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How to minimise personal loan fees

Type  

Overdrawn fee


If your account becomes overdrawn over the agreed limit, you'll be charged an overdrawn fee.

To avoid this fee:

  • Keep an eye on your account balance and plan your purchases accordingly. Use Westpac Online Banking to monitor your balance on the go.
 

Overlimit Fee

If at the monthly anniversary, your Flexi loan account is over the assigned credit limit, an Overlimit fee will be charged to your account on or after the statement due date.

To avoid this fee:

  • Keep an eye on your account balance and plan your purchases accordingly. Use Westpac Online Banking to monitor your balance on the go.
  • Make an interim payment if you’re getting close to your limit, which could reduce the risk of going over your credit limit on future spending in that month.
 
Prepayment/ Exit fee

This fee is only applicable to Unsecured Personal Loans and Car Loans when the loan term is greater than 2 years but the loan is paid out in less than 2 years. It will be charged on the day you pay out the personal loan and can be waived if you refinance your existing loan with another Westpac Personal Loan.
 

Missed Payment Fee

If you don’t pay the minimum monthly payment by the due date on your contract/statement, you’ll be charged a missed payment fee within 5 business days of the statement being due.

To avoid this fee:

  • Make sure you pay the minimum monthly payment by the due date each month;
  • Download the Westpac Mobile Banking app to keep track of your account;
  • Set up a direct debit so you never forget to make the payment.
 

Bank Cheque Fee

If you require a bank cheque, a bank cheque fee may be payable. This fee can be paid up front, debited from your loan account or from your Westpac transaction account. This will be charged on the date of the transaction or the next business day.

To avoid this fee:

  • Ask the person or service provider you are paying if they will accept an electronic transfer payment into their account instead.
 

For more information about fees, simply visit a branch or call us on 132 032.

Things you should know

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

Flexi Loan Conditions of Use (PDF 244KB)
 

See our Flexi Loan Conditions of Use (PDF 244KB) or contact us. Terms and conditions may be varied or new terms and conditions introduced in the future.

BPAY® is a registered trademark of BPAY Pty Ltd ABN 69 079 137 518.