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Why choose a Westpac Unsecured Personal Loan?

The basics
  • Get a response in 60 seconds when you apply online
  • 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
Extra benefits
  • Weekly, fortnightly or monthly repayments – to align with when you’re paid 
  • Set up a direct debit so you never miss a repayment.
  • 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.*

Common questions about debt consolidation

'Debt consolidation loans' is a term to describe any loan that can be used to pay off multiple debts. They can be a secured or unsecured loan depending on the lender. In our case, it's an unsecured loan. 

That means with us you apply for an Unsecured Personal Loan, making sure you state that debt consolidation is the reason you're borrowing. Doing this tells the loan assessment team that you plan to use the funds to pay off other debts you currently have (personal loans, credit cards etc.), that they will be able to see in your credit history.

As it's an unsecured loan, there's no need to offer security, and you choose your borrowing amount.

With our loan, you also have the option to have the funds sent directly to those other debts to pay them off, as well as choosing your loan term (the number of years you repay the loan over).

Once those existing debts are repaid, many people choose to close those other accounts so they’re not charged further fees. From then on, you'll only have one loan to deal with. 

Before deciding on any loan, get a clear understanding of how much you need to borrow - i.e. how much you owe in total. You may need to bring together statements for all the existing debts you want paid off so you can factor in all the associated costs:

  • The total amount still owed on each debt 
  • Estimate your current total monthly repayments (i.e. sum up how much you’re repaying on each of your balances)
  • Any other fees as well as the interest rate on each (or comparison rate if available)
  • Any 'break' or early repayment fees that are applicable

Then it's time to compare personal loans. Start by heading to our personal loan repayment calculator for an estimate of what your repayments might be for that total debt with our unsecured loan. To work with how often you're paid, our calculator also lets you choose between weekly, fortnightly or monthly repayments. 

This helps you compare not only the interest rates with those of your current debts, but look at what the differences in monthly repayments are - over different loan terms, factoring in the establishment fee and any applicable monthly fees. 

Because a debt consolidation loan is still a new loan, check that you meet our eligibility criteria before starting your application. It may also be worth checking our borrowing power calculator to get an indication of how much you’re likely to be approved for. 

If you’re unlikely to be approved for a new loan, it’s best not to apply as your application will be flagged on your credit report and could make it harder to borrow in the future.

Repayment calculator

This calculator helps you estimate how much your personal loan repayments could be.**

You can borrow between $4,000 - $50,000

You can select a loan term between 1 and 7 years

The details

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 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 acceptable visa (PDF 34KB) 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 an acceptable migrant visa (PDF 34KB), call our Personal Lending Centre on 1300 720 697 (8am – 8pm Sydney Time, Monday to Friday.  9am – 6pm Sydney Time, Saturday & Sunday).

This loan is for personal purposes.  If you’d like to learn more about our business loans, call Westpac Business on 132 142 (8am-8pm, Mon-Fri).

What information do I need to provide?

Please review our Identification Checklist for Individual Customers (PDF 657KB) before applying.

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?


Apply online in less than 10 minutes. You can use any device and return to complete your application within 14 days.

Over the phone

Apply over the phone by calling 132 651 (8am - 8pm, 7 days a week).

In person

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

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 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

Online Banking Terms and Conditions (PDF 503KB)

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 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.

**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 a lending 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 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.

Credit provided by Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714.