Westpac Flexi Loan
A Flexi Loan is different to a traditional personal loan. It allows you to withdraw funds whenever you want and how many times as you want (up to an agreed limit) without you having to reapply. Your repayments are also flexible, you decide how much to repay – minimum repayment criteria applies.
A Flexi Loan requires a higher level of discipline in order to pay off the loan principle. Use our Personal Loan selector to check that Westpac Flexi Loan suits your needs.
- Variable interest rate of 14.99% p.a.
- Only pay interest on your outstanding balance, not the assigned credit limit
- Apply for between $4,000 and $50,000
- No fee for additional withdrawals, no early repayment fee and no exit fee (Withdrawals may need to be authorised)
- $150 establishment fee
- $12 monthly service fee
- Other fees apply
- Annual percentage rate - 14.99% p.a. (variable)
|Monthly service fee||$12|
|Missed payment fee||$9|
|Cheque dishonour fee||$9
|Declined direct debit fee||$9|
|Duplicate statement fee||$2|
|Bank cheque fee||$10|
|Over limit fee||$9|
Other fees and charges may be payable. Find out how you can minimise fees and charges on your flexi loan.
What happens if you suddenly lose your job or become unfit for work through illness or injury?
Financial commitments continue even if your income doesn’t. That’s where Westpac Flexi Loan Repayment Protection insurance can help. Depending on individual circumstances, it can cover personal loan repayments until you recover and get back to work. It also helps cover Flexi Loan repayments in the event of your death.
- Monthly premium is automatically charged to your Westpac Flexi Loan
- You can apply for Westpac Flexi Loan Repayment Protection insurance when you apply for your Flexi Loan.
Flexi Loan application process
Only for existing Westpac customers who have their salary credited to a Westpac account or hold a home loan.
- Call 1300 720 697
Instant access to funds
- If approved.
Make a withdrawal
- Within 60 days.
- Bank transfer
- Bank cheque.
- Aged 18 years or over
- Have regular permanent income
- You need to be a permanent resident of Australia or,
Non-residents: need to hold and have confirmed employment in Australia.
To find out whether your Visa qualifies you and to apply for a Personal Loan under , please call our Personal Lending Centre on 1300 720 697 to discuss.
Information needed to complete application
- Details covering your current financial situation and employment history
- List of assets and liabilities, if self-employed
- We may use the contact information that you give us to contact you to help complete your application
Your Flexi Loan must be mainly for personal use
To find out more about business loans, call Business Direct on 132 142 (8am - 8pm, Monday - Friday).
Ways to apply?
- Over the phone by calling 1300 720 697 (8am - 8pm, 7 days a week). We give conditional approval immediately and a final decision as soon as we receive all required information.
- In person - at your nearest branch.
What happens after I apply?
If you meet the credit criteria and are approved you will receive your contract in an email and have access to funds within 15 minutes (if you are 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.
Things you should know
Credit criteria, fees, charges, terms and conditions apply.
BPAY® is a registered trademark of BPAY Pty Ltd ABN 69 079 137 518.
Flexi Loan Repayment Protection is issued by the insurers who are Westpac General Insurance Limited ABN 99 003 719 319 (WGIL) and Westpac Life Insurance Services Limited ABN 31 003 149 157 (WLIS) each of which is liable for separate risks under the terms of the policy. This insurance product is distributed by Westpac Banking Corporation ABN 33 007 457 141 (the Bank). The policy is not an investment in or deposit with the Bank. No Westpac Group company (other than the Bank as policy distributor and WGIL and WLIS as the product issuers) has any liability in connection with the policy or this document. The Bank does not guarantee payments under the policy.