Unsecured Personal Loan
Why choose a Westpac Unsecured Personal Loan?
- Consolidate debts to a single loan, with one regular repayment, rate and set of fees.
- Plan ahead with a flexible loan term of between 1 and 7 years.
- Apply for between $4,000 and $50,000 (conditions apply).
- Choose a repayment frequency to suit when you get paid - weekly, fortnightly or monthly.
- Make extra repayments to pay your loan off sooner (prepayment fee may apply). 2
- You could access your funds in a Westpac bank account within 60 minutes of final approval, 24/7. 3
The rate you see is the rate you’ll get.
11.99% p.a. (comparison rate 13.15% p.a.^) for new Unsecured Personal Loans.
Yes, you will actually get our new, lowered rate once you’re approved. And it’s fixed, whether you choose to repay it over 1 year, 7 or somewhere in-between.
How could you use this loan?
Simplify your finances
Consolidate debts to a single loan, with one regular repayment, rate and set of fees.
Turn your plans into an itinerary and get to where you’ve always dreamt of going.
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. 4
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|
|Duplicate statement fee||$2|
|Bank cheque fee||$10|
Other fees and charges may be payable. Find out how you can minimise fees and charges on your loan.
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.
How do I know if I'm eligible?
To be eligible to apply, you must:
- Be aged 18 years or over
- Have a regular permanent income of at least $35,000 p.a.
- Be a permanent resident of Australia or,
- Hold an and have confirmed employment in Australia, if you're a non-resident.
If you’re ready to apply or want to find out whether you hold , call our Personal Lending Centre on 1300 720 697.
What information do I need to provide?
You will need to provide details of your current financial situation, including your:
- Current employer’s name, address and phone number
- Recent tax information, if you're self-employed
- Weekly after-tax income for each person applying for the loan
- Asset, savings and investment details
- Other debts, such as credit cards, store accounts, etc.
- Everyday expense details.
We may contact you using the details you provide to help you complete your application. If you’re already a Westpac customer, check that the details we have on record are up to date before proceeding. You can confirm these details in Westpac Online Banking or by calling 132 032. Allow 24 hours for records to update.
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.
Things you should know
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.
^ Comparison rate information
Comparison rates help you understand the true cost of a loan. The comparison rate is based on an Unsecured Personal Loan with a loan amount of $30,000 and a term of 5 years. WARNING: This comparison rate applies only to the example or examples given and may not include all fees and charges. Different 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.
More about choosing your loan term
2. Our Unsecured Personal Loans have a standard term of 1 to 7 years. If you choose a term greater than 2 years, 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
3. Access to Unsecured Personal Loan funds within 60 minutes from final approval is only available for existing Westpac customers, who apply as a single applicant online, with funds being disbursed into their own Westpac account.
Repayment calculator disclaimer
4. Any calculation 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 stamp duty or other government charges into account. The calculation does not constitute an offer of finance from Westpac. Your borrowing power amount may be different when 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.