Personal loans
Tools and calculators
The details
Our Car Loan comes with a fixed rate, meaning that you have the certainty of a set repayment amount throughout the life of the loan. You can also make extra repayments to pay off your loan faster, giving you the best of both worlds (prepayment fee may apply#).
Key rates and fees
| Rate or fee | Amount |
|---|---|
| Annual fixed rate | 6.49% p.a. |
| Comparison rate | 7.69% p.a.^ |
| Lending establishment fee | $250 |
| Monthly loan account fee | $12 |
Other fees and charges may be payable. Find out how you can minimise fees and charges on your loan.
Fees that may apply
| Fee | Amount |
|---|---|
| Prepayment fee (applies if you choose a term greater than 2 years and pay it out in less than 2 years. This fee is waived if you pay out your personal loan by refinancing to another Westpac personal loan). | $175 |
| Missed payment fee |
$15 |
| Bank cheque fee | $10 |
Other fees and charges may be payable. Find out how you can minimise fees and charges on your loan.
Key rates and fees
| Rate or fee | Amount |
|---|---|
| Annual variable rate | 16.49% p.a. |
| Lending establishment fee | $150## |
| Monthly loan account fee (only charged once you start using the loan) | $12 |
Fees that may apply
| Fee | Amount |
|---|---|
| Missed payment fee | $15 |
| Redraw | NIL |
| Bank cheque fee | $10 |
| Overlimit fee | $15 |
Before you apply
Follow this section to improve the likelihood your application is approved.
You’ll be assessed on your ability to repay the money you borrow. Three things you can do to help:
- Make sure you’re meeting your current repayment obligations for
- other credit cards or loans (including lenders such as afterpay and zip pay)
- rent as well as utilities such as your phone, internet and electricity.
- Check the details on your credit report are correct before applying. Head to CreditSmart.org.au and follow the links to a free credit report. More about credit reports.
- Don’t make multiple applications (with us or any other lender). Every application is listed as an enquiry on your credit report. Too many can be seen as a red flag and reduce your chances of approval.
Make sure you have everything in the list below:
- Current debts in your name (e.g. home loan, personal loans, other credit or store cards as well as instalment purchases such as zip pay)
- Proof of income. If your pay doesn’t already go into a Westpac account, you’ll need to show at least one of the following:
- Two payslips from your main employer from the last two months
- A Government Authority statement from the last two months confirming your pension or allowance
- Rental income proof covering the last three months
- Self-employed? You’ll need to show you’ve been in business for at least 18 months, the last two months’ business bank statements and last year’s Notice of Assessment.
- All your regular monthly expenses (including phone bills, insurances etc.)
If you’re already a Westpac customer, you’ll also need to:
- Sign into online banking to double-check your personal details (name, address etc) are up-to-date
- Apply as an existing customer in the application form
- We will have answered some of the basic questions such as personal details (name, address etc) on your application for you. Check that they’re correct.
Additional eligibility criteria or documentation may be required.
Understanding personal loans
Everything you need to know about the features and potential uses of the basic personal loan types.
Thinking of consolidating debt?
Take control with a personal loan for debt consolidation.
After something else?
More to help you choose
Manage your personal loan
Things you should know
Overdraft Terms and Conditions (PDF 234KB)
This information is general in nature and has been prepared without taking your objectives, needs and overall financial situation into account. For this reason, you should consider the appropriateness of the information to your own circumstances and, if necessary, seek appropriate professional advice. Please consider your individual circumstances before applying for a Westpac Personal Loan. Credit criteria, fees, charges, terms and conditions apply. Information correct as of 20 September 2021.
^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 8.99% p.a. (comparison rate 10.17% p.a.), the estimated total amount payable including fees is $38,388.
- 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 6.49% p.a. (comparison rate 7.69% p.a.), the estimated total amount payable including fees is $36,224.
#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 are approved for an Unsecured Personal Loan. Loan funds will be disbursed into an existing Westpac transaction account 60 minutes from when e-contract acceptance has been received. Funds requested to be transferred to a non-Westpac account will take up to 3 days.
1. Ongoing access to credit: Withdrawals are subject to authorisation. Interest rates subject to change.
##The lending establishment fee will be added to your loan amount. Please read full terms and conditions before making a decision to apply for a Westpac Personal Loan.
^^To qualify for a Car Loan, applicant must meet all credit criteria and the car offered as security must meet all criteria - either new or if used, cannot be older than 7 years at time of application, registered under the applicant’s name, has been made locally or imported by the manufacturer, has never been written off (even if it was repaired), has a paid, fully comprehensive insurance policy with Westpac noted as the financier and is for personal use only.
Credit provided by Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714.