Now could be the time
Why choose a Westpac Unsecured Personal Loan?
- Borrow $4,000 - $50,000 with no need to offer a car as security
- Interest rate 11.99% p.a. (comparison rate 13.15% p.a.^) fixed for 1-7 years
- Set up a direct debit so you never miss a repayment.
- Weekly, fortnightly or monthly repayments – to align with when you’re paid
- A fixed rate means you’ll know what your repayments and loan end date will be
- Already with Westpac? Once approved, sign your contract online and the funds will go to your account straight away.*
How could you use this loan?
Simplify your finances
Consolidate debts to a single loan, with one regular repayment, rate and set of fees.
Whether you’re after a new fridge, a whole new kitchen or something altogether different.
Fund a new or secondhand car – even repairs on the car you already own.
Do something else
Whether it's your big day, school fees or a dream purchase, our Unsecured Personal Loan could help.
This calculator helps you estimate how much your personal loan repayments could be.**
Fees that may apply
|Prepayment fee (applies if you choose a term greater than 2 years and pay it out in less than 2 years. This fee is waived if you pay out your personal loan by re-financing to another Westpac personal loan).||$175|
|Missed payment fee||$15|
|Bank cheque fee||$10|
Other fees and charges may be payable. Find out how you can minimise fees and charges on your loan.
How can I apply?
Apply online in less than 10 minutes. You can use any device and return to complete your application within 14 days.
Over the phone
Apply over the phone by calling 132 651 (8am - 8pm, 7 days a week).
Apply at your nearest branch.
What happens after I apply?
- You can track the status of your loan application with our Online Status Tracker.
- If we require further information to progress your application, we will contact you via phone or email.
- If conditionally approved you may need to email documents to us for verification.
- Once documentation is received and verified, you will be sent an email within 2 business days to view your contract and accept online. Note: Non-Westpac customers will be required to come into a branch to be identified after accepting their contract.
- Tell us which account you would like the funds to be sent to. Allow 1 business day for the funds to be transferred to a Westpac account and up to 3 business days for a non-Westpac account.
Before you apply
COVID-19 has impacted the time it takes to process and follow up on incomplete applications. To ensure we assess your application in a timely manner, please read the following sections carefully before applying.
- You are regularly meeting your repayment obligations for your mortgage, other loan or credit card accounts.
- You have considered whether you need to keep any credit accounts you may no longer use – e.g. store cards.
As part of reviewing your application we look at the information on your credit report, which is produced by an independent credit bureau. This report shows a snapshot of your liabilities, available credit, and your repayment behaviour for these accounts. To learn more about credit reporting in Australia visit www.westpac.com.au/ccr.
It’s a good idea to view your own credit report and check your details are correct before starting your application. You can do this for free by visiting the credit bureau website directly, or via CreditSmart.org.au. We work with three bureaus: Equifax, illion and Experian, so you might like to check the report produced by each of them.
Before starting your application, make sure you have everything in the list below:
- Current employer’s name, address and phone number
- Your income information from the last 3 months, such as payslips, bank statements and rental income (you won’t need this if your pay already goes into a Westpac bank account)
- Recent tax information if you're self-employed
- Asset, savings and investment details
- All existing liabilities that are in your name (e.g. personal loans, other credit or store cards, ‘interest-free’ instalment purchases, home loan)
- All your regular monthly expenses (including school fees, insurance, utilities etc.)
If you are an existing Westpac customer, you will also need to:
- Apply as an Existing Customer in the application form and log in to your account
- Once logged in, double-check that your personal details (name, address etc) are up-to-date. If not, log in to internet banking to update them. Allow 24 hours for records to update.
Any errors in the details you provide could delay processing, or even mean you are declined. Again, checking against your credit report can help here.
Every time you apply for any form of credit, your credit history is checked by the credit provider. This is listed as an enquiry on your report. Multiple applications can be seen as a red flag and reduce your chances of approval.
Things you should know
Any advice on this website is general in nature and has been prepared without considering your objectives, financial situation or needs. Please consider your individual circumstances before applying for a Westpac Personal Loan. Credit criteria, fees, charges, terms and conditions apply. Information correct as of 16 July 2020.
^Comparison rates: Comparison rates help you understand the true cost of a loan. All comparison rate examples shown are for a personal loan amount of $30,000 and a term of 5 years. WARNING: Comparison rates apply only to the example or examples given and may not include all fees and charges. Different loan amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.
- Unsecured Personal Loan repayment terms range from 1 to 7 years. Interest rate ranges and representative examples are based on an unsecured loan of $30,000 borrowed for 5 years with the interest rate of 11.99% p.a. (comparison rate 13.15% p.a.), the estimated total amount payable including fees is $41,085.
#Prepayment fee: If you choose a term greater than 2 years for a Westpac Personal Loan, and pay it out in less than 2 years, there is a prepayment fee of $175. This fee is waived if you pay out your personal loan by re-financing to another Westpac personal loan.
*Access to funds within 60 minutes: Available for existing customers who apply for an Unsecured Personal Loan, as a single applicant online. Loan funds will be disbursed into an existing Westpac account 60 minutes from final approval.
**Repayment calculator: Any calculations made by you using this calculator is intended as a guide only. It is for illustrative purposes only and is based on the accuracy of the information provided. The calculator does not take into account an establishment fee that maybe charged for a personal loan application. The calculation is not an offer of credit. The amount you can borrow may vary once you complete a loan application and all the details relevant to our lending criteria are captured and verified. The calculations should not be relied on for the purpose of making a decision whether to apply for a personal loan.
##The establishment fee will be added to your loan amount. Other fees and charges may be payable. Please read full terms and conditions before making a decision to apply for a Westpac Personal Loan.