Westpac is one of Australia’s largest banks, offering its customers a great diversity of services and financial products, including personal loans. Westpac has a wide range of secure and unsecure personal loans for all occasions. Being one of the oldest lenders in Australia, their not only trusted but also provide very competitive loans packed with features.

Types Of Loans

Westpac features a number of different personal loan options to choose from to suit everyone. Their personal loans include:

• Flexi Loan – The Westpac Flexi Loan gives you the opportunity to withdraw funds at any time to the agreed-upon amount without the need to reapply. This type of loan is similar to a constant line of credit unlike traditional personal loans which are a set amount. This provides you with increased borrowing flexibility. Flexi Loans offer a credit limit between $4,000 to $75,000. There are no fees for withdrawing your money and no fees on early repayments.
• Unsecured Personal Loan – The Westpac unsecured personal loan is designed for those who want a fixed interest rate loan. This unsecured loan is ideal for purchasing a vehicle, renovations, education expenses and so much more. Loan terms generally run between 1 to 7 years with a borrowing amount of $4,000 to $50,000. This personal loan gives you the opportunity to pay your loan off faster. Although you will be charged with a $175 fee if you pay off your loan within two years if the loan is longer than the two-year period. If you refinance to another personal loan, this fee will be waivered.
• Car Loan – The Westpac car loan is ideal if you’re looking to purchase a new vehicle. Borrowing amounts range from $10,000 to $100,000. Fixed interest rates apply with a loan term between 1 to 7 years. This loan will incur a $10 monthly service fee and a setup fee of $250.
• Personal Overdraft – The Westpac personal overdraft is an unsecured loan that is a part of your Westpac Choice bank account when approved. This overdraft will give you borrowing amounts between $250 to $25,000 depending on your finances. A $6 monthly service fee applies.
• Temporary Overdraft – The Westpac temporary overdraft is ideal for covering short-term fund requirements. This overdraft loan offers a borrowing amount from $250 to $50,000 and is available for 45 days. No security is required.

 

Main Features Of Westpac Personal Loans

Westpac personal loans offer a variety of different features depending on the loan type. Some of the main features by loan type include:

Flexi Loan

• Extra Repayments – Gives you the ability to make withdrawals whenever you want.
• Additional Funds – If you’re approved for more than you need, you have additional funds available if you ever need them in an emergency.
• Withdrawals – Easy to withdraw the money that’s needed at any time throughout the day.
• Flexible Repayments – You have the ability to select between flexible repayment options to suit your individual needs. You can select the repayment goal and whether you pay monthly, weekly or fortnightly.

Unsecured Personal Loan

• Repayments – You can choose whether you pay weekly, fortnightly, or monthly as long as the loan is paid between 1 to 7 years.
• Extra Repayments – You have the ability to make extra repayments as needed to pay your loan off faster.
• Discounts – If you’re eligible, you may receive discounts off your interest rate.

Car Loan

• Discounts – If you’re eligible, you may receive discounts off your interest rate depending on your circumstance.
• Extra Repayments – You have the ability to make extra repayments as needed to pay your loan off faster.
• Repayments – You can choose whether you pay weekly, fortnightly, or monthly as long as the loan is paid between 1 to 7 years.

Personal Overdrafts

• Easy Banking – You can access your overdraft fund through your Westpac Choice bank account by BPAY®, Cheque, Debit MasterCard, EFTPOS, online, telephone, tablet banking, mobile or in branch.
• Loan Amount – Borrow from $250 to $25,000 depending on your situation.
• MasterCard – Upon approval you will receive a Westpac Debit MasterCard for easier banking.
• Security – No security is required.
• Interest Rate – 09% p.a variable interest rate.

Temporary Overdraft

• Loan Amount – Borrow between $250 to $50,000 depending on your finances.
• Interest Rate – 09% p.a variable interest rate.
• Security – No security is required.
• Service Fee – $0 service fee when you repay the overdraft back on time and agree to the limits.
• MasterCard – Upon approval you will receive a Westpac Debit MasterCard for easier banking.

