Personal loan for debt consolidation
Why choose a Westpac Unsecured Personal Loan?
- Borrow $4,000 - $50,000 with no need to offer additional security
- Interest rate 8.99% p.a. (comparison rate 10.17% p.a.^) fixed for 1-7 years
- Set up a direct debit so you never miss a repayment.
- Weekly, fortnightly or monthly repayments – to align with when you’re paid
- A fixed rate means you’ll know what your repayments and loan end date will be
- Already with Westpac? Once approved, sign your contract online and the funds will go to your account straight away.*
A dreamier rate
Now you can get our Unsecured Personal Loan for a real-life rate of 8.99% p.a. (comparison rate 10.17% p.a.^), fixed for 1-7 years.
Eligibility criteria, T&Cs apply.
Common questions about debt consolidation
What is debt consolidation?
It’s the process of combining all of your existing debts (loans, credit cards etc.) into one new debt – such as a personal loan. When used as a debt consolidation loan, our Unsecured Personal Loan could help you better manage your loan repayments. That’s because the debts are all in one place, with one fixed interest rate, one set of fees and charges, one set of repayments and a clear end date to paying off that debt.
How does debt consolidation work?
It works by using the funds from the new loan to pay off all the other outstanding forms of debt you have in one go.
How to get a debt consolidation loan?
The first step is to understand how much you owe. You may want to bring together statements for all the debts you want paid off so you can factor in:
- Amount owed on each
- Estimate your total monthly repayment
- Interest rate on each (or comparison rate if available)
- Monthly (and other) fees on each
- Any break costs
Then, head to our repayment calculator below to get an estimate of what the repayments might be.
This calculator helps you estimate how much your personal loan repayments could be.**
Fees that may apply
|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 re-financing 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.
How do I know if I'm eligible?
To be eligible to apply, you must:
- Be aged 18 years or over
- Have regular permanent income
- Be a permanent resident of Australia or,
- Hold an and have confirmed employment in Australia, if you're a non-resident.
If you’re ready to apply or want to find out whether you hold , call our Personal Lending Centre on 1300 720 697.
What information do I need to provide?
You will need to provide details of your current financial situation, including your:
- Current employer’s name, address and phone number
- Recent tax information, if you're self-employed
- Weekly after-tax income for each person applying for the loan
- Asset, savings and investment details
- Other debts, such as credit cards, store accounts, etc.
- Everyday expense details.
We may contact you using the details you provide to help you complete your application. If you’re already a Westpac customer, check that the details we have on record are up to date before proceeding. You can confirm these details in Westpac Online Banking or by calling 132 032. Allow 24 hours for records to update.
How can I apply?
Over the phone
Apply over the phone by calling 132 651 (8am - 8pm, 7 days a week).
Apply at your nearest branch.
What happens after I apply?
- You can track the status of your loan application with our Online Status Tracker.
- If we require further information to progress your application, we will contact you via phone or email.
- If conditionally approved you may need to email documents to us for verification.
- Once documentation is received and verified, you will be sent an email within 2 business days to view your contract and accept online. Note: Non-Westpac customers will be required to come into a branch to be identified after accepting their contract.
- Tell us which account you would like the funds to be sent to. Allow 1 business day for the funds to be transferred to a Westpac account and up to 3 business days for a non-Westpac account.
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.
Things you should know
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.
#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 account 60 minutes from final approval. Funds transferred to a non-Westpac account will take up to 3 days.
**Repayment calculator: Any calculations made by you using this calculator is intended as a guide only. It is for illustrative purposes only and is based on the accuracy of the information provided. The calculator does not take into account an establishment fee that maybe charged for a personal loan application. The calculation is not an offer of credit. The amount you can borrow may vary once you complete a loan application and all the details relevant to our lending criteria are captured and verified. The calculations should not be relied on for the purpose of making a decision whether to apply for a personal loan.
##The 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.
Credit provided by Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714.