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 financing options for your cosmetic or plastic surgery procedure? At Break Free Home Loans, we can help you compare a variety of loans designed to meet the unique needs of our clients. Whether you are interested in financing a small or large-scale procedure, we have a loan option that can help you achieve your aesthetic goals affordably and conveniently. From cosmetic surgery loans, plastic surgery loans and other major surgery loans, we can help you find the right lender to suit your requirements.
What Are Surgery Loans
How They Work
Cosmetic surgery loans have made surgical procedures much more accessible to the mainstream population. With more funding available and less restrictions, it’s easier to find cosmetic surgery finance to proceed with your procedure. Some treatments clients commonly secure plastic surgery loans for include:
- Face reconstruction: procedures such as face lifts and rhinoplasty to correct features)
- Lipo: a common fat removal surgery to change the physical appearance dramatically
- Breast augmentation
- Butt, upper leg or arm lifts: the Brazilian Butt Lift is a popular example
- Facial implants: genioplasty is a well-known example
- Injectable treatments such as dermal fillers
While plastic surgery often isn’t exactly affordable, when there is a clinical reason for obtaining it, your insurance coverage may help you in covering costs. In cases where it is done purely for cosmetic reasons however, you may still be eligible for cosmetic surgery loans from various independent lenders. It will operate the same way as a personal medical loan with set terms, repayment amounts and associated conditions. Your consideration in applying for a medical loan for surgery should depend on its affordability, interests comparison and your personal financial circumstance.
Benefits & Features
With plastic surgery loans, surgery becomes financially viable and you no longer need to delay the procedure or remain on the waitlist. When the plastic surgery is time-sensitive i.e. to fix malformed bone or prevent scarring as a result of an accident, it’s important to get the procedure done immediately. However, the drawback is you will be taking on debt. Financing your plastic surgery means you now owe several thousand or tens of thousands of dollars with an interest rate attached.
There are several funding paths you can take advantage of to gain a prompt surgery such as:
- Routine Charge Card: these are low-interest cards which add to your credit history during your repayments. They may offer a points program.
- Medical Card: generally readily available from your health insurance, Medicare for example, and will still incur costs when left idle.
- Credit Line: a rotating credit line from your bank with reduced interest rates. In some cases you may be eligible for interest-free payments which can be appealing. However, this will diminish the amount you have for your sinking funds and affect your credit score. If an emergency pops up, you may risk not having enough.
- Surgeon’s Settlement Plan: Surgeons may want to work with their patients, offering an in-house settlement plan tailored to your situation.
- Bank Loan: a standard loan from the bank will usually have a modest interest, but nonetheless incur more in cost than the above options.
4 Steps To Get Cosmetic Surgery Loans In Melbourne
Pre-qualify Lenders
Choose The Loan With Best Interests
Submit Your Application
Pay For Your Treatment
The Main Methods To Fund Your Treatment
Interest-Free or Low-Interest Credit Card
Funding your surgery is quite simple using an interest-free or low-interest credit card. Some banks offer these options as an alternative to your medical insurance.
Special Purpose Savings Fund
Most banks offer special purpose savings fund accounts, which some patients opt for. A main appeal of this fund is it typically allows you to plan ahead and save up.
Mortgage to Save Up
Another strategy is to save on your home loan interests by paying down your home mortgage. Then you’ll redraw the money you need from your early payments when you’re ready to have your surgery.
Withdraw from Super Fund
You can also apply through the ATO to access your superannuation funds early as a medical loan for surgery procedures. However, the ATO’s assessment hinges on whether your condition meets their requirements. The type of medical surgery they approve must address a life-threatening illness or chronic pain. This will likely apply to surgeries such as abdominoplasty (tummy tucks), weight loss surgeries, breast reduction, body contouring or skin reduction after significant weight loss.
Payment Plans
These are in-house payment plans offered by your surgeon or public medical providers such as Medicare and private health insurance providers like BUPA, HCF or Medibank.
Before VS After Payments
You can choose to pay for your surgery upfront or after the procedure. Some loans and payment plans may allow you to make pre-payments before your surgery. They may deposit the value of the loan into your selected bank account so you can pay for your medical expenses or reimburse yourself on payments already made.
This can be done in a lump-sum or instalments. It’s also common for patients to use a special purpose savings fund or redraw funds from early mortgage payments when paying before their surgery. Alternatively, payment plans, medical credit and other finance options are quite compatible for after surgery payments. The downside of a payment plan after your surgery is that you’ll probably have to pay more in interest in the long-term.
Surgery Loan Alternative Solutions
Medical Credit Card
Payment Plans
Insurance
Cash Savings
Where I Can Get Cosmetic & Plastic Surgery Loans In Melbourne
Have Any Questions About Surgery Finance? Talk To Us!
Frequently Asked Questions
What Are Surgery Loans?
How To Get A Surgery Loan In Melbourne?
Compare lenders, their medical loan products and other financing options with a qualified broker. Make sure you choose the best loan to suit your budget and specific needs. Then you’ll have to complete your loan application. To apply for medical loans for surgery Australian lenders generally need you to comply with the following conditions:
- Be 18 years of age or older
- Be an Australian citizen or permanent resident
- Have a regular source of income
- Be an individual person and not a couple, company, trust or partnership
Your lender will assign you a credit score based on your history and supporting documentation, and decide whether you are eligible for their loan. It’s important to provide as much information as possible to ensure a successful and faster loan approval. Submit your loan application with Break Free Home Loans today.
What Are Alternative Ways To Get Plastic Surgery Instead Of Surgery Finance?
There are a variety of loan products from different lenders to suit different budgets and procedures, including plastic surgery loans, cosmetic surgery loans for unemployed individuals and more. However if you aren’t confident you can meet your loan obligations, there are also other alternatives you can choose when it comes to paying for your surgery. You may have to pay more upfront, but won’t have to take on debt or pay more interest in the long term. This includes options such as:
- Using cash from your savings account
- Nominating a special purpose savings fund
- A credit line from your bank, usually a rotating credit with reduced rates
- Getting reimbursement from your health insurance coverage
- Low interest rate or interest-free credit cards
- In-house payment plans or settlement plans supplied by third-party companies
- Withdrawals from early mortgage repayments
- Withdrawals from your superannuation funds if eligible
Contact our team
We love to hear from each and every one of you. Please feel free to reach out to us today!