FUNDS ON-CALL
Flexi Loan lets you access funds whenever you need, without having to reapply.
A Flexi Loan is a different type of personal loan. Instead of having to take your whole balance in one lump sum and pay interest on that, you choose to withdraw as much as you need, whenever you need to – and only pay interest on those amounts. It also gives you more choice in how you repay the amount borrowed.
Also known as ‘a line of credit’, it’s our alternative finance option that could help with your personal cashflow and unexpected expenses.
Why choose a Flexi Loan?
Key Flexi Loan benefits:
- A flexible way to access funds, with a limit of $4,000 - $50,000 1
- Interest is only charged on the funds you use, not your entire limit
- An ongoing variable interest rate of 16.99% p.a.
- $0 redraw (withdrawal) fee.
How could you use a Flexi Loan
Unexpected expenses
A ready reserve of funds for anything from vet bills to car repairs.
Cashflow and budget control
Gives you extra control if your income or expenses are irregular.
Ongoing expenses
Thinking of continuing education, a wedding, some home improvements, starting a family or something else?
How Flexi Loan works?
Unlike our other personal loans, a Flexi Loan is a reserve of funds you’re already approved for, that you can access again and again without having to reapply. This is also known as a ‘flexible line of credit’.
- You can use as little ($500 minimum) or as much of your available balance as you need
- You access funds by transferring them from your Flexi Loan account to another Westpac account
- You can also make BPAY® payments directly from your Flexi Loan account
- There’s a choice of repayment options to work with your cashflow, including our repayment instalment plan 2
While a minimum monthly repayment is required when there’s a balance owing, because there is no set loan end date, repayment discipline is needed – to help lower the amount of interest you’ll be charged.
The details
Key rates and fees
| Rate or fee | Amount |
|---|---|
| Annual variable rate | 16.99% p.a. |
| Lending establishment fee | $150## |
| Monthly loan account fee (only charged on the months you use your account, or have a balance owing). | $12 |
Fees that may apply
| Fee | Amount |
|---|---|
| Missed payment fee | $15 |
| Redraw | $0 |
| Bank cheque fee | $10 |
| Overlimit fee | $15 |
How can I apply?
Online
To apply online you must be an existing customer and have paid your regular income into a Westpac transaction or savings account for more than six months, or have a Westpac Home Loan.
In person
Apply at your nearest branch or over the phone.
What happens after I apply?
If you meet the credit criteria and are approved for a Flexi Loan, you will receive your contract by email and could have access to funds within 15 minutes of acceptance (provided you're registered for online banking). If you are not registered for online banking, you will need to go to your nearest branch to access the funds.
Before you apply
Follow this section to improve the likelihood your application is approved.
- You're aged 18 or over
- You're an Australian or New Zealand citizen OR;
- You have permanent residency in Australia and hold an acceptable visa (PDF 489KB) OR;
- You’re a non-resident or migrant and hold an acceptable visa (PDF 489KB), with a minimum 1 year before expiry
- You have a regular, verifiable Australian taxable income
- You have a fixed, verifiable residential address in Australia.
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:
- Proof of identity including at least two of the following:
- Australian driver licence
- Medicare card
- Passport
- Australian birth certificate
- NSW photo card.
- Current debts 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)
- 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 that are less than 60 days old
- 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 a tax resident of another country, you’ll need your foreign tax identification number.
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.
Help when you need it
Handy articles and guides
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 is correct as of 5 March 2025.
1. Ongoing access to credit: Withdrawals are subject to authorisation. A $500 minimum applies.
2. The minimum monthly payment is the minimum amount you need to pay each month, which includes;
- The monthly loan account fee
- 2% of the statement's closing balance (excluding the monthly loan account fee) or the full closing balance if under $10, whichever is greater
- Any overdue amount owing, or the amount of your closing balance which exceeds your credit limit, whichever is greater.
##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.
BPAY® is a registered trademark of BPAY Pty Ltd ABN 69 079 137 518.