Are you dreaming of a holiday but don’t quite have the money to make it happen? Do you find yourself daydreaming about adventures in a foreign land or picture yourself lying on a deserted white beach, listening to the waves? Well, your holiday daydreams may not be as distant as they seem. With a Westpac travel loan, you could be stretched out on that sun lounge.
What is a travel loan?
At Westpac, a travel loan is simply a type of Unsecured Personal Loan that is intended for travel purposes. It can help cover the costs associated with your holiday, such as airfares, accommodation, tours and even new travel accessories.
How does a travel loan work for me?
An Unsecured Personal Loan used for travel works in the same way as an Unsecured Personal Loan. You can borrow between $4,000 and $50,000, depending on your circumstances, and you can choose a loan term between 1 and 7 years.
The length of the loan will determine your repayment amount. You can choose the frequency of your repayments - weekly, fortnightly or monthly to help with your cash flow.
How is it paid?
Your loan will be paid to you in one lump sum, generally directly into your bank account, so you can easily access your money and start planning your trip.
Your loan comes with a set repayment schedule for the life of the loan. Every repayment you make will go towards paying off the principal (the amount you borrowed) and the interest. Repayments will automatically be direct debited from your nominated bank account at your chosen frequency for the life of the loan, so you don’t need to worry about accidentally missing a payment.
Benefits of using a personal loan for travel
A personal loan is a potential way to take the holiday you have been dreaming of without having to spend a lot of time building up your savings. Other benefits of using a personal loan for travel are:
- Fixed interest rate, meaning your repayment amounts will stay the same, making it easier to budget and also gives you a clear structure for repayment. You know exactly what your financial commitments are and what the set end date is.
- Once approved the funds are generally deposited into your account within 5 days so you can be on your way pretty quickly.
- Unlike a credit card, a personal loan gives you the flexibility to withdraw cash without being hit with a cash advance fee.
- A personal loan allows you to spread out the cost of your holiday over the life of the loan.
You may not need to scrimp and save to go on the holiday you’ve been dreaming of.
Ready to see if an unsecured personal loan can fund your next travel adventure? Find out more.