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Your how-to guide to getting a personal loan

If you’ve got big plans and you’re ready to apply for your personal loan, here’s what you need to do to get your cash in hand faster.

Before you apply

There are several common eligibility criteria for personal loan applications. For example, you usually need to:

  • Be at least 18 years of age
  • Hold Australian citizenship or be a permanent resident
  • Meet certain income requirements
  • Receive regular income
  • Show you’re financially responsible and have a good credit rating.

Remember that if your income doesn’t support the amount you want to borrow, your loan won’t be approved. So try to ensure your loan reflects your cash flow and ability to pay it back.

What’s the best way to apply?

There are lots of ways to apply for a personal loan, including going into a branch or calling up to complete an application over the phone. On the other hand, you may prefer the ease and convenience of applying online. An online application often only takes around 10-15 minutes to complete, and you can save and return to it later if you need to.

How long does it take once you’ve applied?

The best thing about applying online is that you often get a prompt response once you submit your application, which is the case when you apply for a Westpac Unsecured Personal Loan. You should then receive the funds in your account in a few business days or in some cases as quickly as within 60 minutes of final approval and contract acceptance, provided you’re an existing Westpac customer.

Gathering your information

The bank will want to know your relevant financial and other information, not just for their own security but to make sure you’ll be able to pay off your debt comfortably and not get into any tricky situations down the track.

You may need to provide things like:

  • Personal information – like if you’re a new or existing customer. If you’re a new customer, you’ll need to provide identification such as a passport, driver’s licence or birth certificate.
  • Your loan details – this can include the reason for your loan, the amount you’d like to borrow and your chosen loan term, which at Westpac will be between 1 and 7 years.
  • Employment information – this needs to outline your current work situation and your salary, plus any extra income you receive. You may also need to provide proof of income such as your most recent payslips or tax returns.
  • Financial information – this can include whether you own your home or rent, how many children you have, plus details of your assets and expenses. You may need to provide proof of any savings with other banks.
  • Any other debts you have – the bank will also want to know about any other debts you have to ensure you’re not over-extending yourself. This may mean providing credit card or loan statements.
  • Extra information for car loans – if it’s a car loan, you’ll have to provide details of the car you’re buying as well as relevant documents including the tax invoice and comprehensive insurance policy for your new set of wheels.

Ready to get started? Read more about our Unsecured Personal Loan.

If you’re in the market for car, read about our Car Loan.


Things you should know

Personal Loan Contract Terms and Conditions (PDF 394KB) - for customers approved before 18 March 2024.
Personal Loan Contract Terms and Conditions (PDF 210KB) - ​for customers who apply, or are approved, on or after 18 March 2024.​

Credit criteria, fees and charges apply. Terms and conditions available on request.