Split big buys into small repayments
SmartPlan is a repayment planner for Westpac personal credit card customers.
SmartPlan splits your credit card repayments into manageable instalments. You can track up to 8 SmartPlans at any one time in Online Banking or the Westpac App.
There are two types of SmartPlan:
- Large Purchase SmartPlan for single purchases of $500 or more made within the last 30 days.
- Balance SmartPlan for any credit card balance (or part of a credit card balance) of $200 or more.
Set up a Large Purchase SmartPlan today and pay 0% p.a. on the purchase for the first 3, 6 or 12 months.1
Sign into Online Banking or the Westpac App to use SmartPlan today.
What could a 3, 6 or 12-month Large Purchase SmartPlan cost you? 2
Washing machine - 3 months
Purchase value: $500
Establishment fee: 1% ($5)*
Monthly instalment: $168.33
Interest: 0% if you repay within 3 months
Laptop – 6 months
Purchase value: $1,000
Establishment fee: 2% ($20)*
Monthly instalment: $170
Interest: 0% if you repay within 6 months
International flight – 12 months
Purchase value: $2,000
Establishment fee: 4% ($80)*
Monthly instalment: $173.33
Interest: 0% if you repay within 12 months
Frequently asked questions
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:
|Large Purchase SmartPlan term
|3 months||1% of the eligible purchase amount|
|6 months||2% of the eligible purchase amount|
|12 months||4% of the eligible purchase amount|
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.
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.
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 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.
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.
What’s the difference between monthly payment due, monthly payment balance and closing balance?
- The monthly payment due includes all SmartPlan repayments plus the minimum payment due.
- The monthly payment balance includes all SmartPlan repayments plus the main account balance on your credit card account due that month. 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.
Things you should know
SmartPlans are currently available for eligible Westpac consumer credit cards. Fees may apply.
* The establishment fee is charged upfront but is payable in monthly instalments over the term of your Large Purchase SmartPlan. This means that if you cancel your SmartPlan (or don’t make the required SmartPlan repayments) you must still pay the whole establishment fee, including any interest on the establishment fee.
SmartPlan requires cardholders to make regular monthly payments for the full term and at the interest rate that applies when the SmartPlan is created.
All payments made to your credit card account will be applied first to any SmartPlan instalments. Therefore debts accruing a higher interest rate may be left unpaid during the SmartPlan term.
Any balance transfer amounts on a SmartPlan must have a remaining term of between 3 and 36 months to be eligible for a SmartPlan. See Westpac SmartPlan Terms and Conditions for more details.
SmartPlan cancellation takes up to 2 business days. When a SmartPlan ends, any remaining balance will revert to the variable annual interest rate for your balance type or special offer rate as applicable.
Cardholders keep interest-free days (if applicable) with a balance transfer when you pay the Monthly Payment Balance specified on your statement by the due date. The Monthly Payment Balance includes any SmartPlan instalments but does not include any outstanding balance transfers.
1 A monthly establishment fee will apply to all Large Purchase SmartPlans.
2 The above are examples only and are designed to give you an indication of the cost of Large Purchase SmartPlans. The actual cost of a Large Purchase SmartPlan will be confirmed when you set up a Large Purchase SmartPlan in Online Banking.