Westpac offers a range of personal loans for a variety of purposes. You can opt for a unsecured personal loan with interest rates starting from 7.99% p.a., or use the flexi loan like a line of credit. Interest rates for flexi loans are higher, starting from 16.99% p.a.
Flexi Loan. This loan allows you to withdraw funds up to an agreed-upon limit without reapplying, working like a line of credit rather than a traditional personal loan. This is an option for borrowers looking for flexibility. The Flexi Loan has a credit limit of between $4,000 and $50,000 so it is useful for a variety of purposes. Westpac charges no fee for additional withdrawals and there is no early repayment fee.
Personal Loan. This is designed for individuals who want to have a fixed interest rate loan. It is an unsecured loan that can be used for a variety of reasons such as home renovations, education expenses or a car purchase. Terms of between 1 year and 7 years are available, and you can apply for between $4,000 and $50,000. It's also possible to repay your loan faster, but if you have loan terms of longer than two years and pay back the loan within those two years, a $175 fee applies. This fee is waived if you refinance to another personal loan from Westpac.
Car Loan. Looking to buy a new or used car? This loan features fixed interest rates and repayment terms of between 1 year and 7 years. You can borrow between $10,000 and $100,000 to buy a car which will be used as the security for the loan. Keep in mind there's a set-up fee of $250 and a monthly service fee of $12.
What do Australians think of Westpac personal loan?
3.73/5 overall for Customer Satisfaction — lower than the average of 4
3.82/5 for Trust — lower than the average of 4.2
3.78/5 for Customer Service — lower than the average of 4.05
Flexible repayment terms. You have the choice of paying weekly, fortnightly or monthly to suit your budget.
Revolving credit. This Flexi Loan feature essentially acts as a line of credit, allowing you to borrow up to the and including credit limit.
Competitive rates. Westpac's personal loan products feature competitive rates to help customers save money on interest.
Westpac personal loan repayment calculator: How much will a Westpac personal loan cost?
Westpac offers a personal loan calculator on its website to help you determine the cost of using its personal loan. You start by selecting whether you want to calculate the costs of a car loan or an unsecured personal loan, and then you input the following information:
How much you want to borrow
Your preferred loan term
The interest rate and comparison rate of Westpac's personal loan will be entered for you
Select the state you live in
After you enter the required information you will be shown the estimated repayments for your loan. You can select weekly, fortnightly or monthly repayments. The loan amount, estimated interest cost and estimated total cost of your loan will be displayed. To adjust these, simply scroll back up and select a different loan amount or terms.
Calculator Assumptions: The above calculations are worked out assuming you're paying off a principal and interest loan where the interest rate remains the same over the life of the loan. The repayment amounts do not take into account any additional fees or charges that may be charged to your loan (e.g. application fees).
Disclaimer: Whilst every effort has been made to ensure the accuracy of this calculator, the results should be used as indication only. They are neither a quote nor a pre-qualification for a loan.
*Whilst every effort has been made to ensure the accuracy of this calculator, the results should only be used as an indication. They are neither a recommendation nor an eligibility test for any product and should not be construed as financial advice, investment advice or any other sort of advice.
What other products does Westpac offer?
Bank accounts. Westpac offers a comprehensive range of bank accounts which includes transaction accounts, savings accounts and term deposits.
Credit cards. Whether you want a low rate credit card, a low annual fee credit card or a rewards card, Westpac has cards to suit a range of customers.
Home loans. The bank has loans for first-time homeowners, investors and people who want to move up the property ladder. You are able to choose from fixed rate, variable rate or combination loans.
How you can apply for a personal loan from Westpac
Applying for a personal loan from Westpac is a straightforward process, and you can get started by clicking "Go to Site" on any of the loans above. The eligibility criteria is as follows:
Be over the age of 18
Have a regular, permanent income
Be a permanent resident of Australia or;
Hold an acceptable Visa and have confirmed employment in Australia
Have a regular, permanent pre-tax income that is over $35,000 p.a.
If you meet the above criteria, the following details will be required to complete your application:
Personal details such as your name, proof of your identity and your contact information
Details about your finances and your employment
A list of your assets and liabilities, if you're self-employed
You need to meet set eligibility requirements which include being a permanent Australian resident, being at least 18 years old and earning a regular income. Some of the documents that should be included with your application are details of your finances, contact details including your residential address, and proof of identity. If you are a Westpac customer, the bank will ask you to verify your records.
