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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.

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.

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.

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.

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.

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.

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.

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.

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.

Can I get an easy/instant personal loan?

Some lenders are able to approve applications with little documentation and within minutes. However, there is a catch. People who take out easy/instant loans generally pay higher interest rates and are restricted to lower amounts than people who follow a traditional borrowing process.

What causes bad credit ratings/scores?

Failing to repay loans and bills will damage your credit score. So will falling behind on your repayments. Your credit score will also suffer if you apply for credit too often or have credit applications rejected.

How long does it take to get a bad credit personal loan?

In the best-case scenario, an application for a bad credit personal loan can be made within minutes and then be approved within 24 hours. However, if a lender needs more information or needs more time to verify the provided documents, the application process may take longer.

How are credit ratings/scores calculated?

Different credit reporting bodies may use different formulas to calculate credit scores. However, they use the same type of information: credit history and demographic profile.

They’re likely to look at how many credit applications you’ve made, which lender the applications were for, what purpose they were for, how much they were for and your repayment record. They’ll also look at your age and postcode. They’ll also look to see if you’ve had any bankruptcies or other relevant legal judgements against you.

Your score can change if your demographic profile changes or new information is added to your file (such as a new loan application) or existing information is removed from your file (i.e. because it has reached its expiry date).

What is bad credit?

A person is deemed to have ‘bad credit’ when they have a poor history of managing credit and repaying debts.

How are personal loans regulated?

Personal lenders in Australia are regulated by ASIC (the Australian Securities & Investments Commission) and must follow responsible lending rules. That means they can’t lend money without making “reasonable inquiries” about a borrower’s financial situation and ensuring the loan is “not unsuitable” for them.

Can I get a personal loan if I receive Centrelink payments?

It is hard, but not impossible, to qualify for a personal loan if you receive Centrelink payments.

Some lenders won’t lend money to people who are on welfare. However, other lenders will simply consider Centrelink payments as another factor to weigh up when they assess a person’s capacity to repay a loan. You should check with any prospective lender about their criteria before making a personal loan application.