Personal loans

No matter which loan you choose, the rate you see is the rate you’ll get.

What is the purpose of your loan?

Do you want to offer the car you’re buying as security for the loan to get a lower interest rate?

Do you need to use the loan all at once or in several smaller amounts?

How would you like to repay your loan?

Unsecured Personal Loan

Why choose a Westpac Unsecured Personal Loan?

  • You’ll get our fixed rate of 11.99% p.a. (comparison rate 13.15% p.a.^)
  • Borrow between $4,000 and $50,000 (conditions apply)
  • Pay your loan off between 1 and 7 years
  • Refinance Australian, non-Westpac Personal Loans, credit cards or store cards
  • Access your funds in a Westpac account, within 60 minutes of final approval, 24/7.3
       
Find out more

Car Loan

Your dream car could be closer than you think with a Westpac Car Loan. With a Westpac Car Loan, you could:

  • Get a lower interest rate than our other Personal Loans by using your car as security1
  • Borrow $10,000 - $100,000 to buy a new or used car, repaying it over 1-7 years (conditions apply)2
  • Choose a repayment frequency to suit you – weekly, fortnightly or monthly
  • Borrow an additional 10% of the car’s value to help cover incidentals and on-road costs, provided the total amount is within your approved limit
  • Save time as we’ll manage the final payment to the dealer or private seller for you.
     
Find out more

Westpac Flexi Loan

Only existing Westpac customers can apply for a Flexi Loan online – please call us on 1300 720 697 or visit a branch if you’re not a Westpac customer.

Westpac Flexi Loan lets you withdraw funds up to an agreed limit without reapplying. This makes the loan useful if you need to cover several costs at different stages over the course of a long-term project, such as home renovation or wedding planning. With a Flexi Loan, you could:

  • Pay interest only on your outstanding balance, not the assigned credit limit – variable interest rate of 16.49% p.a.
  • Repay what you like when you like, above the minimum repayment amount.
  • Use what you need up to a credit limit of between $4,000 and $50,000
  • Pay no additional withdrawal, early repayment fee or exit fees. Withdrawals may need to be authorised.

Line of credit loans require a high level of discipline in order to pay off the loan principal.
Other fees include a $150 establishment fee and $12 monthly service fee.

Find out more

Unsecured Personal Loan

Why choose a Westpac Unsecured Personal Loan?

  • You’ll get our fixed rate of 11.99% p.a. (comparison rate 13.15% p.a.^)
  • Borrow between $4,000 and $50,000 (conditions apply)
  • Pay your loan off between 1 and 7 years
  • Refinance Australian, non-Westpac Personal Loans, credit cards or store cards
  • Access your funds in a Westpac account, within 60 minutes of final approval, 24/7.3
       
Find out more

Unsecured Personal Loan

Why choose a Westpac Unsecured Personal Loan?

  • You’ll get our fixed rate of 11.99% p.a. (comparison rate 13.15% p.a.^)
  • Borrow between $4,000 and $50,000 (conditions apply)
  • Pay your loan off between 1 and 7 years
  • Refinance Australian, non-Westpac Personal Loans, credit cards or store cards
  • Access your funds in a Westpac account, within 60 minutes of final approval, 24/7.3
       
Find out more

For a large purchase or consolidating debt


Unsecured Personal Loan

  • A fixed rate helps you plan ahead, as you know what your repayments will be
  • Weekly, fortnightly or monthly repayment
  • Borrow $4,000 - $50,000
     
Find out more

To buy a new or used car (less than 7 years old)


Car Loan

  • Get a lower rate by using your car as security1
  • A fixed rate helps you plan ahead, as you know what your repayments will be
  • Weekly, fortnightly or monthly repayments
  • Borrow $10,000 - $100,000

Our new, better rate

  • 7.49% p.a. (comparison rate 8.68% p.a.^), fixed for 1-7 years.
Find out more

For accessing funds as you need them


Flexi Loan

  • A reusable ‘line of credit’ facility, to cover multiple expenses without needing to reapply
  • No early repayment, exit or redraw fees
  • Apply for a credit limit between $4,000 - $50,000

Note: These loans need a high level of discipline in order to pay off the principal.

Find out more

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.

Find out more

Thinking of consolidating debt?

Take control with a personal loan for debt consolidation.

Find out more

After a bike, boat or jet ski?

Retrieve your application

Track or complete your application online

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Give us a call

1300 720 697

8am - 8pm, 7 days a week

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More to help you choose
Manage your personal loan
Helpful information
Things you should know

Credit criteria, fees, charges, terms and conditions apply.

Any advice on this website is general in nature and has been prepared without taking into account your objectives, financial situation or needs.

1. To qualify for a lower interest rate, any motor vehicle offered as security must be less than 7 years at the start of the loan. Whether purchasing new or used car, the vehicle has to have been imported to Australia by the manufacturer, and all the lending criteria met.


2. If you choose a term greater than 2 years, 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

3. Access to Unsecured Personal Loan funds within 60 minutes from final approval is only available for existing Westpac customers, who apply as a single applicant online, with funds being disbursed into their own Westpac account.


^ Comparison rate information 

 

The comparison rate is based on a secured Personal Loan of $30,000 borrowed for 5 years with the minimum interest rate of 7.49% p.a. (8.68% p.a. comparison rate), the estimated total amount payable including fees is $37,080. WARNING: This comparison rate applies only to the example or examples given and may not include all fees and charges. Different 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. Interest rate applicable to new loans approved on or after 9 July 2020.