Westpac Flexi Loan – Unsecured Personal Loan

Rates and Fees verified correct on October 28th, 2016

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

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.

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This page was last modified on 16 October 2016 at 19:33.

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36 Responses to Westpac Flexi Loan – Unsecured Personal Loan

  1. Default Gravatar
    Donna | October 6, 2016

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

    • Staff
      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,


  2. Default Gravatar
    Caza | October 5, 2016


    Could this flext loan be used as a deposit for a morgage application?

    Thank you

    • Staff
      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,


  3. 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?

    • Staff
      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,


  4. 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!

    • Staff
      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,


  5. Default Gravatar
    Unsure | March 16, 2016

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

    • Staff
      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,


  6. 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.


    • Staff
      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,


  7. Default Gravatar
    Katie | February 26, 2016

    I was looking up loans for a working parent and come across Westpac this bank should not be included as ive been a Customer for 10 years only been out of work to have my 2 kids and for the last 3.5 years ive been employed part time/ permanent worker I earn over $600 a week yet I just got knock back for a $5000 loan over 5 years because I won’t get my husband to back my loan. Q How can I get my own credit rating?

    • Staff
      Elizabeth | February 26, 2016

      Hi Katie,

      Unfortunately I can’t comment on why Westpac declined you for a loan, but you can find out more about applying for loans as a part-time employee on this page. If you were looking to order a copy of your credit file you can do so on this page.

      I hope this will help,


  8. Default Gravatar
    | January 8, 2016

    My application of $8000 has been approved, but since i just found out that i lost my job, i will not be using the flexiloan and will westpac consider to wave my establishment fee since i have no income? I been a very loyal customer for 20 years.

    • Staff
      Elizabeth | January 8, 2016

      Hi Sam,

      According to the Westpac Flexi Loan conditions of use, you are able to terminate the contract, “by writing to the credit provider (Westpac) so long as —
      ● you have not obtained any credit under the contract; or
      ● a card or other means of obtaining credit given to you by your credit provider has not been used to acquire goods or services for which credit is to be provided under the contract. However, you will still have to pay any fees or charges incurred before you terminated the contract.”

      It would be best to get in contact directly with Westpac as soon as possible.



  9. Default Gravatar
    Tony | January 4, 2016

    Would the interest be reduced if I pay off the loan before the end of the term?
    For example, Borrow $10,000 / Loan term 2 years but balance paid off at the end of the first year.

    • Staff
      Elizabeth | January 5, 2016

      Hi Tony,

      Thanks for your question.

      This loan works a bit differently to a normal personal loan in that you only pay interest on your outstanding balance, not on your total credit limit. If you have a total credit limit of $10,000 but only use $4,000 of that limit, you will only pay interest on the $4,000. You will continue having access to your entire credit limit throughout the loan term.

      I hope this has helped.



  10. Default Gravatar
    Stephenie | November 2, 2015

    :( i just read the previous comment and i too am getting parenting payments as i have an 8 month old baby and i recently lost a baby, i have a perfect credit history and I’ve never had a loan or credit card before. I have been reading over the westpac flexi loan as it would be perfect. It doesn’t mention anything in the information about being a stay at home parent and not being able to be approved. I receive about the same amount as someone who is employed. being a parent is more than a full time job its 24/7 and we can afford to pay whats being asked. This has just made me sad as it feels as tho were not being treated equal. And I’m a born and bred Australian who has paid my taxes and my only bank account is with westpac. Would they ever consider me? If not what do us mothers do?

    • Staff
      Elizabeth | November 4, 2015

      Hi Stephanie,

      Thanks for your question.

      While this is the case for Westpac you have a few other options available to you. There is a list of lenders who consider Centrelink payments as income on this page – this includes banks and short-term lenders. Depending on the amount/ terms you’re looking for you may find another suitable loan option from one of these lenders.

      I hope this will help.



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