These Westpac loans are worthwhile options for prospective borrowers to consider, but make sure to compare your options before deciding on one particular loan.
Richard Fairbairn is Finder’s associate publisher for personal loans. He has been helping people make better financial decisions for over five years. Away from his desk, Richard enjoys all things musical and camping, preferably both at once. See full bio
OurMoneyMarket offers personal loan solutions for whatever your need. Whether you want to buy a new car, pay for your wedding or renovate your home, you can choose between secured and unsecured loan options.
Find out more about Pepper Money's no fee personal loan and benefit from a competitive rate from 6.95% p.a., zero fees and loan terms of up to 7 years.
If you are looking for a credit card that gives access to a limited balance transfer offer, Visa and dining benefits, look no further than the Citi Ready Credit.
Find a low interest loan by comparing your options with Finder. See interest rates, fees, and features for loans across Australia, plus guides to help you get the best deal.
If you're sick of paying too much interest, find out how you can save money when you refinance your personal loan. There is a range of options available and you might get out of debt sooner.
Hi Amilagi, We’re a review site and not directly affiliated with Westpac, so we can’t provide an indication of turnaround times. Your best bet is to contact Westpac directly: 132 032.
VernonJuly 12, 2023
Hi , I have a bad credit history and I want to borrow 5,000 so I have a family member with good credit history as a guarantor what are my chances.
Finder
SarahJuly 13, 2023Finder
Hi Vernon,
Every bank has their own set of criteria and your chances of getting loan approval depend on a number of factors, including your credit score, income, current debts and employment history. It may be worth contacting Westpac to discuss your situation and see what your options are.
Hi.
I’m on a pension and have just finished paying out a high interest loan and have one default which was only $100 and was paid out as soon as I realised that I had it there. Now I’m finding it hard to get a loan of $10,000 over 4 years with the repayments less then what I have been paying for the last two years so I’m at a lost why I can’t get a loan as I’m getting $1,335 p/f do you know why I’m having trouble getting finance. Thanking you in advance
AshMay 19, 2018
Hi Wayne,
Thank you for visiting Finder.
First, check your current credit score as it is one of the eligibility requirements that most lenders look into when they are making their decision in regards to your loan application. You may also request for your credit report to see if there are any wrong listings regarding your credit history or if you have any other default payments that you are not aware of.
In case that you have a poor credit score, it may be difficult to get approved for a personal loan. In most cases, lenders require good to excellent credit but do not lose hope. There are quite a few that will accept applications from people with bad credit, however, this can cost higher interest rates and poorer terms. Please refer to our list of bad credit personal loans to compare your options. Kindly take note that the lender’s approval will still depend on their assessment of your financial situation.
Lastly, you may use our personal loan calculator to know if the loan that you are applying for is the right one for you when it comes to repayments.
Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. You can also contact the provider if you have specific questions.
I hope this helps.
Let us know if there is anything else that we may assist you with.
Cheers,
Ash
AndreiFebruary 14, 2018
Hello.is it possible to get loan if i have 1 year working holiday visa?i came to Australia in 11th of January 2018 but i haven’t worked here yet.if its possible then what kind of amount of money i could get
Finder
JonathanMarch 7, 2018Finder
Hi Andrei, thanks for your inquiry.
Can you confirm the code of your working holiday visa, so we can assist you further please?
Best,
Jonathan
JeromeSeptember 18, 2017
I wish to apply for a $100,000 loan.
Finder
RenchSeptember 20, 2017Finder
Hi Jerome,
Thanks for your inquiry.
If you are referring to Westpac’s personal loans, you may select your preferred loan to see more details, then you may select the ‘Go to site’ button to submit an online application through Westpac’s official site.
You can also have a look and compare your options on our $1000 loans page.
Cheers,
Rench
How likely would you be to recommend Finder to a friend or colleague?
0
1
2
3
4
5
6
7
8
9
10
Very UnlikelyExtremely Likely
Required
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
Important information about this website
Finder makes money from featured partners, but editorial opinions are our own.
