Break Free Home Loans are a leading Melbourne mortgage broker, with over 20 years of industry experience. We provide lending solutions and advice tailored to your needs. We work closely with clients as trusted advisors and are accessible to clients when needed.
Our brokers work hard at understanding our client’s unique circumstances and helping them overcome common home loan challenges. Whether you’re a first home buyer or an experienced investor, we’ll help you find the best home loan for your situation. Whether you’re self-employed and have trouble proving your income or you’re a contractor or casual worker, we offer solutions for all types of clients’ income sources.
Looking for a loan to help cover the cost of weight loss surgery? If you live in Melbourne, Australia, you’re in luck! Loans for weight loss surgery are available through a number of lenders in the area, providing you with the financial support you need to get the treatment you want. Talk to our brokers today to find the right lender. We specialise in helping clients find medical loans for bariatric surgery no matter if you need a sleeve gastrectomy, gastric bypass, or an adjustable gastric banding.
What Are Loans For Weight Loss Surgery
Loans for weight loss surgery in Melbourne are designed to help you afford the cost of bariatric or weight loss surgery. These loans typically cover the costs of your procedure, including medical equipment and other recovery expenses.
What Procedures Do They Cover?
There are a variety of different weight loss surgery procedures that a loan can help you cover, including gastric bypass surgery, laparoscopic sleeve gastrectomy, and adjustable gastric banding.
How Much Does It Cost Depending On The Type Of Surgery?
- Gastric Bypass
- With private health insurance: $4,000 to $6,000, excluding Medicare rebates.
- Without private insurance: $16,000 to $18,000, excluding Medicare rebates.
- Gastric Lap Band
- With private health insurance: $2,500 to $5,500, excluding Medicare rebates.
- Without private insurance: $10,000 to $16,000, excluding Medicare rebates.
- Gastric Sleeve
- With private health insurance: $4,000 to $6,000, excluding Medicare rebates.
- Without private health insurance: $16,000 to $18,000, excluding Medicare rebates.
- Gastric Balloon
- Without private health insurance: $5,825 on average. Insurance does not cover the procedure but may cover the gastroscopy.
How To Get Loans For Bariatric Surgery In Melbourne
There are plenty of lenders who offer loans for bariatric surgery. With so many options available, it can be difficult to figure out which loan is right for you. Here are a few tips to help you choose the best loan for your needs and budget:
Compare Lenders
Shop around for the best rates and terms. Once you know how much you need to borrow, take some time to compare loan offers from different lenders. Be sure to compare things like interests, repayment terms, and fees before choosing a loan.
Choose The Best Loan Option
Shop around for the best deal. Don’t just accept the first loan offer that you receive. It’s important to compare multiple offers before making a decision. Be sure to consider which loan benefits you most according to your financial needs.
Submit An Application
Be prepared to provide documentation to support your application. When applying for a loan, be sure to have all of the necessary documentation on hand, such as proof of employment, income and outstanding debts. This will help ensure that your application is processed quickly and efficiently.
Other Ways To Pay For Weight Loss Surgery
Before you look into other options for bariatric surgery financing, make sure to first check if you’re covered by insurance. Many bariatric procedures are at least partially covered. Your insurance providers may have a specific list of eligible doctors and medical facilities for the procedure. Other alternatives for bariatric surgery loans include:
Payment Plans
Medical payment plans are offered by many hospitals and medical practices. They allow patients to pay their bills in instalments instead of at once upfront, often without interest.
Credit Cards
If your procedure does not cost more than your credit limit, you may be able to pay for your weight loss surgery by credit card. Of course, it’s important to be sure that you can pay it off quickly to avoid collecting interest.
Peer-To-Peer Loans
Another popular weight loss surgery financing option is peer-to-peer loans. This is a loan funded by investors instead of a financial institution. Interest rates are sometimes lower than standard personal loans.
Savings & Family
If you’re struggling to fund your weight loss surgery expenses, consider asking friends and family. They may be able to provide financing without interest or help through crowdfunding.
Who Can Get A Loan For Weight Loss Surgery
To qualify for a loan for weight loss surgery in Melbourne, you’ll need to be 18 years or older, have a good credit history, and be able to afford the repayments. Medical loans for weight loss surgery may also be available for people with less than ideal credit scores or individuals who are eligible by specific conditions. Bariatric financing is a great solution for people who:
- Have bad credit or are on student loans
- Need to settle costs of gastric sleeve surgeries and other weight loss procedures
- Need to protect their financial goals, save money or safeguard their savings accounts or retirement fund
- Have had their bariatric surgery pre approval denied by their health insurance provider
- Need to strengthen their credit with unsecured loans or a personal loans
When Does My Medical Insurance Cover Bariatric Treatments
Some medical insurance companies offer bariatric surgery financing options, but only to an extent. In fact, on average two-in-three health plans do not offer coverage and the ones that do only cover up to 50% of the procedure’s cost. This means paying $7,500 to $13,000 out of pocket if you’re lucky enough to be covered by a policy that includes weight loss surgery. Additionally, there are many other expenses related to weight loss surgery which are often not paid through insurance such as:
- Adjustments of bands post surgery
- Nutritionist appointments
- Physical therapy
- A completely new wardrobe
- Gym memberships and nutrition programmes
Eligibility for coverage varies by insurance company and policy. Typically, to qualify for insurance coverage of bariatric surgery, you must:
- Meet criteria set forth in the National Institutes of Health’s Clinical Guidelines on the Identification, Evaluation and Treatment of Overweight and Obesity in Adults.
