Search and compare personal loans for IVF
Search and compare IVF personal loans across a wide database of 90+ lenders. View interest rates, fees and repayments to find an option that works for you.
Unsecured Personal Loan - (Excellent Credit)
Tech-savvy borrowers can join this digital lender, without needing to put down security.
Fixed up to 7.49%
Fixed up to 8.19%
3 years to 5 years
Total repayments for a 3-year, $20,000 loan at 6.39% would be $22,031*. Terms from 3-5 years
Enjoy lower rates and no early repayment fees with an unsecured loan.
Fixed up to 8.5%
Fixed up to 8.78%
3 years to 5 years
Total repayments for a 3-year, $20,000 loan at 7.14% would be $22,064*. Terms from 3-5 years
Tech-savvy borrowers can join this digital lender, without needing to put down security.
Fixed up to 8.99%
Fixed up to 7.46%
1 year to 5 years
Total repayments for a 3-year, $20,000 loan at 5.49% would be $21,738*. Terms from 1-5 years
An unsecured personal loan with a competitive interest rate and no ongoing or extra repayments fees, giving you the flexibility to pay it off faster.
Winner of Excellent credit personal loans, RateCity Gold Awards 2021
Fixed up to 17.95%
Fixed up to 17.95%
1.5 years to 7 years
Total repayments for a 3-year, $20,000 loan at 5.95% would be $21,887*. Terms from 1.5-7 years
Make the most of this unsecured personal loan's competitive interest rate with no fees for extra repayments.
Fixed up to 9.49%
Fixed up to 9.49%
2 years to 3 years
Total repayments for a 3-year, $20,000 loan at 6.39% would be $22,031*. Terms from 2-3 years
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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)|
|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.
Georgia Brown is a journalist and content writer for RateCity. Before venturing into the world of personal finance, she worked as a reporter for realestate.com.au and Smart Property Investment. She now works truly amongst personal finance, while also writing about other areas, such as sustainable finance and super.
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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.
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.
Which lenders offer bad credit personal loans?
Several dozen lenders offer bad credit personal loans in Australia. These are generally smaller lenders that aren’t household names.
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.
How do I consolidate my debt if I have bad credit?
The worse your credit history, the harder you will find it to consolidate your debts, because lenders will be less willing to lend you money and will charge you higher interest rates.
However, people with bad credit histories can make debt consolidation work by following this three-step process:
- First, find a lender willing to give you a bad credit personal loan. This process will be simplified if you go through a finance broker or use a comparison website like RateCity.
- Second, make sure the interest repayments on your new loan are less than the repayments on the loans being replaced.
- Third, instead of spending those savings, use them to pay off the new loan.
What interest rates are charged for personal loans?
Lenders aren’t allowed to charge interest on loans of $2,000 and under. Instead, they make their money by charging a one-off establishment fee of up to 20 per cent and a monthly account-keeping fee of up to four per cent. Lenders might also ask you to pay a government fee.
For loans between $2,001 and $5,000, lenders can make their money in only two ways: a one-off fee of $400 and annual interest rates of up to 48 per cent.
For loans of $5,001 and above, or for loans that have terms longer than two years, lenders can charge annual interest rates of up to 48 per cent.
Those fee caps don’t apply to loans offered by authorised deposit-taking institutions such as banks, building societies or credit unions, although such institutions are highly unlikely to charge interest rates of anywhere near 48 per cent.
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.
How do I find out my credit rating/score?
You're entitled to one free credit report per year from credit reporting bodies like Equifax, Dun & Bradstreet, Experian and the Tasmanian Collection Service. You can also get a free report if you’ve been refused credit in the past 90 days.
Credit reporting bodies have up to 10 days to provide reports. If you want to access your report sooner, you’ll probably have to pay.
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.