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How to refinance a loan?

Looking to refinance your existing loan?

A lot could have changed since you last applied for your Westpac Personal Loan. You may have taken on more, had children, moved house or changed jobs. As your financial position changes, you might be considering more finance.

Unsecured Personal Loan

When you’ve already got an unsecured personal loan and you need some extra funds, you’ll need to refinance your existing loan and the outstanding balance on it will be included in your new loan amount, if you’re approved. The fixed interest rate current at the time you apply will be applied to the total amount of the new loan.

The current lending establishment fee is $250.

If you apply for your new unsecured personal loan online, you need to follow these 7 steps:

  1. Complete a new application form and select “Westpac Personal Loan Refinance” as your loan purpose
  2. In the loan amount field, put your current outstanding loan balance (an estimate is fine)
  3. Click “add another purpose” and select the purpose you wish to top up your loan for (e.g. new car, home renovations, wedding, etc.)
  4. In the amount next to your loan top up purpose put the additional amount you would like to borrow (not the total loan amount)
  5. Complete the rest of the application
  6. If your new loan is approved, we’ll email you the loan documents to sign and return to us.
  7. The funds will be there for you to use.

You can also apply for a new personal loan by calling 132 651 or visiting us in branch.

Credit criteria, conditions and fees apply to Unsecured Personal Loans. Ask us for the details or visit the Unsecured Personal Loan product page.

Car Loan

Unfortunately you can’t refinance an existing Westpac car loan.

Things you should know

Credit criteria, fees, charges, terms and conditions apply.

More about choosing your loan term

^ Our unsecured Personal Loans have a standard term of 1 to 7 years. If you choose a term greater than 2 years, 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.