Line of Credit Personal Loans

Have easy access to additional funds whenever you need them with a line of credit personal loan.

A line of credit personal loan can provide you with a convenient way to draw on funds as and when you need to. You can use the funds to consolidate debts, make multiple purchases or just to have in case of an emergency. The flexibility of a line of credit personal loan allows you to withdraw funds up to a pre-determined limit. Interest is only charged on what you owe, not on the entire credit limit. Find out more about this type of loan and if it's right for you in this guide.

Westpac Flexi Loan Offer

Westpac Flexi Loan


14.99 % p.a.

variable rate

  • Low ongoing fees
  • Variable rate line of credit
  • Extra repayments OK
Security Logo

100% confidential application

Westpac Flexi Loan Offer

Westpac offers a personal line of credit up to $50,000 with low ongoing fee.

  • Interest rate from: 14.99% p.a.
  • Interest rate type: Variable
  • Application fee: $150
  • Minimum loan amount: $4,000
  • Maximum loan amount: $50,000
Go to site

Compare a range of personal line of credit loans

Rates last updated May 21st, 2018
Name Product Interest Rate (p.a.) Min Loan Amount Max. Loan Amount Application Fee Product Description
Westpac Flexi Loan
From 14.99% (variable)
Benefit from convenient access to an ongoing line of credit. Interest only applies to the funds you use.
St.George Get Set Loan Personal Loan
From 17% (variable)
A revolving line of credit that lets you access your funds as and when you need to. No set repayment terms and no loan expiry.
Bank of Melbourne Get Set Loan - Line of Credit
17% (variable)
Apply for up to $50,000 and access it as a convenient line of credit.
Citi Ready Credit
From 7.9% (variable)
Apply for up to $75,000 as a convenient line of credit. 7.9% p.a. rate on initial balance transferred available to all approved applicants. After 2 years a revert rate of 19.99% p.a. applies.

Compare up to 4 providers

How does a line of credit personal loan work?

A personal line of credit works much like a credit card, giving you a specified credit limit to use how you like. The main difference is the limit is usually higher, while the rates are relatively lower than credit cards. You won't need to submit a credit application every time you need to make a withdrawal. Once you're approved the funds are there for you to use when you need them. No charges are made against your entire balance, only on the funds you withdraw. You can even get some line of credit personal loans that are linked to a debit card, giving you more flexibility.
How a line of credit varies from a personal loan

How to compare your line of credit loan options

If you consider a line of credit loan, it's important to compare your options so you get the right loan for you. Here are some features to keep in mind when considering the accounts available:

  • The interest rate. Not only will you want to compare different interest rates, you will also want to learn how they are applied. Check that interest is being applied only to the funds you have withdrawn, not on your total balance. Also, keep in mind that in some cases you may have the option of securing the loan against an asset which should result in a lower interest rate.
  • The fees. Compare fees carefully as they are not always set out as clearly as the interest rate. While a line of credit personal line may advertise no annual fee, there could be monthly fees or an establishment fee. Make a running list of fees for each brand you are considering and factor that into your loan amount. You can use a personal loan calculator to do this.
  • The terms of the loan. You will find that there are two different term types to consider. One is known as a term plan, where you have a certain timeframe, which is usually between one and five years, to pay off the principal of the line of credit. The other type of line of credit personal loan will allow you to keep the loan open so long as you continue to make regular monthly repayments. This is also known as a revolving credit and could be ideal if you want a funding source available as a safety net for an unexpected expense.
  • How accessible your funds are. Another thing to consider with this type of loan is how you will access your funds. Again, read these terms carefully. While a bank may offer a card that can be used at ATMs, there could be charges applied for this convenience. You are going to want to weigh the methods of accessing the funds along with any fees associated with them.

Considering the benefits and drawbacks


  • You're only charged for what you use. In most cases you will be charged interest only on the funds you have borrowed as opposed to the total loan amount.
  • You have easy access to your funds. If your account is linked to a card, you are able to draw the funds you need through ATMs and online banking.
  • There are flexible terms. You can use the funds how and when you need to, making for a very flexible financing solution.


  • Fees and charges. Be mindful that fees and charges will likely apply, such as an annual fee, establishment fee or a monthly service fee.

What are the risks?

