Westpac Personal Loans
Westpac offers a complete suite of personal and car loans. Interest rates depend on the product you choose and fees apply.
Key takeaways
- Westpac offers two personal loans a fixed rate option and a higher rate variable Flexi Loan.
- Westpac personal loans often include application fees and monthly fees; customer satisfaction is below average.
- Applicants typically need to be 18+ with paid employment for loans up to $50,000 for up to seven years.
What different scores mean
9+
Excellent
The crème de la crème of personal loans. These products offer the lowest cost loans accompanied by the best features.
7+
Great
Slightly higher in cost and fewer features, but these products are still competitive.
5+
Standard
Typically offering above average rates and possibly lacking in the features department.
0+
Basic
The least competitive in terms of both cost and features.
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How we picked these
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How to apply for a Westpac personal loan
Applying online is a straightforward process. You'll need to meet general eligibility requirements including:
- Being at least 18 years of age
- Being an Australian citizen or a permanent resident of Australia
- Being in paid employment
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Hi, I’m working for a big company as a sub-contractor driver and I receive my salary based on one year agreement and by payslip under my ABN number. My question is, is it enough to bring my last payslips or I must provide my last tax return history?
Thanks
Hi Adam,
Thanks for your question.
When applying for any type of credit, it’s best that you are ready to provide any proof of your income (e.g. tax return, pay slips, COE, etc.), finances and employment. These documents are generally required by most lenders. So if you could provide the most recent ones, that would be great.
Hope this has helped.
Cheers,
May
So after read all this, me and my husband are on Centrelink payments at the moment, but we both do save about $150 every week to help us to move.
My husband receives FTB and Newstart for more than 5 years+ and I’m receiving Parenting payment Partnered.
Can we get approved to apply Westpac credit card? Or which bank will approve?
Hi Jane,
Thanks for your question.
Westpac handles credit card applications from Centrelink applications on a case-by-case basis. Your eligibility will depend on your financial situation, how much you receive in payments and what other debts and assets you have. You may want to give Westpac a call to discuss your eligibility.
I hope this has helped.
Thanks,
Elizabeth
My question to Westpac personal lending is why you present misleading information on a site like this where pensioners already feel disqualified from applying for credit. I did my homework as the site suggested. I get the full DSP pension and was told before applying for a loan what I could potentially borrow. After my loan was declined due to sustainability, I made further inquiries and no one would give me a firm answer until I eventually saw a Westpac bank manager who clearly said that a DSP is not enough income to sustain a loan not even for $4000. It says on this website though that you only need 15K per annum to apply for credit. You actually need double that amount. This experience left me with a bad taste in my mouth and I have been with Westpac for over 26 years with a good credit rating and no defaults on my Veda credit file. Can someone from Westpac please be honest and advice what your total income must be before the bank will even look at you!! Also I found really strange that I was not asked about my cash assets or any other asset for that matter to support my application
Hi Gavin,
Thanks for your question and sorry about the difficulty you’ve had. On our review pages, including the one above, we haven’t listed $15,000 p.a. on any criteria. Westpac also doesn’t list a minimum income criteria on its site.
The minimum criteria is that you’re over the age of 18 and earn a regular income, and we’ve confirmed with Westpac that certain types of Centrelink payments can be considered as income. However, your eligibility still comes down to whether or not you can afford the loan – Westpac will look at your income, your current debts and any cards you hold, and as an existing customer, your bank statements will also be checked to confirm your details.
If you have questions regarding your specific application or eligibility for the loan, it would be best to contact Westpac directly.
Thanks,
Elizabeth
can you buy a secondhand motorcycle under the Westpac car loan?
Hi Andrew,
Thanks for your question.
You are not able to use this loan to finance a secondhand motorbike. If you still want to go with Westpac you have the option of their flexi loan, or you can compare other motorbike loans. You can select the “Go to Site” button of your preferred lender to proceed with your application. A gentle reminder, please ensure to read through the relevant product disclosure statement and terms and conditions to ensure that you got everything covered before you apply.
I hope this has helped.
Thanks,
Elizabeth
I want to pay all my loans out , so I have one loan , but to fined a loan to do this is hard . To get a loan is hard , my credit is not good but trying to fix , work up and down . Just need to get a start with someone . Got car payment , and a personal loan , can u help cheers brian
Hi Brian,
Thanks for your comment and sorry to hear about your situation.
You may benefit from investigating your debt consolidation offers. We have compiled a detailed guide on debt consolidation and if you have impaired credit, a guide to bad credit debt consolidation.
I hope this has helped.
Cheers,
Matt
Hi I am a retire and looking to buy a caravan To live in on my daughters property, I get around 80.000 per year, paying wasted money in rent up to 500.00 per week
Hi Caroline,
Thanks for your question.
Please note that finder.com.au is an online comparison service and is not a product issuer. If you would like to discuss your eligibility or options, please get in touch with Westpac directly.
Cheers,
Shirley