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Westpac Flexi Loan – Unsecured Personal Loan

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Have 24/7 access to a line of credit up to $50,000.

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.


From 16.49% (variable)

Interest Rate (p.a.)

$4,000

Min Loan Amount

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Details

Product NameWestpac Flexi Loan
Interest Rate (p.a.)
From 16.49% (variable)
Interest Rate TypeVariable
Min Loan Amount$4,000
Max. Loan Amount$50,000

Main points to consider with the Westpac Flexi Loan

You can apply for a credit limit of between $4,000 and $50,000 with the Westpac Flexi Loan. The loan comes with a variable rate of 16.49% 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 $12 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 16.49% 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 to 5 years.
  • How much you can borrow. You can apply for any amount between $4,000 and $50,000.
  • 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 $12 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.

Compare other personal loans

Data indicated here is updated regularly
$
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Service Fee Monthly Repayment
Harmoney Unsecured Personal Loan

From 6.99% (fixed)
7.79%
$2,000
3 to 5 years
$575 ($275 for loans of below $5,000)
$0
You'll receive a fixed rate between 6.99% p.a. and 25.69% p.a. based on your risk profile.
Apply for a loan up to $50,000 and repay your loan over 3 or 5 year terms.
Plenti Fixed Rate Personal Loan

From 6.49% (fixed)
6.84%
$2,001
3 to 5 years
From $149 to $599
$0
You'll receive a fixed rate between 6.49% p.a. and 11.99% p.a. based on your risk profile
A flexible loan with amounts from $2,001 and terms starting from 3 years. Interest and comparison rates calculated for a loan term of 5 years.
OurMoneyMarket Personal Loan

From 6.75% (fixed)
6.96%
$2,001
1 to 7 years
1.5–6% of your total loan amount
$0
You'll receive a fixed rate from 6.75% p.a. to 20.99% p.a. based on your risk profile
A personalised loan from $2,001 to $75,000 that varies based on your credit history and financial situation.
Alex Personal Loan

From 6.95% (fixed)
6.95%
$2,100
6 months to 5 years
$0 (waived $295)
$0
You'll receive a fixed interest rate from 6.95% p.a. to 19.99% p.a. based on your risk profile
Borrow between $2,100 and $30,000 from 6 months to 5 years. Benefit from no ongoing fees. Note: The establishment fee of $295 is waived for all applications until 31 October 2020. Terms & conditions apply.
SocietyOne Unsecured Personal Loan (5 years)

From 7.99% (fixed)
7.99%
$5,000
5 years
from 0% to 5% (capped at $995)
$0
You'll receive a fixed rate between 7.99% p.a. and 20.49% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.
SocietyOne Unsecured Personal Loan (2-3 years)

From 6.99% (fixed)
6.99%
$5,000
2 to 3 years
from 0% to 5% (capped at $995)
$0
You'll receive a fixed rate between 6.99% p.a. and 17.99% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.
Plenti Variable Rate Personal Loan

From 5.79% (variable)
6.78%
$2,001
1 to 3 years
From $149 to $599
$0
You'll receive a variable rate from 5.79% p.a and 11.99% p.a. based on your risk profile
A flexible loan with amounts from $2,001 and terms starting from 12 months. Benefit from transparent costs and a rate estimate before you apply.
NAB Personal Loan Unsecured Fixed

From 9.99% (fixed)
10.88%
$5,000
1 to 7 years
$150
$10
You'll receive a fixed rate between 9.99% p.a. and 18.99% p.a. ( 10.88% p.a. to 19.83% p.a. comparison rate) based on your risk profile
An unsecured loan up to $55,000 you can use for a range of purposes and pay off over up to 7 years. Note: Majority of customers will get the headline rate of 12.69% p.a. (13.56% p.a. comparison rate) or less. See Comparison rate warning in (i) above.
Symple Loans Personal Loan

From 5.75% (variable)
6.47%
$5,000
1 to 7 years
from 0% to 5% of the loan amount
$10
You'll receive a personalised interest rate from 5.75% p.a. to 21.99% p.a. based on your risk profile
Borrow up to $50,000 to pay for what you need.
Wisr Personal Loan

From 7.95% (fixed)
8.78%
$5,000
3 to 5 years
$595 (Establishment Fee)
$0
You'll receive a fixed rate between 7.95% p.a. and 19.45% p.a. based on your risk profile
A loan from $5,000 that charges no fees for extra or early repayments. Keep in mind security is required in some cases.
Heritage Bank Fixed Personal Loan
7.99% (fixed)
8.62%
$5,000
1 to 5 years
$200
$5
Choose a fixed rate loan and receive a comparison rate of 8.62% p.a.
Fixed rate loans are available up to $100,000 on terms from 1 to 5 years.
CUA Unsecured Fixed Rate Personal Loan
9.89% (fixed)
10.14%
$5,000
1 to 7 years
$175
$0
You'll receive a fixed rate of 9.89% p.a.
An unsecured loan from $5,000 with flexible repayments and no monthly fee.
Latitude Personal Loan (Unsecured)

