Westpac Unsecured Personal Loan
Take advantage of flexible terms and a fixed rate with a Westpac Unsecured Personal Loan.
The Unsecured Personal Loan from Westpac offers you a fixed interest rate so that you can be certain of consistent repayment amounts for the life of your loan. You can apply to use the loan for a variety of personal purposes, with the loan amount ranging from $4,000 to $50,000 on a term of up to 7 years.
Things you should know about this loan
- Fixed rate but extra repayments allowed. You're able to benefit from a fixed rate with this loan, keeping your repayments the same this month,
but you can also make extra repayments without penalty. Keep in mind a fee might apply if you repay your entire loan early.
- Possible interest rate discounts Existing Westpac customers may be eligible for interest rate discounts and those holding existing Student, Youth and Westpac Plus accounts may qualify for discounts.
- High fees. You will need to pay a $250 application fee and a $12 monthly fee.
Interest Rate (p.a.)
Comparison Rate (p.a.)
Min Loan Amount
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Main points to consider with the Westpac Unsecured Personal Loan
As this is an unsecured loan, you will not be required to offer your personal assets as a guarantee. The fixed interest rate option also means that you have the benefit of knowing what your repayments will be over the life of the loan. You can make extra repayments without penalty, but a prepayment fee of $175 applies only if you choose a loan term greater than two years and pay your loan off within two years.
Features of the Westpac Unsecured Personal Loan
- Competitive rates. You will get a fixed rate of 11.99% p.a.
- Establishment fee. You will have to pay establishment fee of $250.
- Fees. A monthly $12 fee applies and $175 early repayment fee is applicable if the loan on a term greater than two years is paid off within two years.
- Loan terms. You choose a minimum term of 1 year and a maximum of 7 years.
- Loan amount. Borrow any amount between $4,000 and $50,000 depending on your eligibility.
- Flexible repayment schedule. Choose a repayment schedule on a weekly, fortnightly or monthly basis.
- Extra repayments. If you have extra funds you can use them to make additional payments on your loan amount at any time. Keep in mind if you choose a loan term over two years and repay your loan within two years, a prepayment fee of $175 will apply.
- Possible interest rate discounts. If you are already banking with Westpac and have a Student, Youth or Plus Package account you may qualify for a discount on the interest rate.
- Insurance options. Westpac offers loan insurance options to protect you for the life of your loan once you have been approved.
Westpac Unsecured Personal Loan rates
- Interest rate (fixed): 11.99% p.a.
- Comparison rate (fixed): 13.15% p.a.
- Loan term: 1 to 7 years
How you can apply for the Westpac Unsecured Personal Loan
The Westpac Unsecured Personal Loan can be used for a range of personal purposes. If you're ready to apply, you can get the process started by clicking "Go to Site". The following eligibility criteria needs to be met before you can start your application. You must:
- Be over the age of 18.
- Have regular income
- Be a permanent Australian resident or a non-resident with an acceptable visa and confirmed employment in Australia
Have the following information handy when filling out the application form:
- Personal details. This includes your name, forms of ID and your contact details.
- Financial information. Your income, assets, debts and liabilities.
You should be notified of your application's outcome within two business days. If you're approved, you can receive your funds through a bank transfer or bank cheque.
While this Personal Loan from Westpac is a competitive option to consider, remember to compare your unsecured personal loan options before applying to ensure you apply for the best loan for your needs and situation.
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