Personal loans
What is the purpose of your loan?
Sweden the deal - with a $250 IKEA eGift card
When you take out a new Westpac Unsecured Personal Loan or Car Loan~.
Please make sure your email is included in your application to receive your eGift Card.
Credit criteria, fees, charges and T&Cs apply.
Before you apply
COVID-19 has impacted the time it takes to process and follow up on incomplete applications. To ensure we assess your application in a timely manner, please read the following sections carefully before applying.
- You are regularly meeting your repayment obligations for your mortgage, other loan or credit card accounts.
- You have considered whether you need to keep any credit accounts you may no longer use – e.g. store cards.
As part of reviewing your application we look at the information on your credit report, which is produced by an independent credit bureau. This report shows a snapshot of your liabilities, available credit, and your repayment behaviour for these accounts. To learn more about credit reporting in Australia visit www.westpac.com.au/ccr.
It’s a good idea to view your own credit report and check your details are correct before starting your application. You can do this for free by visiting the credit bureau website directly, or via CreditSmart.org.au. We work with three bureaus: Equifax, illion and Experian, so you might like to check the report produced by each of them.
Before starting your application, make sure you have everything in the list below:
- Current employer’s name, address and phone number
- Your income information from the last 3 months, such as payslips, bank statements and rental income (you won’t need this if your pay already goes into a Westpac bank account)
- Recent tax information if you're self-employed
- Asset, savings and investment details
- All existing liabilities that are in your name (e.g. personal loans, other credit or store cards, ‘interest-free’ instalment purchases, home loan)
- All your regular monthly expenses (including school fees, insurance, utilities etc.)
If you are an existing Westpac customer, you will also need to:
- Apply as an Existing Customer in the application form and log in to your account
- Once logged in, double-check that your personal details (name, address etc) are up-to-date. If not, log in to internet banking to update them. Allow 24 hours for records to update.
Any errors in the details you provide could delay processing, or even mean you are declined. Again, checking against your credit report can help here.
Every time you apply for any form of credit, your credit history is checked by the credit provider. This is listed as an enquiry on your report. Multiple applications can be seen as a red flag and reduce your chances of approval.
Understanding personal loans
Everything you need to know about the features and potential uses of the basic personal loan types.
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Any advice on this website is general in nature and has been prepared without considering your objectives, financial situation or needs. Please consider your individual circumstances before applying for a Westpac Personal Loan. Credit criteria, fees, charges, terms and conditions apply. Information correct as of 16 July 2020.
~$250 IKEA eGift Card offer: This offer is only available to customers who apply and are approved for a new Unsecured Personal Loan or Car Loan and sign the loan contract via e-contract between 27 October and 7 December 2020. You must provide your email address at the time of application to receive the eGift Card. Applicants can apply by calling 1300 720 697, visiting a branch or via the online ‘Apply now’ application button. This offer is available to single applicants only and cannot be used in conjunction with any other offer and may be varied or withdrawn at any time. Limit of one eGift Card per customer. Read the product Terms and Conditions before deciding and consider whether a Personal Loan is appropriate for you. If you need help, call 1300 720 697. You will be sent a unique redemption code via email along with instructions on how to redeem your IKEA eGift Card online, within 8 weeks of signing your new loan contract. You must follow the redemption instructions and activate your redemption code within 85 days of receiving your code. After this point, the code to redeem will expire and you will not be able to redeem the IKEA eGift Card. IKEA Gift Cards can be used as full or partial payment on IKEA.com.au or in any IKEA Australia store. IKEA Gift cards cannot be redeemed for cash, or balances transferred to new cards. IKEA is unable to replace the card if lost or stolen. IKEA Gift Cards are valid for 3 years from initial date of issue. Cards may take up to 36 hours to activate. To view full terms and conditions visit IKEA.com.au/terms.
^Comparison rates: Comparison rates help you understand the true cost of a loan. All comparison rate examples shown are for a personal loan amount of $30,000 and a term of 5 years. WARNING: Comparison rates apply only to the example or examples given and may not include all fees and charges. Different loan 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.
- Unsecured Personal Loan repayment terms range from 1 to 7 years. Interest rate ranges and representative examples are based on an unsecured loan of $30,000 borrowed for 5 years with the interest rate of 11.99% p.a. (comparison rate 13.15% p.a.), the estimated total amount payable including fees is $41,085.
- Car Loan repayment terms range from 1 to 7 years. Interest rate ranges and representative examples are based on a personal loan of $30,000 borrowed for 5 years with the interest rate of 7.49% p.a. (comparison rate 8.68% p.a.), the estimated total amount payable including fees is $37,080.
#Prepayment fee: If you choose a term greater than 2 years for a Westpac Personal Loan, and pay it out in less than 2 years, there is a prepayment fee of $175. This fee is waived if you pay out your personal loan by re-financing to another Westpac personal loan.
*Access to funds within 60 minutes: Available for existing customers who apply for an Unsecured Personal Loan, as a single applicant online. Loan funds will be disbursed into an existing Westpac account 60 minutes from final approval.
1. Redraw Facility is available on Flexi Loan only. Withdrawals subject to authorisation. Interest rates subject to change.
##The establishment fee will be added to your loan amount. Other fees and charges may be payable. Please read full terms and conditions before making a decision to apply for a Westpac Personal Loan.
^^To qualify for a lower interest rate, the motor vehicle offered as security cannot be older than 7 years old at the time of application. The vehicle used as security must be registered under the applicant's name and made locally or imported by the manufacturer and all the lending criteria met. Please note that car loan applications have a two-step process, conditional approval then final approval after you have found your car. Conditional approval is valid for 30 days based on the information provided can be verified. Conditional approval is not a loan offer or final approval. Before final approval is confirmed, we will ask you for further details including information about the car being offered as security. Before applying for a Car Loan you should read information provided in 'Before you apply' tab and 'Finalising your application' tab.