- Have a body mass index (BMI) greater than or equal to 40, or a BMI greater than or equal to 35 with medical conditions such as diabetes, high blood pressure, sleep apnea, heart disease, kidney disease, osteoarthritis or fatty liver disease.
- Prove that you’ve tried other weight-loss methods, such as diet and exercise, and been unsuccessful.
- Be evaluated by a team of health care professionals, including a psychologist or psychiatrist, to ensure that you understand the risks and benefits of surgery and are committed to making lifestyle changes after surgery.
Risks of Weight Loss Surgery Financing
Just as there are risks involved in weight loss surgeries, there are risks in using medical loans for bariatric surgery.
In most cases, medical insurance will not cover the cost of weight loss surgery. This is because these procedures are considered to be elective, and most insurance companies will not pay for elective surgeries. If you are unable to afford the full cost of your weight loss treatment, you may need to explore alternative funding options such as loans for weight loss surgery.
One major risk associated with these loans is that they typically come with high interest rates and fees, which can make them quite expensive in the long run. Additionally, if you are unable to repay your loan on time, you could end up facing penalties or even legal action.
If you are interested in pursuing weight loss surgery and need help financing your treatment, it is important to research your loan options carefully and work with a reputable lender that can offer you the best terms and conditions for your needs.
Compare Loans For Bariatric Surgery From Best Lenders In Melbourne
A broker can provide you with a range of options from different lenders and help you compare interest rates, repayment terms and other important factors. At Break Free Home Loans, we can help you find the best loan for weight loss surgery to suit your personal needs and budget. We work with a wide range of financial institutions and medical loan providers. Complete your application with us today to find the right lender for your surgery fees.
Need Help With Getting Loans For Weight Loss Surgery? Talk To Us!
Our experienced brokers can build a strong case to get your bariatric surgery loans approved. When you want guaranteed financing for weight loss surgery, apply for your loan with us today. We can help you secure the best deal from the right lender to suit your needs.
Frequently Asked Questions
Our brokers are more than happy to answer your queries. The following are some of our most frequently asked questions:
How To Get Loans For Bariatric Surgery In Melbourne?
Decide how much money you need to borrow. It’s important to only borrow what you need, as this will help keep your costs down. Whether you choose to apply for a personal loan or use a medical loan service, there are several factors you should consider when evaluating your options. Some of the key things to look for when choosing a loan for weight loss surgery include:
- The interest rate and fees charged by the lender. Ideally, you should look for a loan with low interest rates and minimal or no fees so that you can reduce the overall cost of your treatment. A broker can help you calculate comparisons of different lenders.
- The repayment terms and conditions of the loan. You should make sure that you are comfortable with the repayment schedule, and that it is manageable given your current financial situation.
- The flexibility of the loan. Some lenders may offer flexible repayment terms or allow you to make early repayments without penalty, which can be beneficial when trying to manage your weight loss surgery expenses.
- The loan amount and terms offered by the lender. When choosing a loan for weight loss surgery, it is important to compare the different options available in order to find the best loan for your needs and financial situation. Some lenders may offer larger loan amounts or longer repayment terms, while others may have lower interest rates or other benefits that are better suited to your needs.
- Whether there are any additional fees or penalties associated with the loan. Some lenders may charge application, origination, or prepayment fees when applying for a loan for weight loss surgery, so it is important to carefully read the terms and conditions of any loan agreement before signing.
- The repayment terms and schedule that are associated with the loan. In most cases, you will need to repay the loan in monthly instalments over a set period of time, typically 1-5 years. Understanding how much your monthly payments will be and when they are due can help you plan for the financial burden that comes with paying for weight loss surgery.
- Whether the loan is secured or unsecured. A secured loan is backed by some form of collateral, such as your home or vehicle, which acts as protection in case you cannot make timely payments on your loan. An unsecured loan, on the other hand, does not require any collateral and is typically more difficult to qualify for.
- Read the fine print. Before signing any loan documents, be sure to carefully review all of the terms and conditions. This will ensure that you know exactly what your loan entails, so that you can make an informed decision about whether or not it is the right option for you.
Once you’ve selected your lender, you can complete your application with a broker to ensure a successful and problem-free loan approval.
What Procedures Do Bariatric Surgery Loans Cover?
If you’re considering weight loss surgery, a loan can help you pay for the procedure and any associated costs, such as hospital fees and aftercare. With a loan, you can spread the cost of your surgery over a period of time that suits you, making it more affordable. The loan can be used for any type of weight loss surgery, including gastric bypass surgery, laparoscopic sleeve gastrectomy, and adjustable gastric banding.
Can I Get A Loan For Weight Loss Surgery?
To qualify for a loan for weight loss surgery in Melbourne, you’ll need to be 18 years or older, have a good credit history, and be able to afford the repayments. Consider your credit score and history. Lenders will typically look at your credit score and history before approving a loan, so be sure to have these ready when you apply. If your credit score is low, you may still be able to qualify for a loan with a cosigner or from specialised lenders.
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