Westpac offers personal loan interest-free period as COVID-19 support
Westpac has announced it will provide support to customers who’ve been impacted financially as a result of the economic fallout of COVID-19 by offering a three-month interest-free period on personal loans.
Eligible Westpac customers who have lost their job or had their hours cut due to the coronavirus lockdowns will be able to defer personal loan repayments for three months.
While there is a 3-month pause on interest charges, monthly service fees and repayments, these charges will all resume once the 3-month period ends. Loan terms will also be extended by three months for customers who are eligible.
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This announcement follows the big bank’s initial decision to cut credit card interest charges for COVID affected customers as part of its coronavirus support package.
Eligible customers who’ve held their card since January 1 and haven’t previously applied for financial aid on the account, won’t pay interest on new purchases, cash advances or existing debts, and will have their repayments frozen for three months.
To receive the interest-free deferment, eligible Westpac customers will need to submit an online registration form via the ‘Apply for support’ button on the Westpac website.
Remember to always read the fine print before applying for financial hardship assistance and carefully consider whether you’ll be financially prepared for when the relief period ends and repayments resume.
RELATED ARTICLE: COVID-19: A quick guide to getting relief on your personal loan
Looking to take out a personal loan? Then check out our personal loans comparison table so you can compare your options and find the right deal for you. Head to our coronavirus hub article to keep up with the latest COVID-19 news and find out all there is to know about coronavirus and your finances.
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No Fee Unsecured Personal Loan
Fixed
interest rate
comparison rate
Monthly repayment
5.95% p.a.to 17.95% p.a.5.95% p.a.to 17.95% p.a.based on $30,000
over 5 yearsPay ZERO fees on loans up to $50,000 with NOW Finance. With no establishment fee, ongoing fees or early payout fee. What’s more, get your guaranteed, tailored interest rate in two minutes with no impact on your credit score! Winner of Mozo's Experts Choice Unsecured Personal Loan 2021 award.
No Fee Unsecured Personal Loan
Pay ZERO fees on loans up to $50,000 with NOW Finance. With no establishment fee, ongoing fees or early payout fee. What’s more, get your guaranteed, tailored interest rate in two minutes with no impact on your credit score! Winner of Mozo's Experts Choice Unsecured Personal Loan 2021 award.
- interest rate
- 5.95% p.a.to 17.95% p.a.
- comparison rate
- 5.95% p.a.to 17.95% p.a.based on $30,000
over 5 years
- Upfront fee
- $0
- Monthly fee
- $0.00
- Exit fee
- $0.00
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- $35.00
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- 0
- Minimum loan amount
- $5,000.00
- Maximum loan amount
- $50,000.00
- Minimum loan term
- 2 Years
- Maximum loan term
- 7 Years
- Security required
- Unsecured
- Other benefits
- -
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- Rates based on borrower with excellent credit score. Maximum 3 year term for loan amounts $8,000 or less.
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Low Rate Personal Loan (Fixed, Unsecured)
Excellent Credit
interest rate
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Monthly repayment
6.75% p.a.to 8.48% p.a.6.96% p.a.to 8.69% p.a.based on $30,000
over 5 yearsOurMoneyMarket offer competitive low rates on loans up to $50,000, plus free extra repayments and fee-free redraw facility. Winner of Mozo's Experts Choice Unsecured Personal Loan 2021 award.
Low Rate Personal Loan
OurMoneyMarket offer competitive low rates on loans up to $50,000, plus free extra repayments and fee-free redraw facility. Winner of Mozo's Experts Choice Unsecured Personal Loan 2021 award.
- interest rate
- 6.75% p.a.to 8.48% p.a.
