Responsible lenders don’t have guaranteed approval for personal loans and medium amount loans, as the lender will want to check that you can afford the loan repayments on your current income without ending up in financial hardship.

Having a good credit score can increase the likelihood of your personal loan application being approved. Bad credit borrowers who opt for a medium amount loan with no credit checks may need to prove they can afford the repayments on their current income. Centrelink payments may not count, so you should check with the lender prior to making an application.

What is an unsecured bad credit personal loan?

A bad credit personal loan is ‘unsecured’ when the borrower doesn’t offer up an asset, such as a car or jewellery, as collateral or security. Lenders generally charge higher interest rates on unsecured loans than secured loans.

Can I include my spouse’s income on a personal loan?

If you apply for a joint personal loan with your spouse, you can include their income on the application. If approved, they then become jointly liable for the loan.

Both you and your spouse need to meet the eligibility criteria, such as income, age, and residency requirements, as stipulated by the lender. A joint loan could increase your chance of approval for a higher amount, as both borrowers’ incomes are assessed when determining borrowing capacity. 

What can I use a bad credit personal loan for?

Generally, bad credit personal loans can be used for the following purposes:

  • Debt consolidation
  • Paying bills
  • Buying vehicles
  • Moving expenses
  • Holidays
  • Weddings
  • Education

Some lenders restrict how their bad credit personal loans can be used as part of their commitment to responsible lending – be sure to check before applying.

Is it hard to improve your credit score?

It can be hard to improve your credit score, as it usually requires sacrifice and discipline, but hard doesn’t necessarily mean complicated. Some simple ways you can give your credit score a boost include closing extra credit cards, reducing your credit card limit, pay off any loans and make loan repayments on time.

As a general rule, the lower your credit score, the more remedies you can apply and the greater the scope for improvement.

Can I get a $2000 loan on Centrelink?

If more than half of your income comes from Centrelink benefits, it may be more difficult to have a $2000 loan application approved. Many lenders will check if you can afford a loan’s repayments on the income from your job before they’ll approve an application, and many won’t count Centrelink payments when assessing your income for this purpose.

Some lenders may offer $2000 loans to borrowers on Centrelink – consider contacting potential lenders to check before applying.

How long are $3000 loans?

Medium amount loans can be repaid between 16 days and 2 years. Many personal loans have terms between 1 year and 5 years, though some are as short as 6 months while others last for 10 years.

Generally, the shorter a loan’s term, the more expensive your regular repayments may be, but the less total interest you’ll pay. Loans with longer terms mean more affordable repayments, but more interest charges over the full term.

Are there low doc personal loans?

Self-employed borrowers may be eligible for low doc personal loans, which require less documentation in their application process than many other personal loan options.

It’s important to remember that though low doc personal loans may require less paperwork, you may need to provide additional security, or pay a higher interest rate.

Can unemployed single parents get personal loans?

It can be more difficult for unemployed borrowers to successfully apply for a personal loan. Most lenders require borrowers to have a regular income available to cover the cost of loan repayments.

If you’re self-employed, or if less than half of your income comes from Centrelink, you may not be eligible for some personal loan options. Consider contacting the lender before applying.