Get a response in 60 seconds
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.
You could get same day access to funds:
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.
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).
Make Flexi Loan repayments in a way that suits you. For each withdrawal choose between 2 repayment options:
Whichever option you choose, you can change the repayment amount at any time, providing you meet the minimum monthly repayment.
The required minimum monthly repayment on your Flexi Loan is equal to:
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:
|Monthly service fee|
Waived when account has a zero balance and
there have been no transactions on the account for that entire month.
|Prepayment / exit fee||NIL|
|Missed payment fee||$9.00|
|Cheque dishonour fee||$9.00|
|Declined direct debit fee||$2.50|
|Duplicate statement fee||$7.50|
|Bank cheque fee||$10.00|
|Over limit fee||$9.00|
For more detail on fees, see Flexi Loan Conditions of Use (PDF 134kb)
Westpac's normal lending criteria apply. Conditions and fees apply. Fees may change.
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.
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.
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.
If you’re unsure whether you meet the above criteria, you can call our Personal Lending Centre on 132 651 to discuss.
To find out more about business loans, call Business Direct on 132 772.
Online - usually 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.
In person - at your nearest branch.
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.