Westpac Flexi Loan
Essentials
- Limited time offer - Flexi Loan at 12.99%p.a. (variable rate) with $0 establishment fee1
Westpac Flexi Loan is a convenient, reusable, unsecured personal loan with a credit limit of between $4,000 and $75,000. Like a revolving line of credit, Westpac Flexi Loan lets you withdraw additional funds when you need them without reapplying and you only pay interest on your outstanding balance, not your assigned credit limit.
- A competitive variable interest rate of 12.99% p.a.
- Same day funds if you're an existing Westpac customer, and you can apply for a Westpac Flexi Loan through Online Banking (and get a reply in 60 seconds) or at a branch, and if approved, get same day access to your funds
- $0 establishment fee for limited time only1
- $10 monthly service fee2 applies
- No fee for additional withdrawals, no early repayment fee and no exit fee
- Available for individual borrowers only.
Find out how much you can borrow, or calculate your repayments with the Westpac Flexi Loan repayment calculator.
Did you know?
Westpac offers a range of repayment options, including Direct Debit which is an easy and convenient way to repay your loan, so why not set one up today?
Related documents
Things you should know
- Approval is subject to Westpac’s normal lending criteria. Terms and conditions and fees and charges apply. 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.
- 1. Limited time offer available from 23 January 2012 to 16 March 2012. Offer is not available to existing Westpac Personal Loan and Westpac Flexi Loan customers.
- 2. Waived when account has a zero balance and there have been no transactions on the account for that entire month.
Features
Choice of repayment options
- Flexible repayment options to suit your changing needs - pay the minimum monthly repayment1 or set your monthly payments to help you pay off your outstanding balance within your chosen timeframe2
- Minimum monthly repayment1 select a repayment goal between 1 - 5 years.2 We'll calculate the estimated monthly amount you'll need to repay to help meet your goal
- A competitive variable interest rate - calculated daily, meaning each payment reduces your outstanding balance
- Paperless eStatements available.
Related documents
Things you should know
- Approval is subject to Westpac’s normal lending criteria. Terms and conditions and fees and charges apply. 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.
- 1. 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.
- 2. Repayment goals can be one, two, three, four or five years.
Fees
| Fee | Amount |
|---|---|
| Establishment fee 1 | $0 |
| Monthly service fee2 |
$10.00. |
| Prepayment/exit fee | NIL |
| Missed payment fee | $9.00 |
| Redraw | NIL |
| Fee | Amount |
|---|---|
| Cheque dishonour fee | $9.00 |
| Declined direct debit fee | $2.50 |
| eStatements | NIL |
| Duplicate statement fee | $7.50 |
| Information fee | $9.00 |
| Bank cheque fee | $10.00 |
| Over limit fee | $9.00 |
Fees and charges are subject to the Flexi Loan Conditions of Use (PDF 134kb) and are subject to change. Other fees may be made payable. Full terms and conditions are available on request. These may be varied or new terms and conditions introduced in the future.
Related documents
Things you should know
- Approval is subject to Westpac’s normal lending criteria. Terms and conditions and fees and charges apply. 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.
- 1. Limited time offer available from 23 January 2012 to 16 March 2012. Offer is not available to existing Westpac Personal Loan and Westpac Flexi Loan customers.
- 2. Waived when account has a zero balance and there have been no transactions on the account for that entire month.
Options
Withdrawing funds
The easiest way to make a withdrawal is to transfer funds into your Westpac account. If you do not have one you can still withdraw funds, simply choose from the available Westpac Flexi Loan Withdrawal Options (PDF 29kb).
Variable or fixed rate?
Westpac Flexi Loan is a variable interest rate personal loan. Therefore, the rate and required repayment amounts may change during the term of the loan.
Alternatively, if you prefer the security of knowing exactly what your repayments will be, we offer unsecured and secured fixed rate personal loans.
A choice of flexible repayment options
You can make your Westpac Flexi Loan repayments in a way that suits you :
- 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". The minimum withdrawal amount is $500.
- A Base Plan means you are free to pay off as little or as much as you want as long as the minimum monthly repayment 1 is met. There is no minimum withdrawal amount when you do not set a repayment goal.
Reduce the hassle of remembering to make monthly repayments by setting up a Direct Debit by completing the Westpac Flexi Loan Direct Debit Request Form (PDF 109kb).
Other ways to make repayments include:
- Westpac Online Banking at westpac.com.au 2
- Westpac Telephone Banking 2
- BPAY ®
- In person at any Westpac branch.
Flexi Loan Repayment Protection3
What happens if you can’t meet your Westpac Flexi Loan repayment obligations due to job loss or you are unfit for work due to sickness, injury or disease?
Flexi Loan Repayment Protection insurance:
- Helps cover your Westpac Flexi Loan repayment obligations if you lose your job or are unfit for work due to sickness, injury or disease
- Pays your Westpac Flexi Loan balance, up to $75,000, if you die
- Pays benefits directly to your Westpac Flexi Loan
- Automatically charges the monthly insurance premium to your Westpac Flexi Loan
- Is optional and available when you apply for a Westpac Flexi Loan.
If you choose to take out Flexi Loan Repayment Protection in your application for a Westpac Flexi Loan, you should read the Flexi Loan Repayment Protection Product Disclosure Statement (PDF 128kb) prior to completing the Westpac Flexi Loan application form.
Related documents
Things you should know
- Approval is subject to Westpac’s normal lending criteria. Terms and conditions and fees and charges apply. 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.
- 1. 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.
- 2. You need to register for these services.
- 3. Flexi Loan Repayment Protection 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 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.
- BPAY® is a registered trademark of BPAY Pty Ltd ABN 69 079 137 518.
Rates
| Item | Annual rate p.a. |
|---|---|
| Annual percentage rate | 12.99% p.a.1 (variable). |
Related documents
Things you should know
- Approval is subject to Westpac’s normal lending criteria. Terms and conditions and fees and charges apply. 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.
- 1. Limited time offer available from 23 January 2012 to 16 March 2012. Offer is not available to existing Westpac Personal Loan and Westpac Flexi Loan customers. Rates are current as at 23 January 2012 and are subject to change.
