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How much can I borrow with a personal loan?

If you’re in the market for a personal loan and wondering how much you’ll be able to borrow, there are several factors worth considering. These include the type of loan you take out as well as how you’d like to maintain and use it.

Unsecured personal loan

Westpac Unsecured Personal Loans allow you to borrow anything from $4,000 to $50,000 without offering an asset as security. You can then use the loan for a range of purposes, from car purchase to home renovations and even debt consolidation. With an unsecured loan at Westpac, you have a fixed interest rate and the option of choosing the loan duration, typically between 1 and 7 years.  This means repayment amounts and the interest rate will never change for the life of the loan, which can help with long-term budgeting.

Car loan

The Westpac Car Loan is a secured car loan, which means you can borrow more than you might be able to with an Unsecured Personal Loan – anywhere from $10,000 to $100,000. As a secured loan, this loan type requires you to offer the new car you’re buying or another used car as security on the loan. While the rate is fixed, it may be lower than an unsecured loan and will again be for a set loan term between 1 and 7 years.

Flexi loan

A Flexi Loan can give you a similar amount to an unsecured personal loan (around $4,000 to $50,000) but is different as it offers you access to a line of credit. Rather than lasting for a set loan term, a line of credit allows you to withdraw funds up to an approved credit limit without reapplying.

Unlike an unsecured personal loan, the rate is variable, so you don’t have as much certainty with the amount of interest you’ll incur on the funds you’ve used. But you only pay interest on what you’ve used and you can repay in your own time, provided you’re meeting your monthly minimum. Unlike set term loans, you also won’t pay any break costs or early repayment fees for repaying the loan in full.

Your financial situation

When working out how much you can borrow, the bank will look into your financial situation. But don’t take it personally – this process is to help us check whether you could comfortably pay off your debt without getting into financial difficulty.

Here are some of the things Westpac will look at when you apply for a loan:

  • Your personal situation – this includes if you’re borrowing by yourself or jointly, and whether you have any dependents.
  • Your income – this is made up of your salary plus any additional sources of income.
  • Your expenses and financial obligations – these can include rent or mortgage payments, other debts such as credit cards and living expenses.

Find out how much you could borrow

If you’re interested in discovering your borrowing power, Westpac’s Personal Loan Borrowing Power Calculator gets you to answer some simple questions online and then gives you an estimate of your loan amount and monthly repayments instantly.

You can also estimate how much repayments could be on a Westpac Car Loan with our car loan calculator.

Want more information? Learn how to get a personal loan with Westpac.

Alternatively, read about our Unsecured Personal Loan and Car Loan.

Things you should know

Flexi Loans Conditions of Use (PDF 173KB)

This information is general in nature and has been prepared without taking your objectives, needs and overall financial situation into account. For this reason, you should consider the appropriateness of the information to your own circumstances and, if necessary, seek appropriate professional advice. Please consider your individual circumstances before applying for a Westpac Personal Loan. Credit criteria, fees, charges, terms and conditions apply. Information is correct as of 1 November 2023.

^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 7.99% p.a. (comparison rate 9.18% p.a.), the estimated total amount payable including fees is $37,513. The actual rate offered may be higher or lower than the comparison example above. Rates currently range from 7.99% p.a. to 20.49% p.a. (comparison rate from 9.18% p.a. to 21.61% p.a.)
  • Car Loan repayment terms range from 1 to 7 years. Interest rate ranges and representative examples are based on a personal loan of $30,000 borrowed for 5 years with the interest rate of 5.99% p.a. (comparison rate 7.20% p.a.), the estimated total amount payable including fees is $35,801. The actual rate offered may be higher or lower than the comparison example above. Rates currently range from 5.99% p.a. to 12.99% p.a. (comparison rate from 7.20% p.a. to 14.14% p.a.)

1. Ongoing access to credit: Withdrawals are subject to authorisation. A $500 minimum applies.

##The lending establishment fee will be added to your loan amount. Please read full terms and conditions before making a decision to apply for a Westpac Personal Loan.

^^To qualify for a Car Loan, applicant must meet all credit criteria and the car offered as security must meet all criteria - either new or if used, cannot be older than 7 years at time of application, registered under the applicant's name, has been made locally or imported by the manufacturer, has never been written off (even if it was repaired), has a paid, fully comprehensive insurance policy with Westpac noted as the financier and is for personal use only. The loan amount may exceed the vehicle’s market value, as reported by Redbook, to cover the purchase price of the vehicle and other expenses. If you're using a Westpac Car Loan to buy an electric or hybrid car, check our list of eligible vehicles. (PDF 1MB)