Westpac Personal Loans
As one of the largest banks in Australia, Westpac offers comprehensive personal loan solutions to suit a wide range of borrowers.
Westpac offer a wide range of personal loans that you can use for many purposes. Learn more about them on this page.
- Competitive interest rate
- Flexible repayment options
- Borrow up to $50,000
100% confidential application
Westpac Unsecured Personal Loan
A competitive fixed rate loan from Westpac where you can make additional repayments. Loans from $4,000.
- Interest rate: 11.99% p.a.
- Comparison rate: 13.15% p.a.
- Interest rate type: Fixed
- Application fee: $250
- Minimum loan amount: $4,000
- Maximum loan amount: $50,000
Compare the Westpac products below
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 to 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.
- Personal Overdraft. This is a type of unsecured loan that becomes part of your Westpac Choice bank account upon approval. It gives you between $250 and $25,000 as overdraft. There is a monthly service fee of $6 associated with this overdraft.
- Temporary Overdraft. This is a convenient solution to cover a short-term need for funds. With the Temporary Overdraft you can borrow $250 to $50,000 and it will be available in your bank account for 45 days. This financing is designed to cover short-term shortfalls and there is no security required.
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 the finder personal loan repayments calculator below 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.
Personal Loan OffersImportant Information*
You'll receive a fixed rate between 6.99% p.a. and 28.69% p.a. based on your risk profile.
Apply for a loan up to $70,000 and repay your loan over 3 or 5 years terms.
You'll receive a fixed rate between 10.69% p.a. and 18.69% p.a. ( 11.58% p.a. to 19.53% p.a. comparison rate) based on your risk profile
An unsecured loan up to $55,000 you can use for a range of purposes and pay off over up to 7 years. Note: Majority of customers will get the headline rate of 12.69% p.a. (13.56% p.a. comparison rate) or less. See Comparison rate warning in (i) above.
You'll receive a fixed rate between 7.5% p.a. and 20.49% 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.
You'll receive a fixed rate between 8.95% p.a. and 16.95% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Make additional repayments or pay off the loan early, penalty-free.
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