Split big buys into small repayments

An establishment fee applies to any Large Purchase SmartPlan, calculated as a percentage of the eligible purchase amount. The percentage is set by the term you select for your Large Purchase SmartPlan:

The establishment fee will be added to the Large Purchase amount and will be payable in monthly instalments. This means that if you cancel your SmartPlan, you will still be required to pay the establishment fee. The establishment fee will be confirmed to you when you set up a Large Purchase SmartPlan in Online Banking.

Balance SmartPlan
Amounts put onto a Balance SmartPlan may attract interest at the SmartPlan Annual Percentage Rate. Any applicable interest charges will be confirmed to you  when you set up a Balance SmartPlan in Online Banking.

There could be several reasons as to why you are unable to create a SmartPlan:

a. Your account must be in order.

b. For a Large Purchase SmartPlan, the full transaction amount for that purchase must be owing on the account. For example, if you have made a $10k purchase but only owe $5k due to making repayments to the account, you will not be able to create a Large Purchase SmartPlan for this transaction. 

Each month you will have to pay your minimum SmartPlan repayment(s) for each SmartPlan you have on your card. In addition, you will have to make the minimum monthly repayment on any amount owing on your credit card that is not on a SmartPlan.

Late payment fees may also apply if you miss your minimum monthly payment.

You will be required to pay the monthly closing balance minus the transaction amount placed onto SmartPlan. For example, if your statement closing balance is $10k, and you placed a $5k purchase onto SmartPlan, your required monthly payment would be $5k. If you have AutoPay established already, this will automatically be adjusted to sweep the required amount.

You can make additional repayments, but they will be applied to your Main Account Balance before your SmartPlan balance(s). Once your Main Account Balance is paid off, any additional repayments will be applied to your SmartPlan.

At the end of the SmartPlan term, any remaining SmartPlan balance will be transferred to your Main Account Balance and accrue interest in accordance with the Credit Card Terms and Conditions.

As any payment you make is applied to unpaid SmartPlan Repayments first, it means that any other balances that attract a higher interest rate may be repaid later and as a result may attract greater interest charges. Please refer to the Credit Card Terms and Conditions for more information.

Only primary cardholders can create or cancel a SmartPlan in Online Banking or the Westpac App. Additional cardholders can view the details of a SmartPlan.

Yes, you will be notified accordingly whether your request for a SmartPlan has been successful or unsuccessful.

If you do not pay the Minimum Payment Due by the due date, then your SmartPlan will automatically be cancelled and a missed payment fee may be charged to your account. Any remaining SmartPlan balance and, any interest or establishment fees applicable to your SmartPlan will still be payable and the variable Annual Percentage Rate that applies to the relevant type of balance will apply to the amount remaining.

Your SmartPlan will not be cancelled if you pay the Minimum Payment Due without covering the SmartPlan repayment and no missed payment fee will be charged to your account. You can attempt to make up for the missed payments however subsequent SmartPlan repayments will still be required on a monthly basis.

• The monthly payment includes all SmartPlan repayments plus the minimum payment due.
• The monthly payment balance is calculated as the Main Account Balance minus the Balance Transfer Balance and the PartPay Balance plus any SmartPlan instalments shown on a statement. The main account balance is the closing balance minus the SmartPlan remaining balance.
• The closing balance is the entire amount you would have to pay to bring your credit card account balance to $0.

Please check your credit card statement each month to see what you have to pay and the due date.

PartPay is a feature for eligible credit cards that splits an individual purchase of $100 or more into 4 payments over 6 weeks. You need to make the purchase using your PartPay Digital Card to take advantage. There is no establishment fee associated with PartPay.

SmartPlan is a payment option you choose after making a purchase. It needs to be set up separately, has an establishment fee and repayment options of 3, 6 and 12 months. You can use it to pay off an individual purchase of $200 or more, or a balance on your credit card.