Westpac Flexi Loan

Updated 27 June 2013


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Essentials

Flexi Loan is different to a traditional personal loan. It allows you to withdraw funds whenever you want (up to an agreed limit) without reapplying.

  • Only pay interest on your outstanding balance, not the assigned credit limit
  • Variable interest rate of 14.69% p.a.
  • Once your application is approved, you’ll have between 4,000 and $75,000 credit limit
  • No fee for additional withdrawals, no early repayment fee and no exit fee. Withdrawals may need to be authorised
  • $150 establishment fee
  • $10 monthly service fee (waived when the account has zero balance and no transactions made for a  month). Other fees apply.


Are you an existing Westpac customer who would like same day access to funds?

You could get same day access to funds:

  • If you’re a Westpac customer already and
  • You apply online and choose to complete your application in online banking, or
  • You apply in branch, and
  • Your application is approved.

Track or complete your Westpac Flexi Loan application

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Things you should know

Features

Make withdrawals whenever you want

Once approved, you can access your Flexi Loan funds at any time. You don’t have to make separate applications for each withdrawal - up to your available credit limit - providing the account is in good order.

The advantage of a Westpac’s Flexi Loan is that if your approved credit limit is more than you require, just withdraw the amount you need. You’ll then have further funds available to draw on at a future date.

Alternatively, reduce the approved credit limit to the specific amount you need (as long as that amount is $4,000 or more).

In either case you only pay interest on what you’ve borrowed, not on the entire credit limit.


Withdrawing funds

The easiest way to make a withdrawal is to transfer funds into your Westpac transaction or savings bank account. If you do not have one you can still withdraw funds, simply choose from the available Westpac Flexi Loan Withdrawal Options (PDF 29kb).


Flexible repayment options

Make Flexi Loan repayments in a way that suits you. For each withdrawal choose between 2 repayment options:

  • Select a repayment goal - where you aim to repay the borrowed amount within a certain timeframe (between 1 and 5 years). You’ll then repay under what’s called a “Term Plan”
  • Decide an amount each month to repay depending on your budget, provided you meet the minimum monthly repayment in that month.  These payments continue until your borrowed amount is paid off. We call this a “Base Plan”.

Whichever option you choose, you can change the repayment amount at any time, providing you meet the minimum monthly repayment. 

Flexi Loan repayment  option example

FlexiLoan-flowchart.png

Minimum monthly repayment

The required minimum monthly repayment on your Flexi Loan is equal to:

  • 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.

How to make repayments

Reduce the hassle of remembering to make monthly repayments by setting up a Westpac Flexi Loan Direct Debit (PDF 109kb).  Other ways to make repayments include:

  • Westpac Online Banking
  • Westpac Telephone Banking
  • BPAY ®
  • In person at any Westpac branch.
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Things you should know

Fees

Fees  
FeeAmount
Establishment fee$150
Monthly service fee
Waived when account has a zero balance and
there have been no transactions on the account for that entire month.

$10.00

Prepayment / exit feeNIL
Missed payment fee$9.00
RedrawNIL

 

Other Fees and charges  
FeeAmount
Cheque dishonour fee$9.00
Declined direct debit fee$2.50
eStatementsNIL
Duplicate statement fee$7.50
Information fee$9.00
Bank cheque fee$10.00
Over limit fee$9.00 

 

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Things you should know

Rates

Annual percentage rate 14.69% p.a. (variable).
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Things you should know

Insurance

Optional Westpac Flexi Loan Repayment Protection Insurance

What happens if you suddenly lose your job or become unfit for work through illness or injury?

Financial commitments continue even if your income doesn’t. That’s where Westpac Flexi Loan Repayment Protection insurance can help. Depending on individual circumstances, it can cover personal loan repayments until you recover and get back to work. It also helps cover Flexi Loan repayments in the event of your death.

  • Monthly premium is automatically charged to your Westpac Flexi Loan
  • You can apply for Westpac Flexi Loan Repayment Protection insurance when you apply for your Flexi Loan.

Conditions, limits and exclusions apply.  These are explained in the policy wording Flexi Loan Repayment Protection Product Disclosure Statement (PDF 153kb) Please read the detail before deciding.

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Things you should know
  • Flexi Loan Repayment Protection is issued by the insurers who are Westpac General Insurance Limited ABN 99 003 719 319 (WGIL) and Westpac Life Insurance Services Limited ABN 31 003 149 157 (WLIS) each of which is liable for separate risks under the terms of the policy. This insurance product is distributed by Westpac Banking Corporation ABN 33 007 457 141 (the Bank). The policy is not an investment in or deposit with the Bank. No Westpac Group company (other than the Bank as policy distributor and WGIL and WLIS as the product issuers) has any liability in connection with the policy or this document. The Bank does not guarantee payments under the policy.

About applying

Flexi Loan application process

FlexiLoan-graph.png

Eligibility

  • You need to be a permanent resident of Australia, and
  • Aged 18 years or over, with a regular permanent income.

If you’re unsure whether you meet the above criteria, you can call our Personal Lending Centre on 132 651 to discuss.


Information needed to complete application

  • Valid Australian driver's licence (if you have one)
  • Details covering your current financial situation, employment history, and accountant
  • List of assets and liabilities, if self-employed
  • Your contact details, including email address.

Your Flexi Loan must be mainly for personal use

To find out more about business loans, call Business Direct on 132 772.


How long will the application take?

  • 10-15 minutes - provided you’ve got all information ready to go
  • Partially completed applications can be saved and returned to anytime within 30 days. Just click the save/exit button during the application.

Ways to apply?

  Onlineusually takes less than 10 minutes.

  Over the phone by calling 132 651 (8am-8pm, 7 days a week). We give conditional approval immediately and a final decision as soon as we receive all required information.

visit branch In person - at your nearest branch.

What happens after I apply?

Receive a response within 60 seconds.  If you meet the credit criteria and are approved you will receive your contract in an email and have access to funds within 15 minutes (if you are registered for online banking).  If you are not registered for online banking you will need to go to your nearest branch to access the funds.

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    132 651 

    8am-8pm, 7 days a week