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 7.99% p.a., or use the flexi loan like a line of credit. Interest rates for flexi loans are higher, starting from 16.99% p.a.
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- 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 a line of credit, 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
Overview of your loan
Once the interest only period ends, your estimated repayments will be
Total interest / fees payable:
Compare personal loans
Calculator Assumptions: The above calculations are worked out assuming you're paying off a principal and interest loan where the interest rate remains the same over the life of the loan. The repayment amounts do not take into account any additional fees or charges that may be charged to your loan (e.g. application fees).
Disclaimer: Whilst every effort has been made to ensure the accuracy of this calculator, the results should be used as indication only. They are neither a quote nor a pre-qualification for a loan.
*Whilst every effort has been made to ensure the accuracy of this calculator, the results should only be used as an indication. They are neither a recommendation nor an eligibility test for any product and should not be construed as financial advice, investment advice or any other sort of advice.
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
- Have a regular, permanent pre-tax income that is over $35,000 p.a.
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.
These Westpac loans are worthwhile options for prospective borrowers to consider, but make sure to compare your options before deciding on one particular loan.
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