Planning an Australian wedding? With the average cost hitting $36,000, chances are you'll need more than just savings. Discover six popular ways couples are funding their big day, from personal loans to leveraging home equity, and learn the pros and cons of each to ensure a financially stress-free start to married life.
Weddings are special, but they’re not cheap. According to a Moneysmart survey, the average Australian wedding costs $36,000, which is why many couples turn to outside funding sources. 60% of respondents said they got a loan, while 18% used their credit card.
Here are six ways you could cover the costs of your big day.
- Personal savings
The most straightforward option is to save up and pay cash. While this requires discipline and may delay your wedding plans, it also means you avoid debt and interest costs. You’ll also feel less financial pressure once the honeymoon is over.
- Personal loan
A personal loan offers predictable repayments and can usually be repaid over one to seven years. Many couples choose this option as it provides a lump sum upfront. Just make sure the repayments fit within your budget – and speak to me to ensure you get a competitive rate.
- Credit card
A credit card can be convenient for covering deposits or last-minute expenses, especially if you have a card with interest-free days. However, credit cards typically have high interest rates, so you should be very careful about choosing this option and carefully read the terms and conditions of your card.
- Help from family
Some couples receive financial support from parents or relatives. This can come in the form of a gift or an informal loan. If it’s the latter, it’s a good idea to document the arrangement to avoid misunderstandings later on.
- Buy now, pay later
Buy-now-pay-later (BNPL) services can be a risky way to fund an entire wedding, although may be suitable for smaller purchases like attire or decorations. Keep in mind that when you use BNPL, missed payments can lead to penalty fees and affect your credit score.
- Using equity
If you already have a home loan, you may be able to access equity by refinancing.
Consider: Downsizing the event
If you’re struggling to fund your ideal wedding, consider trimming the guest list or opting for a simpler venue. A more affordable celebration can still be memorable, and may help you start married life with less financial stress.
Final thought
However you pay for your wedding, it’s important to avoid overcommitting. A beautiful wedding doesn’t have to come with a hefty price tag. Careful planning, a clear budget and honest conversations with your partner will help you enjoy the day without worrying about the long-term financial impact.
If you're interested in financing your wedding through the use of a personal loan or accessing your home equity, please contact me. I'll compare a range of loans, outline the costs involved and manage your loan application for you.
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