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Personal loans and credit cards explained

When thinking about how to finance your wedding, there are a lot of things to consider: your budget, how much you can afford to borrow, and your repayment options. So, let’s compare some of the features of our personal loans and credit cards.

Unsecured personal loan 

An unsecured personal loan is one option to help finance your wedding. They’re called ‘unsecured’ because the loan doesn’t have anything assigned as security against your debt (like your car would be, if you had a car loan).

Personal loans can help you borrow a sum which you can repay over a period of time by setting a repayment amount. They provide certainty with fixed weekly, fortnightly or monthly repayments, which can make it easier to plan your financial life around. This loan can allow you to budget and be in control, knowing exactly when your repayments will be and when your loan will end.

If your mind and heart are set on having a dream wedding, there’s no getting around the fact that it is an expensive event, and a personal unsecured loan is an option you could consider. To help you get an idea if an unsecured personal loan is right for you, we have useful online tools and calculators to see how much you could afford to borrow and what your repayments could be, based on the information you input.

When you apply for a personal loan, we’ll do a credit assessment to ensure you can repay the loan. You’ll need to meet the lending criteria, which includes being over 18 years old with a recommended minimum income of over $35,000 per year, and if you’re not a permanent Australian resident you’ll need an acceptable visa. 

 

Credit card 

A credit card can be used for purchases up to your approved credit limit, but the actual amount you spend on your card is ultimately up to you. They’re generally best for smaller or unexpected things that you pay off faster. Unlike a personal loan, which has a fixed repayment amount, a credit card offers more options for managing your ongoing repayments.

There are several types of cards, and each one offers distinct benefits:

A low rate card, as the name suggests, features a competitive interest rate.

A low annual fee card comes with a low annual fee and an interest-free period for purchases, but usually has a higher interest rate than a low rate card.

A rewards credit card lets you earn reward points on eligible purchases that can be redeemed for gift cards, cashback, shopping, travel and for redemption with a range of partner airlines.

There are even options within each of these categories, so you’ll need to look at each one individually to decide which one is best for you. If you’re an existing customer, it’s fast and easy to apply online.


At a glance

Unsecured personal loans

Could help with

For the bigger things in life and when you want a longer repayment period

Rates

Fixed rates

Term

Fixed loan term, 1-7 years

Repayments

Fixed weekly, fortnightly or monthly repayments

Key benefits

Structured repayments to help you budget, lower interest rate than many credit cards

Fees

Establishment fees (once off)

Monthly service fee

Other fees may apply

Also consider

Break costs may be payable on early repayment of a fixed rate loan

Credit cards

Could help with

Smaller amounts or unexpected things you can pay off faster

Rates

Variable cash and purchase rates

Term

Continuing

Repayments

Flexible, minimum monthly payment applies

Key benefits

Frequent Flyer Points, Rewards Points (rewards cards only), complimentary travel insurance (Platinum and Black cards only)

Fees

Annual card fee

Other fees, including annual rewards fee, may apply

Also consider

Without structured repayments, more discipline is required to pay down your credit card debt


With a little help

Sophie and Adrian have a small but intimate backyard wedding. With their savings and help from family and friends, they use their low rate credit card to cover the rest and to help manage their spend and repayments.

Mix and match

Liz and Jono get an unsecured personal loan to cover the bulk of the cost of the wedding. Their rewards credit card covers the rest, earns them rewards points, and includes complimentary travel insurance cover for their honeymoon.

After the event

Lucas and Zac are recently-married Westpac customers who consolidate their various wedding debts into an unsecured personal loan they can repay over a few years.


Personal loans

A personal loan could help you get what you’ve always wanted.

 

Find out more

Credit cards

The convenience of everyday transactions that you can repay later.

 

Find out more

Westpac Wedding Hub

Checklists and tools to help you budget for your dream day.

 

Find out more