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If you're struggling to repay your personal loan, you can get in touch with the bank directly or read our guide.
Westpac offers a range of personal loans for a variety of purposes. You can opt for a unsecured personal loan with interest rates starting from 8.99% p.a., or use their flexi loan like a line of credit. Interest rates for their flexi loans are higher, starting from 16.49% p.a. They both come with a limit of $50,000 and include an establishment fee of $150 to $250 and a monthly service fee of $12. The credit limit for their car loan is 12.09% p.a., and it is secured with the purchase of your car. The establishment fee is $250 and the monthly fee is $12. You could also get a short-term overdraft for up to 45 days, with interest rates starting from 12.09% p.a. The establishment fee will depend on how much you borrow and ranges from $12 to $100.
Compare the Westpac products below
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
Westpac began trading in 1817 in New South Wales and has since grown into a public company that has branches around the world. Westpac offers a wide variety of financial products and services to its customers, from savings accounts and term deposits to credit cards and home loans. It also offers a range of personal loans to borrowers, giving them access to the finance they need to make important purchases and investments.
- Flexi Loan. This loan allows you to withdraw funds up to an agreed-upon limit without reapplying, working like a line of credit rather than a traditional personal loan. This is an option for borrowers looking for flexibility. The Flexi Loan has a credit limit of between $4,000 and $50,000 so it is useful for a variety of purposes. Westpac charges no fee for additional withdrawals and there is no early repayment fee.
- Personal Loan. This is designed for individuals who want to have a fixed interest rate loan. It is an unsecured loan that can be used for a variety of reasons such as home renovations, education expenses or a car purchase. Terms of between 1 year and 7 years are available, and you can apply for between $4,000 and $50,000. It's also possible to repay your loan faster, but if you have loan terms of longer than two years and pay back the loan within those two years, a $175 fee applies. This fee is waived if you refinance to another personal loan from Westpac.
- Car Loan. Looking to buy a new or used car? This loan features fixed interest rates and repayment terms of between 1 year and 7 years. You can borrow between $10,000 and $100,000 to buy a car which will be used as the security for the loan. Keep in mind there's a set-up fee of $250 and a monthly service fee of $12.
Features and benefits of a Westpac personal loan
- Flexible repayment terms. You have the choice of paying weekly, fortnightly or monthly to suit your budget.
- Revolving credit. This Flexi Loan feature essentially acts as an overdraft, allowing you to borrow up to the and including credit limit.
- Competitive rates. Westpac's personal loan products feature competitive rates to help customers save money on interest.
Westpac personal loan repayment calculator: How much will a Westpac personal loan cost?
Westpac offers a personal loan calculator on its website to help you determine the cost of using its personal loan. You start by selecting whether you want to calculate the costs of a car loan or an unsecured personal loan, and then you input the following information:
- How much you want to borrow
- Your preferred loan term
- The interest rate and comparison rate of Westpac's personal loan will be entered for you
- Select the state you live in
After you enter the required information you will be shown the estimated repayments for your loan. You can select weekly, fortnightly or monthly repayments. The loan amount, estimated interest cost and estimated total cost of your loan will be displayed. To adjust these, simply scroll back up and select a different loan amount or terms.
You can also use a personal loan calculator to get an estimate of your loan repayments.
Loan Repayment Calculator
What other products does Westpac offer?
- Bank accounts. Westpac offers a comprehensive range of bank accounts which includes transaction accounts, savings accounts and term deposits.
- Credit cards. Whether you want a low rate credit card, a low annual fee credit card or a rewards card, Westpac has cards to suit a range of customers.
- Home loans. The bank has loans for first-time homeowners, investors and people who want to move up the property ladder. You are able to choose from fixed rate, variable rate or combination loans.
How you can apply for a personal loan from Westpac
Applying for a personal loan from Westpac is a straightforward process, and you can get started by clicking "Go to Site" on any of the loans above. The eligibility criteria is as follows:
- Be over the age of 18
- Have a regular, permanent income
- Be a permanent resident of Australia or;
- Hold an acceptable Visa and have confirmed employment in Australia
If you meet the above criteria, the following details will be required to complete your application:
- Personal details such as your name, proof of your identity and your contact information
- Details about your finances and your employment
- A list of your assets and liabilities, if you're self-employed
You need to meet set eligibility requirements which include being a permanent Australian resident, being at least 18 years old and earning a regular income. Some of the documents that should be included with your application are details of your finances, contact details including your residential address, and proof of identity. If you are a Westpac customer, the bank will ask you to verify your records.
If you would like to apply online you can follow the secure link on this page and fill out an application form in as little as 10 minutes. Westpac also accepts applications over the phone or through their branches.
These Westpac loans are worthwhile options for prospective borrowers to consider, but make sure to compare your options before deciding on one particular loan.
More guides on Finder
Westpac Flexi First Option Home Loan
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Westpac Fixed Rate Investment Property Loan
You can benefit from certainty over an extended period of time when you choose the Westpac Fixed Rate Investment Property Loan. Lock in to a low rate now and take advantage of their flexible repayment options.
Westpac Rocket Repay Home Loan
With a 100% mortgage offset account like the Westpac Rocket Repay home loan, you can own your home sooner.
Westpac Fixed Options Home Loan Review
Lock in and secure your interest rates with Westpac Fixed Options Home Loan. Compare the rates and product details of the loans.
Westpac Variable Rate Premier Advantage Package
The Westpac Premier Advantage Package offers discounts and waived fees in exchange for bundling your financial products together.
Personal Loan OffersImportant Information*
You'll receive a fixed rate between 5.35% p.a. and based on your risk profile.
Apply for a loan up to $50,000 and repay your loan over 3 or 5 years terms.
You'll receive a fixed rate of 8.99% p.a.
Apply for up to $50,000 to use for a variety of purposes without needing to add security. Available to self-employed applicants.
You'll receive a fixed rate between 6.99% p.a. and 18.99% p.a. ( 7.91% p.a. to 19.83% p.a. comparison rate) based on your risk profile
Borrow from $5,000 to $55,000, with 1 years to 7 years loan terms available. This loan comes with no fees for extra repayments and no early exit fees.
You'll receive a fixed rate between 5.95% p.a. and 19.99% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.
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