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Summary

This loan allows you to borrow between $4,000 to $50,000, with interest rates fixed from 7.99% p.a. Fees apply.

This unsecured personal loan from Westpac offers you a fixed interest rate. This means that your repayments will remain consistent throughout the life of your loan, making budgeting easy. Loan amounts range from $4,000 up to $50,000 with terms between 1 to 7 years.

3 things you should know about this loan:

Fixed rate but extra repayments allowed. With a fixed rate, your repayments will remain the same every month. You can also make extra repayments without penalty but there is a fee if you repay the entire loan early.
Possible interest rate discounts for existing Westpac customers. If you hold existing Student, Youth and Westpac Plus accounts, you may qualify for a discount.
High fees. You will need to pay a $250 application fee and a $12 monthly fee.

Pros

Flexible repayment schedule
Possible interest rate discounts
You can make extra repayments

Cons

$12 monthly fee
Early repayment fees may apply

Details

Product details

Product Name	Westpac Unsecured Personal Loan
Interest Rate (p.a.)	7.99% to 20.49%
Comp. Rate (p.a.)	9.18% to 21.61%
Interest Rate Type	Fixed
Min Loan Amount	$4,000
Max. Loan Amount	$50,000
Loan Security	Unsecured

How does the Westpac Unsecured Personal Loan work?

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.

How to Apply

It 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 of at least $35,000 p.a.
Be a permanent Australian resident or a non-resident with an acceptable visa and confirmed employment in Australia
Have a regular, permanent pre-tax income that is over $35,000 p.a.

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.

Featues of this Loan

Competitive rates. You will get a fixed rate from 7.99% p.a.
Establishment fee. You will have to pay establishment fee of $250.
Fees. A monthly Loan Account Fee $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.

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NAB Personal Loan Unsecured Variable Rate Variable1 - 7 Years $5,000 - $55,000	Interest Rate (p.a.) 8.49% to 20.49%	Comp. Rate (p.a.) 9.88% to 21.78%	Application Fee $250	Monthly Fee $15	Monthly Repayment $969.78	Go to site More Info Compare