Have 24/7 access to a line of credit up to $75,000.
Westpac’s Flexi Loan is a personal line of credit where you only pay interest on the amount you use. You also have 24/7 access to your funds and can make withdrawals at any time. Read this review to find out more about how this loan works.
Main points to consider with the Westpac Flexi Loan
|Product Name||Westpac Flexi Loan|
|Interest Rate (p.a.)||From 17% (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
You can apply for a credit limit of between $4,000 and $75,000 with the Westpac Flexi Loan. The loan comes with a variable rate of 17% p.a. but this rate will only be applied to the funds you use, not your credit limit. This is a special interest rate only available to selected affiliate partner websites.
You will need to pay an establishment fee of $150 as well as a $10 monthly fee.
Features of the Westpac Flexi Loan
- Redraw funds at any time. 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.
- Variable rate. The loan has a variable interest rate of 17% p.a.. Interest is not applied to the credit limit but on the remaining loan balance.
- Repayment terms. Repayment options can be selected depending on your financial capabilities.
- How long the line of credit remains active. The line of credit is available for terms of between 1 and 5 years.
- How much you can borrow. You can apply for 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.