FLEXI LOAN: READY FOR LIFE’S PLANS AND SURPRISES
Big plans? Sudden bills? Apply once to get up to $50,000. Keep interest low by drawing only what you need, when you need it.
Flexible borrowing that puts you in control
Cash on demand
Get up to $50,000. Use in one go or bit by bit—it’s up to you.
Pay for what you use
Only pay interest on the amount you use—not your full limit.
Repay your way
There's no loan end date and no early repayment fee.
Apply just once
No need to reapply each time you borrow from your limit.
Your offer choices
Pay $0 establishment fee for a limited time
Enjoy a discounted introductory rate of 10.49% for the first 6 months
At a glance
$50,000 Maximum borrow limit |
$0 Withdrawal and cash advance fees. |
| Annual variable interest rate | 18.99% p.a. (only on the money you use) |
| Borrowing range | $4,000 to $50,000 |
Minimum monthly payment is the minimum amount you need to pay each month. It includes:
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Other key information:
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How Flexi Loan works
1: Apply once
Just apply once to get the funds you need. Borrow from $4,000 up to $50,000.
2: Borrow funds
Once approved, withdraw and use the amount you want (from your approved limit).
3: Repay options
Choose to pay just the minimum each month, opt for a repayment plan, or repay faster to pay off the balance.
4: Borrow again
Continue to withdraw funds again and again up to your limit. No need to reapply.
Big plans or small, Flexi Loan’s got you covered
More freedom than a personal loan. More flexibility than a credit card. Check the ways Flexi Loan has you sorted.
Home reno
Patch the leak or add a room. Borrow cash in stages for supplier payments as work gets completed.
Bills
Keep a safety net for surprise costs—like surgery or vet bills. Skip the stress of last-minute applications.
Travel
Book flights now, draw more later for hotels or to exchange cash before you go. Draw down as your trip unfolds.
Cashflow
Cover the gap when cash is tight or work slows down. Withdraw from your limit and repay when money comes in.
Flexi Loan flexes to your needs
You can move money from your Flexi Loan to another Westpac account or make BPAY® payments directly from it. Plus, there are no penalties for paying off your loan early.
What you need to know before and after you apply
Your eligibility
You must:
- Be 18 years or older
- Be one of the following:
o An Australian or New Zealand citizen
o An Australian permanent resident and hold an acceptable visa (PDF 489KB)
o A non-resident or migrant and hold an acceptable visa (PDF 489KB). Must have at least 1 year before expiry.
- Have a fixed, Australian address
- Receive a regular, Australian taxable income.
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.
- Every application is listed on your credit report. Making multiple applications (with us and/or any other lender) can be seen as a red flag. It could reduce your chances of approval.
Current debts and expenses
Current debts: any loans, credit cards, or ‘buy now, pay later’ plans in your name (e.g. home loan, personal loans, other credit or store cards as well as instalment purchases such as Afterpay and Zip Pay).
Monthly expenses: all your regular expenses, including phone bills, insurances etc.
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 most recent consecutive payslips from your main employer (must be less than 60 days old)
- A Government Authority statement confirming your pension or allowance (from the last 2 months)
- Rental income proof (from the last 3 months).
Self-employed? You’ll need to show:
- You’ve been in business for at least 18 months
- Business bank statements (from the last 2 months)
- Notice of Assessment (from last year).
Other details: any assets, savings or investments you might have.
Keep in mind: If you’re a tax resident of another country, you’ll need your foreign tax identification number.
Status and further details
You can track the status of your loan application with our Online Status Tracker. If we need more information from you, we’ll contact you by phone or email.
Conditional approval
If you’re conditionally approved, you may need to email documents to us for verification.
Confirming and accepting your loan
Once approved, you have 30 days to accept your contract.
Establishing your Flexi Loan
Once you accept your contract, your funds will be available within 24 hours in your Flexi Loan account. You can manage your Flexi Loan account within the Westpac App (it will have the details of your approved limit). You can then transfer the funds you need to your Westpac account.
