Westpac Flexi Loan – Unsecured Personal Loan

Rates and fees last updated on

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.

Main points to consider with the Westpac Flexi Loan

Product NameWestpac Flexi Loan
Interest Rate (p.a.)From 14.99% (variable)
Comparison Rate (p.a.)
Interest Rate TypeVariable
Min Loan Amount$4,000
Max. Loan Amount$50,000


  • 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 $50,000 with the Westpac Flexi Loan. The loan comes with a variable rate of 14.99% 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 14.99% 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 $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 $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 11 April 2017 at 11:10am.

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40 Responses to Westpac Flexi Loan – Unsecured Personal Loan

  1. 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?

    • Staff
      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.


  2. 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!

    • Staff
      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,

  3. 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,


  4. Default Gravatar
    Caza | October 5, 2016


    Could this flex loan be used as a deposit for a mortgage 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,


  5. 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,


  6. 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,


  7. 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,


  8. 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,


  9. 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,


  10. 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.



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