Finder is one of Australia's leading comparison websites. We are committed to our readers and stand by our editorial principles
We try to take an open and transparent approach and provide a broad-based comparison service. However, you should be aware that while we are an independently owned service, our comparison service does not include all providers or all products available in the market.
Some product issuers may provide products or offer services through multiple brands, associated companies or different labeling arrangements. This can make it difficult for consumers to compare alternatives or identify the companies behind the products. However, we aim to provide information to enable consumers to understand these issues.
We make money by featuring products on our site. Compensation received from the providers featured on our site can influence which products we write about as well as where and how products appear on our page, but the order or placement of these products does not influence our assessment or opinions of them, nor is it an endorsement or recommendation for them.
Products marked as 'Top Pick', 'Promoted' or 'Advertisement' are prominently displayed either as a result of a commercial advertising arrangement or to highlight a particular product, provider or feature. Finder may receive remuneration from the Provider if you click on the related link, purchase or enquire about the product. Finder's decision to show a 'promoted' product is neither a recommendation that the product is appropriate for you nor an indication that the product is the best in its category. We encourage you to use the tools and information we provide to compare your options.
Where our site links to particular products or displays 'Go to site' buttons, we may receive a commission, referral fee or payment when you click on those buttons or apply for a product.
When products are grouped in a table or list, the order in which they are initially sorted may be influenced by a range of factors including price, fees and discounts; commercial partnerships; product features; and brand popularity. We provide tools so you can sort and filter these lists to highlight features that matter to you.
Please read our website terms of use and privacy policy for more information about our services and our approach to privacy.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
Can I get this money soon as possible?
Hi Amilagi, We’re a review site and not directly affiliated with Westpac, so we can’t provide an indication of turnaround times. Your best bet is to contact Westpac directly: 132 032.
Hi , I have a bad credit history and I want to borrow 5,000 so I have a family member with good credit history as a guarantor what are my chances.
Hi Vernon,
Every bank has their own set of criteria and your chances of getting loan approval depend on a number of factors, including your credit score, income, current debts and employment history. It may be worth contacting Westpac to discuss your situation and see what your options are.
You could also review this page for several options of lenders who specialise in working with those who have a poor credit history:
https://www.finder.com.au/bad-credit-personal-loans
Hope this helps!
Hi.
I’m on a pension and have just finished paying out a high interest loan and have one default which was only $100 and was paid out as soon as I realised that I had it there. Now I’m finding it hard to get a loan of $10,000 over 4 years with the repayments less then what I have been paying for the last two years so I’m at a lost why I can’t get a loan as I’m getting $1,335 p/f do you know why I’m having trouble getting finance. Thanking you in advance
Hi Wayne,
Thank you for visiting Finder.
First, check your current credit score as it is one of the eligibility requirements that most lenders look into when they are making their decision in regards to your loan application. You may also request for your credit report to see if there are any wrong listings regarding your credit history or if you have any other default payments that you are not aware of.
In case that you have a poor credit score, it may be difficult to get approved for a personal loan. In most cases, lenders require good to excellent credit but do not lose hope. There are quite a few that will accept applications from people with bad credit, however, this can cost higher interest rates and poorer terms. Please refer to our list of bad credit personal loans to compare your options. Kindly take note that the lender’s approval will still depend on their assessment of your financial situation.
Lastly, you may use our personal loan calculator to know if the loan that you are applying for is the right one for you when it comes to repayments.
Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. You can also contact the provider if you have specific questions.
I hope this helps.
Let us know if there is anything else that we may assist you with.
Cheers,
Ash
Hello.is it possible to get loan if i have 1 year working holiday visa?i came to Australia in 11th of January 2018 but i haven’t worked here yet.if its possible then what kind of amount of money i could get
Hi Andrei, thanks for your inquiry.
Can you confirm the code of your working holiday visa, so we can assist you further please?
Best,
Jonathan
I wish to apply for a $100,000 loan.
Hi Jerome,
Thanks for your inquiry.
If you are referring to Westpac’s personal loans, you may select your preferred loan to see more details, then you may select the ‘Go to site’ button to submit an online application through Westpac’s official site.
You can also have a look and compare your options on our $1000 loans page.
Cheers,
Rench