Enjoy a competitive interest rate and 24/7 access to funds with the Westpac Flexi Loan.
Westpac’s Flexi Loan offers a competitive variable interest rate and, as the loan is unsecured, you will not be required to put any assets up as a guarantee.
This is a special interest rate only available to selected affiliate partner websites.
Once you’ve been approved for the loan, you have 24/7 access to the funds and can make withdrawals at any time. You should note that some withdrawals may be subject to authorisation. You also do not pay interest on the credit limit you’ve been approved for and only pay on the remaining balance of the loan. You can reduce your credit limit if you feel that your existing limit is too high, as long as the credit limit does not drop below $4,000.
Things to consider about the Westpac Flexi Loan
|Product Name||Westpac Flexi Loan|
|Interest Rate (p.a.)||From 14.69% (variable)|
|Comparison Rate (p.a.)|
|Interest Rate Type||Variable|
|Minimum Loan Term||1 year|
|Maximum Loan Term||5 years|
|Min Loan Amount||$4,000|
|Max. Loan Amount||$75,000|
|Monthly Service Fee||$10|
- Flexible line of credit
- Ability to lower your set credit limit
- Flexible repayment terms
- $10 monthly service fees apply
- $150 application fees also apply
- Late fee and other fees may be charged
As this is an unsecured loan, you do not have to worry about providing a guarantee. You can use the loan for anything you need, whether you're planning a holiday, consolidating debt or just want an ongoing line of credit.
The loan offers flexible repayment options so you can tailor your repayment schedule to suit your budget and lifestyle. You can decide on a set amount to repay as long as it meets the minimum requirements as specified.
Features of the Westpac Flexi Loan
- Redraw capability. You can redraw funds at any time up to a pre-determined limit and have the ability to request a credit limit decrease to a minimum of $4,000.
- Competitive rate. The loan has a variable interest rate of 14.69% p.a.. Interest is not paid on the credit limit but on the remaining loan balance.
- Repayment terms. Repayment options can be selected depending on your financial capabilities.
- Loan terms. Borrow your preferred amount for a term up to 5 year(s), with a minimum term of 1 year(s).
- Loan amount. You can borrow any amount between $4,000 and $75,000.
- Insurance options. Westpac offers optional insurance once your loan is approved and the monthly insurance premium can be automatically charged to your loan account.
- Fees. There are no fees for early repayment, early exit or additional withdrawals. A one-time $150 establishment fee and a $10 monthly fee are applicable, while other fees may apply.
- Unlimited account access. You can access your account 24/7 via online banking or telephone banking to make repayments or withdrawals.
How to apply for the Westpac Flexi Loan
If you're interested in applying for the Westpac Flexi Loan, you can click "Go to Site" if you’re ready to begin the application process.
To be eligible you must meet the following requirements:
- Age and employment. You must be 18 or over to apply for this loan and be gainfully employed with a regular, secure income. You will be asked to prove your age and provide evidence of your income.
- Australian residency. Only permanent Australian residents or citizens are eligible to apply.
Have the following information handy when filling out the application form:
- Valid driver’s licence. You must have a valid Australian driver’s licence, passport or birth certificate to verify your identity and resident status.
- Personal details. You will be asked to submit your personal contact information like your email, address and phone number.
- Financial and employment details. The name and address of your employer will be required along with details of your current income, assets and liabilities.
The unsecured Flexi Loan from Westpac offers a competitive variable interest rate and flexible repayment terms to help you get access to the funds you need. However, make sure to compare your available options before deciding on the right loan for you.