On average an Australian wedding is costing just under $30,000 and often most of this money is borrowed.
According to a recent survey by wedding expert Anne Mihelakos, from the truebride.com.au website, the most expensive wedding last year cost $130,000 while the cheapest was just $3000.
It seems that the bride and groom are more concerned about having a perfect wedding day than they are about house deposits or debt repayment.
Honeyloans.com.au receive online loan applications on a daily basis from people wishing to borrow thousands for their wedding while already being in debt and having a bad credit history.
Most Aussie weddings go at least 15% over budget.
“Although there are people who still have the expensive, big full-on formal wedding, the majority of weddings these days have become a lot more casual. However casual does not mean cheap.
“They are more relaxed and often include a special location such as a garden or beach. Destination weddings, where family and friends might all meet up overseas in a resort or something like that, are also popular. In this case the couple might pay for the meals or a few nights of accommodation, or else everyone just pays for themselves.”
According to a survey by card publisher Hallmark, about 80 per cent of couples go over budget on their wedding, with money being their single biggest pre-wedding worry. Loans to finance your wedding are offered by almost every major lender.
Although borrowing money, from friends or banks might get you everything you want for the big day, it could also get you off to a poor financial start to your married life.
Repaying the debt from that big day can take several years, although some couples prefer to use wedding gift money to help make up the shortfall.
Second marriages might be just as important in the emotional stakes, but when it comes to finances, they are definitely cheaper.
The average budget for a second marriage is about half the cost of a first-time wedding.
“Sure there are other factors at play, such as number of guests etc but having been through two weddings myself, a lot of the savings came from experience and know-how,” Mihelakos says.