We offer a variety of personal loans, each offering different features and rates, depending on the items you are borrowing for.
Broadly speaking, there are two categories of personal loans:
- Secured car loans
- Unsecured personal loans.
Secured car loans
A loan is 'secured' when you use an asset as collateral, or security, against the loan. So, if you buy a car you can use it as collateral, or security, against the loan.
The reason for offering an asset as security is because, when you apply for a personal loan, we need to know you are in a position to repay it. It also means you benefit from a lower rate as there is less of a risk to Westpac when there is an asset involved.
When a car is used as security against the loan, it needs to be:
- Worth a minimum of $10,000
- No older than 7 years of age.
Unsecured personal loans
When you apply for our Unsecured Personal Loan, you don't need an asset to apply for the loan. Usually, rates for unsecured personal loans are higher than secured loans. However, at Westpac, we can offer you competitive rates for our Unsecured Personal Loans.
Terms and Conditions apply and are available on request. These may be varied or new Terms and Conditions introduced in the future. Any credit application will be subject to the Bank’s normal lending criteria.