7.3 / 10

based on 22832 Westpac reviews as rated by Mozo community

Westpac personal loans

Did you know Westpac is not only one of Australia’s largest banks but also the first and oldest bank down under? That’s right, this big bank opened its doors way back in 1817 under the name of the Bank of New South Wales.
Fast forward to current day and Westpac has a great range of financial products on offer, including (but not limited to) home loanssavings accountscredit cards, superannuation and of course personal loans.

So what can you choose from when it comes to a loan from Westpac? Well there’s the standard unsecured loan, a car loan for those after some new wheels and even a loan that works like a revolving line of credit.
Sounds like one of these loans might be for you? Let’s delve deeper into each option:

Westpac offers the following personal loans

Rates and fees verified as correct at 06 May, 2021. Other information correct at the time of writing. Advertiser disclosure.

Product Interest rate from Comparison rate from Upfront fee
Car Loan (Fixed, Secured)

7.49% p.a.

8.68% p.a.based on $30,000
over 5 years

$250

Personal Loan (Fixed, Unsecured)

9.99% p.a.

11.16% p.a.based on $30,000
over 5 years

$250

Westpac personal loans overview

Unsecured personal loans

If you’re looking at borrowing between $4,000 and $50,000 and are after a loan with a fixed interest rate and a bit of flexibility, Westpac’s unsecured personal loan might just be the answer. The fixed interest rate means your repayments will stay the same over the life of the loan and you can also make additional payments on your loan thanks to the extra repayments facility. But keep in mind because it’s a fixed interest rate loan there is an early repayment fee if the term of your loan is more than 2 years and you pay it out in less than 2 years. Other fees to be mindful of include an establishment fee and ongoing monthly service fee.

Car loans

With Westpac’s secured car loan you can choose a loan amount between $10,000 and $100,000 and a term that falls between 1-7 years. As it’s a secured loan the car you’re purchasing will be used as security for the loan, which means forfeiting on your loan could result in Westpac seizing your car (so only borrow an amount you know you can comfortably afford). The great thing about Westpac’s loan is because the rate is fixed you’ll have repayment certainty. But remember an early repayment fee will apply if you try to pay out a loan of over 2 years before the 2 year period finishes.

Line of credit loans

The personal flexi loan from Westpac stands apart from the conventional personal loan, as it allows you to draw on funds up to an agreed limit ($4,000-$75,000). The best part is you will only be charged interest on the outstanding balance. Unlike the above personal loans we ran through above the Westpac flexi loan has a variable rate, so keep in mind it will go up and down according to the market. There’s an application and ongoing fee but no fee when you make withdrawals and no early repayment fee or exit fee if you want to pay off the loan early. Yep it’s called the flexi loan for a reason!

Westpac personal loan features at a glance

How do you apply for a Westpac personal loan?

Once you’re confident a Westpac personal loan is your match, you can apply either online, over the phone or in branch. Here’s a quick runthrough of the info you may need to provide:


How are Westpac personal loans rated?

Mozo users have rated Westpac personal loans on price, features, convenience, trust and customer service so you can see what real Aussies have to say about their experiences.

Icon of personal-loans
Westpac personal loans
Overall
6.9/10
Price
Features
Customer service
Convenience
Trust

901 Reviews

Recent Westpac personal loan reviews

Westpac Personal Loan review
Overall 9/10
Great bank, would highly recommend

Great online banking and simple to use.

Read full review

Great online banking and simple to use.

Price
7/10
Features
7/10
Customer service
9/10
Convenience
9/10
Trust
10/10
Less
Tracy, New South Wales, reviewed 3 months ago
Westpac Personal Loan review
Overall 4/10
Only interested in profit, not service or people.

They are only interested in profit, not service. The wait to get money from teller is too long. Not enough machines. Won't lower credit card rate and won't lend to casual workers.

Read full review

They are only interested in profit, not service. The wait to get money from teller is too long. Not enough machines. Won't lower credit card rate and won't lend to casual workers.

Price
4/10
Features
3/10
Customer service
2/10
Convenience
4/10
Trust
2/10
Less
Kay, Queensland, reviewed 4 months ago
Westpac Personal Loan review
Overall 2/10
Terrible costumer service

I have been a Westpac customer for almost 5 years and i thought it might be a good idea to apply for Personal loan from the bank that has all my information. Unfortunately, I was wrong. The customer service is terrible. I have been waiting to hear from them for almost 2 months and every time I need to call ask for an update they put me on hold for almost half hour It is a very frustrating process and if I could undo everything right now I wouldn't hesitate.

Read full review

I have been a Westpac customer for almost 5 years and i thought it might be a good idea to apply for Personal loan from the bank that has all my information. Unfortunately, I was wrong. The customer service is terrible. I have been waiting to hear from them for almost 2 months and every time I need to call ask for an update they put me on hold for almost half hour It is a very frustrating process and if I could undo everything right now I wouldn't hesitate.

Price
3/10
Features
1/10
Customer service
1/10
Convenience
1/10
Less
Sara, New South Wales, reviewed 4 months ago
Westpac Personal Loan review
Overall 5/10
Staff where very helpfull!

Staff where very helpfull!

Read full review

Staff where very helpfull!

Price
5/10
Features
5/10
Customer service
5/10
Convenience
5/10
Trust
4/10
Less
Tim, New South Wales, reviewed 4 months ago

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