From 7.99% (fixed)
9.24%
$3,000
1 to 7 years
$250 (Loans under $5000 - $140)
$13
You'll receive a fixed rate between 7.99% p.a. and 19.99% p.a. based on your risk profile
Apply for what you need from $3,000 and use it for a range of purposes. Repay weekly, fortnightly or monthly.
NAB Personal Loan Unsecured Variable Rate

From 9.99% (variable)
10.88%
$5,000
1 to 7 years
$150
$10
You'll receive a variable rate between 9.99% p.a. and 18.99% p.a. ( 10.88% p.a. to 19.83% p.a. comparison rate) based on your risk profile
An unsecured loan up to $55,000 you can use for a range of purposes. Benefit from fee-free additional repayments and a redraw facility. Note: Majority of customers will get the headline rate of 12.69% p.a. (13.56% p.a. comparison rate) or less. See Comparison rate warning in (i) above.
CUA Unsecured Variable Personal Loan
11.89% (variable)
12.15%
$5,000
1 to 7 years
$175
$0
You'll receive a variable rate of 11.89% p.a.
Borrow from $5,000 with the option for flexible repayments and no monthly fees.
Heritage Bank Standard Variable Personal Loan
11.99% (variable)
12.61%
$5,000
1 to 10 years
$200
$5
Choose a variable rate loan and receive a 12.61% p.a. comparison rate
Variable rate loans are available from $5,000 - $100,000 on terms of 1 to 10 years.
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Compare up to 4 providers

Personal Loan Offers

Important Information*
Logo for Harmoney Unsecured Personal Loan
Harmoney Unsecured Personal Loan

You'll receive a fixed rate between 6.99% p.a. and 25.69% p.a. based on your risk profile.
Apply for a loan up to $50,000 and repay your loan over 3 or 5 years terms.

Logo for NAB Personal Loan Unsecured Fixed
NAB Personal Loan Unsecured Fixed

You'll receive a fixed rate between 9.99% p.a. and 18.99% p.a. ( 10.88% p.a. to 19.83% p.a. comparison rate) based on your risk profile
An unsecured loan up to $55,000 you can use for a range of purposes and pay off over up to 7 years. Note: Majority of customers will get the headline rate of 12.69% p.a. (13.56% p.a. comparison rate) or less. See Comparison rate warning in (i) above.

Logo for SocietyOne Unsecured Personal Loan
SocietyOne Unsecured Personal Loan

You'll receive a fixed rate between 6.99% p.a. and 20.49% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.

Logo for Pepper Money Unsecured Fixed Rate Personal Loan
Pepper Money Unsecured Fixed Rate Personal Loan

You'll receive a fixed rate between 6.95% p.a. and 17.95% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Make additional repayments or pay off the loan early, penalty-free.

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44 Comments

  1. Default Gravatar
    Michael
    December 29, 2018

    How can I avail the flexi loan that was shown that I have available amount and how can I transfer that?

    • Avatarfinder Customer Care
      Jeni
      December 30, 2018

      Hi Michael,

      Thank you for getting in touch with finder.

      To avail the Westpac Flexi Loan, you may click on the go to site green button to be redirected to Westpac’s official page to learn more on this loan and start your online application. Please make sure that you’ve read the relevant T&Cs or PDS of the loan products before making a decision and consider whether the product is right for you. I suggest that you contact Westpac directly for further clarification on this matter.

      I hope this helps.

      Please feel free to reach out to us if you have any other enquiries.

      Thank you and have a wonderful day!

      Cheers,
      Jeni

  2. Default Gravatar
    doole60
    June 1, 2017

    I currently have a Westpac Flexi Loan and am wondering if I can use the amount available (around $7000.00) to pay against the amount due around $ 20000.00?

    • Avatarfinder Customer Care
      May
      June 1, 2017

      Hi Doole60,

      Thank you for your inquiry.

      Basically, the funds withdrawn from your Westpac Flexi Loan can be used for any purpose. However, if you wish to pay your due using the funds from your account, you must withdraw it first then pay in person at any Westpac branch. Please keep in mind though that if you do this, you’ll still incur interest on the amount that you withdraw.

      Cheers,
      May

  3. Default Gravatar
    Zorse
    December 22, 2016

    Hi, I already have a Westpac Flexi Loan, with a limit of $15,000. I don’t owe anything on it at the moment, but am anticipating needing more funds, so was wanting to know if it is possible to increase the credit limit? How would I go about doing this?
    Thanks

    • Avatarfinder Customer Care
      May
      December 22, 2016

      Hi Zorse,

      Thanks for your question and for contacting finder.com.au – a financial comparison website and general information service designed to help consumers make better decisions. We do not represent Westpac or any banks we feature on our page.

      If you’d like to increase your credit limit for your Westpac Flexi Loan, you’d be best to get in touch with Westpac directly.

      Cheers,
      May

  4. Default Gravatar
    Fionah
    December 18, 2016

    Hi, I’d like to ask if I’m eligible for the loan? I’m a Westpac customer and I’m currently paying my car and mobile plan. I’d like to pay it both in one easy pay with the personal loan and pay it every fortnight with my salary. I’m employed under Part-Time but have regular and heaps of hours every fortnight at work as a carer. My fortnightly expenses is only $250 and each fortnight, I earn $1200 or more. Will I be approved for this loan? Thanks!