  • Overspending. For individuals with little financial control, the thought of a seemingly unlimited amount of funds may cause them to make purchases that are unnecessary.
  • Penalties. While the repayments for a line of credit personal loan are generally flexible, you should make sure that you read the terms carefully. Most will expect at least monthly repayments and will charge penalties if that requirement is not satisfied.

How you can apply

You can use the table found on this page to begin comparing your line of credit personal loan options. The eligibility criteria differ between lenders, so make sure to check this carefully before submitting your application. Be prepared with the following information as most lenders will have similar criteria necessary as part of the application:

  • Income. You will have to show proof of an ongoing steady income. Your payslips are usually acceptable or a bank statement which shows consistent deposits from an employer.
  • Liabilities. You are going to be asked to provide a complete list of your currents debts.
  • Identification. All lenders will need to see a current and valid photo ID of the applicant and in most cases you will be asked to provide a photocopy for their records.
  • Assets. Any real property you own, plus cars, savings and investment accounts.

Was this content helpful to you? No  Yes

Related Posts

Personal Loan Offers

Important Information*
SocietyOne Unsecured Personal Loan

Based on your risk profile, you will receive a tailored rate between 7.5% and 20.49% with a SocietyOne personal loan.

Westpac Unsecured Personal Loan

A competitive, fixed rate personal loan that allows you to make extra repayments. Apply before 14 June 2018 and pay $0 establishment fee.

Harmoney Unsecured Personal Loan

Interest rates are tailored to each applicant individually, and start from as low as 6.99% p.a. to 26.95% p.a.. based on your credit history.

Pepper Money Unsecured Fixed Rate Personal Loan

Apply for up to $50,000 and receive conditional approval within minutes. Interest rates range from 9.99% p.a. to 21.74% p.a. The rate you are approved for depends on individual circumstances.

Ask an Expert

You are about to post a question on

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, read the PDS or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms and Conditions and Privacy Policy.

10 Responses

  1. Default Gravatar
    MarleneSeptember 26, 2017

    hi I have $7000 in credit card debt how can i pay it off fast.

    • Staff
      JoanneSeptember 26, 2017Staff

      Hi Marlene,

      Thanks for reaching out.
      To give you some tips on how you can possible reduce or clear your personal debt, here is a page you can refer to. Should you want to move forward with a specific tip, a link is provided on the same page.


  2. Default Gravatar
    TristenJune 29, 2017

    Hello i would like to borrow 10,000- 15,000 i have 1 unpaid default a payday loan with a couple of enquiries recently i am employed full time and would like to get a private used car pay any bills or debts in full with some spare to get some essential furniture so its a single payment to help so i can work on my score before I buy a house

    • Staff
      MayJune 29, 2017Staff

      Hi Tristen,

      Thanks for reaching out.

      Typically, with bad credit personal loan, the possible loan amount may not be as much as $15,000, although, there are lenders who may offer $10,000, depending on if you meet the criteria. Although we’re not sure if you’ll be approved for a personal loan or not, you may review the criteria and contact a lender featured on this page to discuss your options and eligibility.


  3. Default Gravatar
    NicOctober 17, 2016

    I would like to know if people with a bad credit rating can be considered.

    • Staff
      ElizabethOctober 17, 2016Staff

      Hi Nic,

      Unfortunately you need good credit to be eligible for Citibank’s line of credit. You can compare your short term loan options on this page, or if you;re looking for a bad credit line of credit product, Wallet Wizard and MyKredit are two options to consider.

      Hope this helps,


  4. Default Gravatar
    M.SmithSeptember 16, 2016


    Does the Commonwealth bank provide a personal line of credit account?

    • Staff
      ElizabethSeptember 16, 2016Staff

      Hi M.Smith,

      CommBank provides a Viridian line of credit that is linked to your home loan account. You can also consider a personal overdraft that is linked to your CommBank account.

      I hope this helps,


  5. Default Gravatar
    August 4, 2016

    Eligibility please

    • Staff
      MayAugust 4, 2016Staff

      Hi Tina,

      Thanks for your question.

      The eligibility criteria vary from bank to bank. But generally, these banks would approve your application based on their assessment of your income, debts, assets, credit history and provided necessary documents/information.


Ask a question
Go to site