Pros/Cons Of Personal Loans

As with any bank, there are pros and cons to taking out Westpac personal loans. These include:

Pros: Flexi Loan

• Depending on the loan you only pay interest on the outstanding balance and not the assigned credit limit.
• Once approved you’ll have between $4,000 to $75,000 to spend on what you need.
• There’s no additional withdrawal fees, exit fees or early repayment fees.
• You can receive same day funds. Conditions apply.
• Diversity of options to repay back the money.
• Optional insurance available if you lose your job or are unfit to work. Conditions apply.

Cons: Flexi Loans

• $150 establishment fee.
• $10 monthly service fee.
• $9.00 missed repayment fee.
• $9.00 cheque dishonour fee.
• $9.50 declined direct debit fee.
• $9.00 over limit fee.
• $10.00 bank cheque fee.
• $9.00 information fee.
• $7.50 Duplicate statement fee.

Pros: Unsecured Personal Loans

• You can borrow between $4,000 to $50,000 depending on your finances.
• You have the opportunity to gain access to a lower interest rate of 12.99% p.a compared against the 14.01 p.a. Limited time.
• Have the option of paying the money back between 1 to 7 years.

Cons: Unsecured Personal Loans

• $250 establishment fee.
• $175 prepayment fee. Conditions apply.
• $10 monthly service fee.

Pros: Car Loan

• You have the ability to borrow between $10,000 to $100,000 for a new car.
• You have the opportunity to gain a great interest rate of 8.49% p.a compared against 9.54%.
• Loan terms range between 1 to 7 years for easy repayments.

Cons: Car Loan

• $10 monthly service fee.
• $250 establishment fee.
• $175 prepayment fee. Conditions apply.

Pros: Personal Overdraft

• Pay interest only on funds which are used.
• $0 establishment fee.
• Borrow between $250 to $25,000
• Great for helping you out of financial or unexpected emergencies.
• No security required.

Cons: Personal Overdraft

• 09% p.a variable interest rate.
• $6 monthly serve fee.

Pros: Temporary Overdraft

• Only pay interest on funds which are used.
• Borrow between $250 to $50,000
• Great for helping you out of financial or unexpected emergencies.
• No security required.

Cons: Temporary Overdraft

• Can’t be used to refinance a debt.
• Can’t be used for any business purpose.
• Can’t fund any shortfalls.
• Establishment fees range from $12 to $100 depending on the amount borrowed.
• 09% variable interest rate.

Borrowing Criteria For Westpac Personal Loans

• You must be able to afford the loan repayments.
• You must be 18 years or older to apply.
• You must have a good credit rating.
• You must have an ongoing and regular wage or income.
• Be an Australian citizen.

How To Apply For Westpac Personal Loans

Applying for a Westpac personal loan is easier than you may think. You can apply for a Westpac personal loan by:

• Providing your employment and income details.
• Providing proof of assets and any liabilities/debts that you still owe.
• Driver’s license and proof of identity which may include birth certificate.

You can apply online or by visiting your local branch.

Other Products Provided By Westpac

Home Loans – If you’re looking to purchase your first home or an investment home, Westpac provides a great diversity of loan options to suit everyone. Their loan packages offer variable and fixed interest rates.  Borrowing amounts vary depending on your financial situation.

Credit Cards – Westpac offers a variety of credit cards to suit everyone’s needs. Options include low rate credit cards, rewards cards, to low annual fee credit cards. Interest rates vary depending on the card chosen.

Bank Accounts -Whether you’re looking for a savings account, everyday account or term deposit account, Westpac has all you need. With an easy application and approval process, you can have an account in no time at all.

Insurance – Westpac offers a diverse range of insurance options to suit everyone. From house and contents insurance, boat insurance, car insurance to landlord insurance, you can find what you need at Westpac.