- comparison rate
- 6.96% p.a.to 8.69% p.a.based on $30,000
over 5 years
- Upfront fee
- $150
- Monthly fee
- $0.00
- Exit fee
- $0.00
- Late payment fee
- $35.00
- Repayment options
- Weekly, Fortnightly, Monthly
- Early repayment penalty
- $0.00
- Minimum loan amount
- $2,001.00
- Maximum loan amount
- $50,000.00
- Minimum loan term
- 1 Year
- Maximum loan term
- 7 Years
- Security required
- Unsecured
- Other benefits
- -
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- Rate for Excellent Credit
Read our Mozo Review to learn more about the OurMoneyMarket Low Rate Personal Loan
Unsecured Personal Loan
Fixed, Excellent Credit
interest rate
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Monthly repayment
6.39% p.a.to 8.69% p.a.6.39% p.a.to 9.61% p.a.based on $30,000
over 5 yearsWith low rates for borrowers with excellent credit, a quick 1 minute rate estimate and simple online application, there’s a lot to love about this loan! You’ll not only benefit from no exit fees, there are also no early repayment fees. To qualify, simply earn above $25,000 and you’ll be on the way to start spending.
Unsecured Personal Loan
With low rates for borrowers with excellent credit, a quick 1 minute rate estimate and simple online application, there’s a lot to love about this loan! You’ll not only benefit from no exit fees, there are also no early repayment fees. To qualify, simply earn above $25,000 and you’ll be on the way to start spending.
- interest rate
- 6.39% p.a.to 8.69% p.a.
- comparison rate
- 6.39% p.a.to 9.61% p.a.based on $30,000
over 5 years
- Upfront fee
- $0
- Monthly fee
- $0.00
- Exit fee
- $0.00
- Late payment fee
- $30.00
- Repayment options
- Monthly
- Early repayment penalty
- $0.00
- Minimum loan amount
- $2,001.00
- Maximum loan amount
- $50,000.00
- Minimum loan term
- 3 Years
- Maximum loan term
- 5 Years
- Security required
- Unsecured
- Other benefits
- Up front fee may be higher than shown depending on your application. Application fee is $149 for a three year term.
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Read our Mozo Review to learn more about the Plenti Unsecured Personal Loan
Personal Loan
Fixed, Secured
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Monthly repayment
5.99% p.a.to 21.99% p.a.7.26% p.a.to 23.15% p.a.based on $30,000
over 5 yearsOffering loans from $3,000 at a fixed rate for the life of the loan. You can check your personal loan interest rate before applying in 3 minutes with no impact to your credit score. Repayments can be made weekly, fortnightly or monthly and extra repayments are accepted.
Personal Loan
Offering loans from $3,000 at a fixed rate for the life of the loan. You can check your personal loan interest rate before applying in 3 minutes with no impact to your credit score. Repayments can be made weekly, fortnightly or monthly and extra repayments are accepted.
- interest rate
- 5.99% p.a.to 21.99% p.a.
- comparison rate
- 7.26% p.a.to 23.15% p.a.based on $30,000
over 5 years
- Upfront fee
- $250
- Monthly fee
- $13.00
- Exit fee
- $0.00
- Late payment fee
- $35.00
- Repayment options
- Weekly, Fortnightly, Monthly
- Early repayment penalty
- $300 in first half of loan, $0 in second half.
- Minimum loan amount
- $3,000.00
- Maximum loan amount
- -
- Minimum loan term
- 1 Year
- Maximum loan term
- 7 Years
- Security required
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- -
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Read our Mozo Review to learn more about the Latitude Personal Loan
Personal Loan
Variable, Unsecured
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Monthly repayment
5.75% p.a.to 25.99% p.a.6.47% p.a.to 29.2% p.a.based on $30,000
over 5 yearsGet a personalised rate quote in just 2 minutes, apply in just 7 minutes. Money transferred to your account the next business day. No exit or early repayment fees. Borrow up to $50,000.
Personal Loan
Get a personalised rate quote in just 2 minutes, apply in just 7 minutes. Money transferred to your account the next business day. No exit or early repayment fees. Borrow up to $50,000.
- interest rate
- 5.75% p.a.to 25.99% p.a.
- comparison rate
- 6.47% p.a.to 29.2% p.a.based on $30,000
over 5 years
- Upfront fee
- $0
- Monthly fee
- $10.00
- Exit fee
- $0.00
- Late payment fee
- $35.00
- Repayment options
- Monthly
- Early repayment penalty
- $0.00
- Minimum loan amount
- $5,000.00
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- $50,000.00
- Minimum loan term
- 1 Year
- Maximum loan term
- 7 Years
- Security required
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- -
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Read our Mozo Review to learn more about the Symple Loans Personal Loan
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