How to get an interest rate discount on a Westpac personal loan

Elizabeth Barry 4 January 2018 NEWS

personal loan

Westpac is offering a 1% p.a. discount on its unsecured personal loan – here's how to get it.

Looking to tackle some post-Christmas debt? Or maybe you're in the market for furniture, a car or you want to undertake some home renovations?

Whatever you want to do, if you're looking at an unsecured personal loan to help you do it, you may want to consider the unsecured personal loan from Westpac. That's because for a limited time, Westpac is offering a 1% discount to those who apply for its unsecured personal loan. If you apply before 28 February 2018, the interest rate comes down to a competitive 11.99% p.a. (comparison rate 13.07% p.a.)

To take advantage of this offer, you cannot apply for the loan as a joint applicant.

Here's what you need to know about the personal loan to help you decide if it's right for you:

  • Interest rate: The interest rate is 11.99% p.a. (comparison rate 13.07% p.a.). Note: This is with the 1% p.a. discount applied.
  • How much you can apply for: You can borrow $4,000 to $50,000.
  • How long you'll have to repay: Terms are for between one and seven years.
  • How you can repay the loan: You can choose weekly, fortnightly or monthly repayments.
  • The fees you'll have to pay: You need to pay an establishment fee of $250 and a monthly service fee of $12.
  • Additional repayments allowed. Keep in mind a prepayment fee of $175 applies if you pay off your loan in less than two years when you have a loan term greater than two years. Westpac will waive this fee if you refinance it to another Westpac personal loan.

Remember, you need to apply as a single applicant for this personal loan before 28 February 2018 to take advantage of the discounted interest rate.

Go to Westpac's site

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