PERSONAL LOAN FOR TRAVEL

With Westpac you can apply online for a travel loan. So there’s no reason you couldn’t apply while you’re on a trip – as long as you’re able to supply all the documentation required.

You’d still need to meet all our eligibility criteria – including being able to show you’re currently earning an Australian taxable income, and permanently reside in Australia.

A holiday loan is essentially another term for a travel loan – the difference being how the individual describes their trip. For instance, some people would describe a cruise or a stay in a resort as a holiday, versus a trip to see overseas relatives as travel. Both might involve significant up-front costs, which is where a personal loan could help.  

If you’re thinking of using our Unsecured Personal Loan as your travel loan, a good place to start is to find out what your personalised interest rate and repayments would be with our Get my rate tool. 

It only take 2 minutes (5 if you’re not yet with Westpac),  doesn’t impact your credit score and you’ll get rate and repayment certainty up-front. And if you like what you see, you can continue with your application straight away.  

You’ll get an answer within 60 seconds of submitting your application. If we need further details, such as income or ID verification, we’ll email you straight away outlining what’s required. Once all the requirements have been satisfied and you have full approval, you can accept the contract online and funds will be sent to your account within the hour^*. 

Ideally this would never happen. However, if you’re overseas and have used all your cash, savings and lines of credit, and can’t get someone to send you funds through a transfer, the best suggestion would be to contact your nearest embassy. 

It’s not unusual for people to max out their credit cards while traveling. If that sounds like you, and now you’re back, you may be looking for a structured way to make the repayments. Consolidating multiple debts (including credit cards) with an Unsecured Personal Loan is one option. A single personal loan provides simplicity and control with just one regular repayment to make – saving on time, multiple account fees and ideally the interest rate too. It’s worth doing the sums first to see which option works best for your budget.  

Choose our Unsecured Personal Loan as your travel loan and online application will take around 10 minutes for existing customers (15-20 if you’re not yet with us). And you’ll get an answer within 60 seconds of submitting it.

That answer will determine how quickly you can get final approval – and the funds.

If we don’t need to verify any information in your application, you could get full approval that same day.

If we do need to verify, we’ll send an email straight away outlining what’s needed. The good news is you can provide most of the verification details (apart from ID verification), online to speed things up.

Once an application’s approved, all you’d need to do is accept your online contract and funds will be sent within the hour^*.

You’ll be assessed on your ability to repay the money you borrow. Three things you can do to help:

1. Make sure you’re meeting your current repayment obligations for
   • other credit cards or loans (including lenders such as afterpay and zip pay)
   • rent as well as utilities such as your phone, internet and electricity.
2. Check the details on your credit report are correct before applying. Head to CreditSmart.org.au and follow the links to a free credit report. More about credit reports.
3. Don’t make multiple applications (with us or any other lender). Every application is listed as an enquiry on your credit report. Too many can be seen as a red flag and reduce your chances of approval.

Make sure you have everything in the list below:

• Proof of identity including at least two of the following:
  • Australian driver licence
  • Medicare card
  • Passport
  • Australian birth certificate
  • NSW photo card.

• Current debts in your name (e.g. home loan, personal loans, other credit or store cards as well as instalment purchases such as zip pay) 
• Proof of income. If your pay doesn’t already go into a Westpac account, you’ll need to show at least one of the following:
  • Two payslips from your main employer from the last two months
  • A Government Authority statement from the last two months confirming your pension or allowance 
  • Rental income proof covering the last three months
  • Self-employed? You’ll need to show you’ve been in business for at least 18 months, the last two months’ business bank statements and last year’s Notice of Assessment.
• All your regular monthly expenses (including phone bills, insurances etc.)
• If you’re a tax resident of another country, you’ll need your foreign tax identification number.
   

If you’re already a Westpac customer, you’ll also need to:

• Sign into online banking to double-check your personal details (name, address etc) are up-to-date
• Apply as an existing customer in the application form
• We will have answered some of the basic questions such as personal details (name, address etc) on your application for you. Check that they’re correct.
   

Additional eligibility criteria or documentation may be required.