Personal loans comparison table

Loan purpose

Should be considered when borrowing for:

Almost any personal purpose where security is not required plus the ability to redraw funds as needed3

Almost any personal purpose, e.g. debt consolidation, household items or even a holiday

A new or used car for personal use1

Rates p.a.
Interest rates4

Variable rate

14.69% p.a.

Fixed rate

From 14.39% p.a. to 14.39% p.a.

Fixed rate

New and used car 9.99% p.a.

Comparison rate

N/A

14.92% p.a. to 23.94% p.a.

New and used car 11.03% p.a.

Fees5
Documentation / Establishment fee

$150

$250

$250

Loan maintenance / Monthly service fee

$10.00

$10.00

$10.00

Default / Missed payment fee

$9.00

$9.00

$9.00

Prepayment fee6

$0

$175

$175

Over limit fee

$9.00

N/A

N/A

Security
Security required
no no yes
Loan amounts
Minimum

$4,000

$4,000

 

$10,000

 

Maximum

$75,000

$50,000

 

$100,000

 

Loan term
Type

Continuing line of credit

Fixed

Fixed

Minimum

Ability to choose a repayment goal of 1 year for individual withdrawal(s)7

1 year

 

1 year

 

Maximum

Ability to choose a repayment goal of 5 years for individual withdrawal(s)7

7 years

 

7 years

 

Repayments
Frequency

Monthly

Monthly

Monthly

Additional repayments allowed
yes yes yes
Minimum repayments

2% of the closing monthly unpaid balance or $10 - whichever is greater8

Monthly payments as set out in your loan contract

Monthly payments as set out in your loan contract

Repayment methods
Direct debit
yes yes yes
Online Banking10
yes yes yes
Telephone Banking10
yes yes yes
BPAY®
yes yes yes
Periodical payment
no yes yes
Branch
yes yes yes
Salary credits
no yes yes
Features
Redraw
yes no no
No. of applicants

Single only

Single or joint

Single or joint

Loan protection insurance9
no yes yes
Things you should know
  • Approval is subject to Westpac's normal lending criteria. Terms and conditions and fees and charges apply.
  • 1. New or used vehicle purchased is used as the security for the loan - excludes imported vehicles not imported to Australia by the manufacturer. Used vehicle must be less than seven years old.
  • 2. Boat purchased is used as the security for the loan - boats must be purchased through a registered dealer and less than four years old.
  • 3. Withdrawals are subject to authorisation.
  • 4. The comparison rate is based on an unsecured personal loan with a loan amount of $30,000 and a term of 5 years. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.
  • 5. Other fees and charges may be payable. Full terms and conditions are available on request. These may be varied, or new terms and conditions introduced in the future.
  • 6. Not applicable if your loan is repaid after 2 years.
  • 7. When you make a withdrawal, you have the option to select a repayment goal. This is when you aim to repay the borrowed amount, within a certain time between 1 and 5 years. You’ll then repay under what’s called a “Term Plan”.
  • 8. Minimum monthly repayment 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.
  • 9. General advice on this website has been prepared without taking into account your objectives, financial situation or needs. Before acting on the advice, consider its appropriateness. Consider our disclosure documents, which include Product Disclosure Statements (PDS) for some products. The PDS is relevant when deciding whether to acquire or hold a product. View our ABN & RSE Numbers for Superannuation entities. By accessing and viewing this website you agree to be bound by the Terms and Conditions of this website.
  • Personal Loan Protection insurance is issued by 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 subject to conditions, limits and exclusions on cover, which are explained in the policy wording. No Westpac Group company (other than the Bank as policy distributor and WGIL and WLIS) has any liability in connection with the policy or this information. A premium is payable if you decide to take out this insurance. The insurance is optional and is not a condition of the loan. You can arrange insurance with the insurer of your choice, or not arrange any insurance.
  • 10. You will need to be registered for these services