Medical Loans

Your guide to getting the right medical loan.

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Find the best Medical Loans for you with Emu MoneyFind the best Medical Loans for you with Emu Money

A quick guide to medical loans

Medical loans are personal loans specifically designed to help cover healthcare costs. When medical insurance is insufficient or unavailable, a medical loan can be a viable financial solution. They can be used for a wide range of healthcare costs, from emergency procedures to elective surgeries and ongoing treatments. Interest rates, loan terms, and amounts can vary based on factors such as creditworthiness and the lender's specific policies.

Here's what a medical loans typically looks like:

eligibility orange tickBorrow from $5,000 - $100,000
eligibility orange tickLoan terms from 1 - 7 years
eligibility orange tickWeekly, fortnightly or monthly repayments
eligibility orange tickFixed interest rates from 6.75%
eligibility orange tickVariable interest rates from 8.95%
eligibility orange tickInterest rate tailored to your situation

What can I use a medical loan for?

A medical loan can be used for a variety of healthcare expenses. These can include costs for surgeries, hospital stays, medications, rehabilitation services, and dental procedures. They're also useful for covering expenses for elective procedures that aren't typically covered by insurance, such as cosmetic surgery, fertility treatments, and weight loss surgeries. Even expenses like travel for medical purposes or modifications to a home for medical needs can be covered with a medical loan.

Here are some common reasons people take out a medical loan:

Surgery Costs

Medical loans can be used to cover costs of major surgeries that aren't entirely covered by health insurance.

Medication and Prescription Drugs

High cost of certain medications and prescription drugs can be managed with a medical loan.

Dental Work

Procedures like orthodontics, implants, and other dental surgeries can be expensive. A medical loan can help cover these costs.

Vision Care

Medical loans can be used for vision-related procedures such as LASIK surgery or purchasing high-end prescription glasses.

Fertility Treatments

Treatments like IVF, egg freezing, and surrogacy are expensive and often not covered by insurance. Medical loans can be used for these treatments.

Cosmetic Procedures

Medical loans can cover cosmetic procedures, like rhinoplasty, liposuction, or breast augmentation, which aren't usually covered by insurance.

Weight Loss Surgeries

Procedures like bariatric surgery or other weight loss surgeries can be financed through a medical loan.

Mental Health Therapy

Costs for therapy and mental health treatment can add up quickly. A medical loan can provide the needed funds.

Physical Therapy

Rehabilitation from injury or a surgical procedure through physical therapy can be expensive, and a medical loan can cover these costs.

Alternative Therapies

Treatments like acupuncture, chiropractic adjustments, and other alternative therapies can be covered by a medical loan.

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How much can I borrow for a medical loan?

The borrowing amount for a medical loan in Australia can greatly vary and is influenced by several factors. These include your personal financial situation, the medical procedure or treatment you need, and the policies of the lender you choose. Medical loans in Australia can typically range from a few thousand dollars to several tens of thousands of dollars. The specific amount you're eligible to borrow will be determined largely by your income, your credit score, other existing debts, and your ability to repay the loan.

Also, the cost of the medical procedure or treatment you require will influence the loan amount. More complex or serious treatments tend to be more expensive and might necessitate a larger loan. It's worth noting that some lenders offer loans specifically tailored for certain medical procedures, which could affect how much you can borrow. While it can be tempting to borrow as much as possible, it's important to only borrow what you can afford to repay. Consider your budget and the repayment plan carefully before deciding on the loan amount.

Medical Loan Repayment Calculator

To estimate your monthly repayments and the total cost of the loan, input the loan amount, loan term and interest rate into the calculator below. This helps you plan your budget and choose the most suitable loan terms.

Loan Amount
Establishment Fee
Loan Term (Years)
Interest Rate
Total amount to repay
Your repayments

Balance over time

Am I eligible for a medical loan?

Lenders consider several factors when assessing your eligibility, including your credit score, income, debt-to-income ratio, age, residency, and required documentation. While meeting the eligibility criteria doesn't guarantee loan approval, having a good credit score, stable income, and a positive financial profile significantly improve your chances.

You are eligible to apply for a medical loan if you are:

eligibility orange tickOver the age of 18; and
eligibility orange tickAn Australian citizen or permanent resident; and
eligibility orange tickHave a regular source of income, that is enough to meet the repayments

How to apply for a medical loan?

Applying for a medical loan is easy and only takes a few minutes. Get started by filling out some basic information into our application form. We’ll review your information, and someone will be in contact with you to discuss the best option for you from over 40+ Australian lenders.

If you’re eligible for a medical loan, and you are happy with the initial quote, you will need to prepare documents such as:

eligibility orange tickPassport or drivers licence
eligibility orange tickProof of income and expenses (e.g. payslips, bank statements)
eligibility orange tickDetails of any current debts or other loans

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How to get the best medical loan for you?

When searching for a medical loan, it's essential to understand the different factors to find the best fit for your needs. From interest rates and fees to loan terms and early payout options, each factor can increase or descrease the total amount you will repay.

Interest Rate

When seeking a medical loan, it's crucial to pay attention to the interest rate. A lower interest rate means you'll pay less over the loan term. It pays to research and compare rates from different lenders to ensure you secure the best possible rate that aligns with your financial circumstances.


In addition to interest rates, it's essential to consider the fees associated with medical loans. These may include application fees, ongoing fees, and early repayment fees. Assess these costs and opt for a loan that offers competitive fees, ensuring you don't incur unnecessary expenses throughout the loan duration.

Comparison Rate

Comparison rates provide a more comprehensive understanding of the overall cost of a loan by factoring in both the interest rate and any associated fees. When comparing loan options, look beyond the interest rate and consider the comparison rate to make a more accurate assessment of the total cost of borrowing.

Loan Term

Consider the loan term or repayment period that best suits your financial situation. Shorter loan terms may involve higher monthly repayments but result in lower overall interest paid. Longer loan terms may offer lower monthly payments but result in higher interest paid over time. Choose a loan term that strikes the right balance between affordability and minimising interest costs.

Early Payout

It's crucial to check whether the medical loan allows for early repayment without penalty. This feature provides flexibility and the opportunity to save on interest costs by paying off the loan sooner. Opting for a loan that allows early payout can help you become debt-free faster and potentially reduce the overall cost of borrowing.

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Frequently Asked Questions

Still have questions about medical loans?

These helpful FAQs will help you find the answers you need. If you can't find what you're looking for, you can request a callback below.

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