    • Avatarfinder Customer Care
      Jason
      December 18, 2016

      Hi Fionah,

      Thank you for your enquiry.

      You must meet the requirements listed above, on this page to be eligible for this loan. Westpac will consider your entire financial circumstances such as your income, debt, employment and other financial information when deciding to approve you for a loan.

      It would be best to contact Westpac directly for further questions regarding this loan and your eligibility.

      I hope this helps.

      Kind regards,
      Jason

  5. Default Gravatar
    Donna
    October 6, 2016

    How do I reduce the available credit on my Westpac flexi loan

    • Avatarfinder Customer Care
      Elizabeth
      October 6, 2016

      Hi Donna,

      You’re able to decrease your credit limit as long as it is still over $4,000. To decrease your limit call Westpac directly or head to a branch.

      Hope this helps,

      Elizabeth

  6. Default Gravatar
    Caza
    October 5, 2016

    Hi

    Could this flex loan be used as a deposit for a mortgage application?

    Thank you

    • Avatarfinder Customer Care
      Elizabeth
      October 6, 2016

      Hi Caza,

      Technically the loan is unsecured and can be used for any purpose. However, using a personal loan for a home deposit is risky as you’ll be paying off multiple debts – the flexi loan and then the home loan. You might find this article on whether avoiding paying LMI by taking out a personal loan is worth it.

      Hope this helps,

      Elizabeth

  7. Default Gravatar
    tlee
    August 26, 2016

    if i am going for a home loan will this effect me from getting a loan if i have a flexi loan of $40000 on it. i make regular payments towards the flexi loan but just wondering if i have payed $20000 of my flexi loan off will this stop any lender from wanting to give me a mortgage?

    • Avatarfinder Customer Care
      Elizabeth
      August 26, 2016

      Hi tlee,

      When you apply for a home loan your entire financial circumstances are taken into account, so the Flexi Loan will be considered when you apply. You can try this borrowing power calculator to see an estimate of your borrowing power and you can also read this guide on how your credit history affects your loan application.

      Hope this helps,

      Elizabeth

  8. Default Gravatar
    Luke
    August 23, 2016

    Would a flexiloan work for dept consolidation ? Or could you recommend a loan for consolidating all my depts into one easy payment ? Also would i get a loan to fix my old depts up even if i have bad credit history?
    Thank you!

    • Avatarfinder Customer Care
      Elizabeth
      August 24, 2016

      Hi Luke,

      This is a line of credit loan that allows you to draw funds as and when you need to. You are able to use it to consolidate debt. However, you will need good credit for this personal loan.

      You can compare your other options on this page.

      Hope this helps,

      Elizabeth

  9. Default Gravatar
    Unsure
    March 16, 2016

    Hi
    How do I set up payments, and know the minimum amount I must pay monthly for my flexi loan?

    • Avatarfinder Customer Care
      Elizabeth
      March 16, 2016

      Hi Unsure,

      Thanks for your question.

      Westpac offers two repayment options with this loan. You can either select a repayment goal, whereby you decide you want to repay a certain amount by a certain date, or you to decide to pay a certain amount each month. Whatever option you decide to go with you have to make minimum repayments each month, which are as follows:
      – 2% of the closing monthly unpaid balance (rounded up to the nearest dollar) or $10 – whichever is greater , plus
      – The greater of any unpaid past due amounts from previous statements, or any amount that exceeds the credit limit.

      Your repayments will be outlined in more detail in your loan contract and you can set them up (depending on which option you choose) when you apply.

      I hope this has helped,

      Elizabeth

  10. Default Gravatar
    Angie
    March 15, 2016

    I was hoping that I am eligible for a Flexi Loan that will improve my financial circumstances greatly by consolidation my 3 x existing personal loans for 1 x new car and 2 x HD motorcycles.

    The combined total of these 3 x existing personal loans is $74142.81 and my current monthly repayments to meet my loan obligations is $1920.00.

    Would I be considered for this debt consolidation with the Flexi Loan?

    My NET (bring home) fortnightly income from FT employment is $1930.00. I also receive child support of $47 per fortnight and some DHS payment of approx. $50 per fortnight. Finally, I have a casual employment income of an additional $100 per week.

    I look forward to your response and possible assistance with my current financial matter.

    Regards
    Angie

    • Avatarfinder Customer Care
      Elizabeth
      March 15, 2016

      Hi Angie,

      While the total available amount you can apply for is $75,000, Westpac will consider your entire financial circumstances when deciding to approve you for a loan. As this isn’t a standard personal loan you’ll be given access to your total amount of funds when you are approved but you don’t have to access them straight away.

      If you meet the minimum criteria you are able to apply, but Westpac will use your income, debt, employment and other financial information to decide whether to approve you for the entire loan amount.

      If you have further questions regarding your eligibility, it would be best to contact Westpac directly. I hope this information has been of use,

      Elizabeth

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