High-interest credit card debt? Use our step-by-step guide on how to complete a Westpac balance transfer and save with 0% promotional offers.
High-interest rates can be a burden on anyone with debt. Meeting minimum repayments on a credit card can be difficult enough without the added costs of interest. A balance transfer could be just what you need to help you get out of the red and start seeing the plus sign beside your account balances.
If you’re looking to consolidate your debt with a balance transfer to Westpac, here’s a walkthrough of the steps you can follow to complete a balance transfer application while we also cover some of the benefits, features and conditions you’ll want to consider.
Westpac Credit Card Offer
The Westpac Low Rate credit card is a great option to consider if you are looking for a no-frills credit card from Westpac that will help you get in control of your finances. It features a balance transfer rate of 0% p.a. for 16 months plus a low annual fee.
- $59 p.a. annual fee
- 1% p.a. for 12 months (reverts to 13.49% p.a.) on purchases
- 0% p.a. for 16 months on balance transfers
- Cash Advance Rate of 21.49% p.a.
- Up to 55 days interest free
- Minimum Income Requirement of $15,000 p.a.
A balance transfer guide with Westpac
A balance transfer with Westpac allows you to transfer an existing balance on a credit card to new credit card charging a lower rate of interest with a promotional rate. Periods of lower interest rates gives you a chance to make a dent in your debt and start getting back on track. The Process can take up to 10 days to complete.
What are the benefits of completing a balance transfer with Westpac?
Westpac offers competitive rates to customers with outstanding debt and looking to complete a balance transfer. Here’s a summary of some of the benefits you can compare:
- Save on interest costs. Lower interest rates on an existing balance for a period of time means you can repay your debt without the additional cost of interest, meaning you can consolidate your financial burden quicker.
- Transfer your balance in 10 days. You can apply for balance transfers when you apply for a Westpac credit card. The application generally only takes 10-15 minutes to complete. Once your application is approved, it can take up to six days for the card to arrive and an extra two days for the balance transfer to be finalised.
- Bank on the go with Westpac mobile banking. Check your balance or transfer funds anywhere, anytime, with Westpac mobile banking.
What else should I consider?
- Know what the interest rate will be once the promotional period ends. Your low or 0% balance transfer rate will only last for the length of the promotion, after which it’ll revert to the much cash advance rate. Any remaining balance will immediately start collecting these higher rates, so check your product disclosure statement (PDS) to confirm what they are before applying.
- How much debt can I transfer? With Westpac you can transfer up to 95% of your credit limit. How much you can transfer is determined by how much your credit card is approved for. For example, if you are approved for $10,000, you can do a balance transfer of up to $9,500. When applying for the credit card, select an amount that is going to support your transferred balance so you don’t leave a sum behind to collect high interest on your old account.
- Will I incur a transfer fee? Westpac doesn’t charge a balance transfer fee.
- Where can I balance transfer from? You can transfer balances from up to three non-Westpac cards. Confirm which banks and providers you can transfer from to Westpac.
If you are 18+ years of age and an Australian resident currently residing in Australia, you are eligible to apply. Before starting, you will need to have identification, payslips or a bank statement and employment details on hand. It’s also a good idea to have your accounts in order before applying.
Step-by-step on how to apply for a balance transfer application with Westpac
Step 1: Select the card you wish to apply for and start the application
Once you’ve compared your options and are ready to apply, you can click the green “Go to site” button from our comparison table and start your application. You will be directed to the Westpac application form and where we will begin the application process.
Step 2: Are you are a Westpac customer already?
If you are a Westpac customer already you can sign in with your Online Banking account to draw any existing details about you. If you're not yet registered for online banking or not yet a customer you can continue with the process.
Having the following information ready.
- Income. Your income details, earnings figure before and after tax would be helpful.
- Employment. Your profession title, how many years, work/office contact number.
- Financial commitment details. Any existing expenses, financial commitments and to
- Australian drivers licence (Optional). Your licence will be useful to have but it isn't mandatory.
Step 3. Fill in the “About you” details, including your name and address
Here you will provide the details about you with an option to verify your ID online.
The details you'll need will be:
- Mobile number. Add your personal mobile contact number. Please note that this number will also be used to verify your application for when you submit the online form at the end of these steps, so be sure you have your mobile on hand and can receive sms for when you're ready to submit.
- Email. Your email address to where you're going to send.
- Title. Add your title here.
- Full name. Add your full name the way it exactly matches your passport or drivers licence.
- Residential address. Your main place of residence.
- Length of time at address. How long have you been living at your address?
- Your preferred branch. Select a branch that is closest to you. A drop down menu will allow you to select a branch based on the address you put in for your application, alternatively, you can find a branch that's most convenient for you.
- Providing ID. If you can, have the following handy: Australian driver's licence, Medicare Card and Australian passport. Providing at least two forms is recommended by Westpac (not mandatory).
If you skip providing your ID?
Providing and verifying your ID online will save you from visiting the branch. So having these details ready before you apply will save you time and potentially, a trip later.
Step 4. Complete the “Finances” section
This is where you will need your pay slips or bank statements. You will need to be able to answer questions relating to your income, residential situation, outward costs and any other financial responsibilities you may have.
- Employment and income. Specify your employment status, occupation and how long. You will also be asked to disclose your income and other sources of income.
|Types of income accepted on applications||Types of income not accepted on credit cards|
|Interest received||Government childcare|
|Dividends||Pharmaceutical and telephone allowances|
|Rental income||Youth allowance|
|Widow's allowance||Unemployment benefits|
|Family tax benefit part A and B|
- Proof of income documents. Here you may upload your documents as files or images. Note that if you upload your documents here it may save you from visiting a branch to having them verified.
- Savings and expenses. Include any total savings you have and also the expenses including any non-Westpac cards - this is not the balance transfer section, you can input the total credit limit on the cards and the owing amount.
Step 5. Select “Yes” to applying for a balance transfer.
If you're opting for a balance transfer, select 'Yes' to reveal the options to add in your existing card information to your application. You can add more than one card to the application.
- Card institution. Select the institution from where the card is held.
- Card number. Provide the number of the credit card from which you wish to transfer.
- Amount to transfer. Provide the amount you're looking to balance transfer.
Step 6. Review and submit.
Check that all your details are entered correctly before submitting your application. Before submitting you will be asked to provide an sms verification code. This will send a code over to the mobile number you input at the start of your application. Add that code into the field and submit when ready.
Once submitted, you will receive a reference number. Westpac will contact you to let you know whether or not your application was successful.
Step 8. Application submitted!
Congratulations, you've submitted an application. If the application is approved, it can take up to six days for the card to arrive and an extra two days for the balance transfer to be finalised.
Applying for a balance transfer is a quick and easy process that could be your answer to clearing debt. Refraining from using the card to make any purchases will increase your chances of having the debt paid off within the promotional period.Back to top