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Accessing extra funds

I need to access extra cash

There are a whole lot of reasons why you might need extra funds and we have a range of options that may suit your needs. A helpful tip in choosing the right product for you is to choose the most cost effective option that suits your needs. Think about how much you need for your needs and how soon you’ll be able to repay what you borrow, then look at the interest rates and fees associated with each option, before you apply.

Credit cards

A credit card can be a cost effective product as long as you pay the closing balance in full by the statement due date each month.

Overdrafts

Alternatively, you have the option to  apply for an overdraft facility that can be added to your account - you’ll find the interest rate is typically lower than on your credit card, and you’re not required to make regular repayments, provided you remain within your credit limit.

If you need extra cash for a short period only, a temporary overdraft lets you borrow for up to 45 days.  Or if you want to have an ongoing buffer on your account, a personal overdraft acts as a line of credit to help you cover the unexpected.

Debt consolidation

If you have existing credit cards, store cards or loans, you may be able to apply to consolidate your debt  under a personal loan. A fixed rate personal loan will give you certainty in your repayments and save you the hassle of making multiple payments.

Or, if you have a home loan with us, you may prefer to apply to increase it to cover these debts. This way, because the home loan rate is lower than the interest rate on your personal loan or credit card, you could be  paying  less interest if the increased monthly repayments are made on time. This option may help with paying off your debt  quicker.

Review your options:

Things you should know

Important: Applications for credit are subject to Westpac's normal lending criteria.