Save time, apply online
Loan fees
| Lending establishment fee (will be added to your loan amount. Please check full terms and conditions before making a decision to apply for a Westpac Flexi Loan). | $150 |
| Monthly loan account fee (only charged on the months you use your account or have a balance owing). | $12 |
| Missed payment fee | $15 |
| Withdrawal fee | $0 |
| Bank cheque fee | $10 |
| Overlimit fee | $15 |
Frequently asked questions
Instead of borrowing a lump sum, Flexi Loan lets you borrow money in stages, as and when you need it, up to a set approved limit. You only pay interest on what you use—and you don’t need to reapply each time you borrow. It’s also known as a ‘line of credit’.
Flexi Loan gives you the freedom to borrow cash in stages when you need to. It’s great if you need a safety net, or if your plans might change, or you’re unsure about the amount you’ll need.
Have multiple expenses coming up? Unlike a personal loan where you borrow all the money at once, Flexi Loan lets you take out smaller amounts, from your approved limit, as you need them. The best part? You only pay interest on the amount you withdraw—not the full amount. Whereas with a personal loan, you need to pay interest on the whole borrowed amount from day one.
A personal loan gives you a lump sum upfront, with fixed repayments and interest charged on the full amount from day one.
A credit card is designed for everyday spending and often has higher interest rates, especially for cash advances.
Flexi Loan works differently. It’s ideal if you want a safety net or expect multiple expenses over time. You can draw funds as needed and only pay interest on what you use — not your full approved limit.
Home reno
Say your renovation budget is $41,000. With Flexi Loan, you don’t need to take it all at once—you can take out money in stages as your project moves ahead.
- Start by using $15,000 for early costs like design, materials and builder fees.
- Take out another $14,000 to pay tradies when it’s time for plumbing, electrical and structural work.
- Use the last $12,000 for final touches like flooring, paint or landscaping.
You’ll only pay interest on the money you use at each stage. You can repay at your own pace. You could even set up a repayment plan (usually 1–5 years) and make extra repayments whenever you like.
Dream holiday
Say your getaway will cost around $10,000, but you don’t need to pay it all at once. With Flexi Loan, you can draw down money in stages—just when you need it.
- Book flights now with a $3,000 drawdown.
- Pay for accommodation later with another $4,000.
- Use the final $3,000 for spending money, tours or travel insurance.
You can minimise repayments by just paying the minimum monthly repayment (with any other charges or fees). And top up your repayments when you have extra funds.
Remember, you’ll only pay interest on the amount you withdraw, not the full amount. And as you repay, your available balance goes back up—so you can reuse funds if needed.
Yes, you can. When you withdraw $500 or more, you can choose to repay it using a Flexi Loan Term Plan. This lets you spread repayments over a fixed term of 1 to 5 years, with fixed instalments on a fixed rate. It’s a structured way to manage repayments — and you can still pay it off early with no early repayment fee if you prefer.
Even though there’s no set loan end date, a Term Plan could help maintain your repayment discipline and keep you on track.
Check the Flexi Loan Conditions of Use for full details.
Yes, it will affect your credit score. But how it’ll impact your score depends on how you use it. If you use it responsibly and make regular repayments on time, it may help improve your score over time. The opposite is also true.
Remember, there's no fixed loan end date. So, being disciplined and staying on top of your minimum monthly repayments (when there’s a balance owing) could help you reduce interest. If you only pay the minimum, you could stay in debt longer.
Once you’ve paid off your Flexi Loan balance, your available limit is yours to use again and again. There’s no need to reapply.
Whether you keep it as a safety net for upcoming expenses or unexpected bills, your funds are ready when you need them.
Prefer to close your account instead? That’s up to you.
Help when you need it
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 Flexi Loan. Credit criteria, fees, charges, terms and conditions apply. Information is correct as of 26 September 2025.
Credit provided by Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714.
BPAY® is a registered trademark of BPAY Pty Ltd ABN 69 079 137 518.
PayTo® and PayID are registered trademarks of NPP Australia Limited.