Westpac personal loans

Westpac’s personal loan has a number of flexible options to suit borrowers in different financial situations. Valid for borrowing between $4,000 and $50,000, the loan has a fixed interest rate, but doesn’t need to be secured against an asset.

Your Westpac personal loan can be paid back over a term of one to seven years. You’ll also have the option to make extra repayments to get your loan paid off ahead of time, which can help you to reduce the total interest you’ll pay on your loan.

Westpac charges an establishment fee and monthly service fees. Early repayment fees and missed payment fees may also apply.

Westpac personal loans can be used for a range of different purposes including:

• Student loans
• Debt consolidation
• Renovations
• Shares
• Holidays
• Medical bills
• Weddings
• Motorcycles
• Boats

Westpac customers can contact the bank online, via email or on the phone. There is also a vast network of branches across Australia. Borrowers can also contact customer service via:

• Online banking
• Email
• Phone 7 days a week, 8am - 8pm (AEST)
• In-branch
• Mobile banking

To be eligible for a Westpac personal loan, you’ll need to meet the following criteria:

• Be 18 years or older.
• Be an Australian citizen or permanent resident or hold an acceptable visa.
• Have a regular permanent income of at least $35,000 per year.

To apply for a Westpac personal, borrowers can apply online through the Westpac website, in-branch or over the phone. The application process takes around 10 minutes and involves the following steps:

• Apply online through the Westpac website.
• Westpac will then review your application and give you a response in 60 seconds.
• If approved, you can accept the contract online or in a branch.
• Once accepted, the funds are paid directly into your loan account.

At the time of application, you’ll need to provide the following documentation:

• Proof of identity
• Proof of income and employment
• Details of any other financial commitments
• Details of expenses and additional assets

Westpac’s unsecured personal loan interest rate is fixed and is considered to be moderate. It also has upfront fees that are higher than the market average, as well as monthly service fees.

By selecting a loan term of one to seven years, and choosing between weekly, fortnightly or monthly repayments, you can adjust your loan repayments to provide maximum affordability to efficiently manage your debts.

Westpac’s personal loan offers the option to make extra repayments and pay off the balance early, reducing the amount of interest you pay on your loan. While it doesn’t have an early exit penalty as standard, if you pay off a personal loan with a term longer than two years in less than two years, a prepayment fee may apply.