Westpac personal loans

Westpac
Westpac's overall rating for personal loans

(as rated by the Mozo community)

7.1 / 10

based on 305 reviews

Making those big purchases is now easier than ever with a personal loan that is suited to you. Westpac have a range of loan options to choose from with great rates. Take a look for yourself and compare them to the other banks using our comparison page as a guide.

Westpac offers the following personal loans

Rates and fees verified as correct at 06 December, 2016. Other information correct at the time of writing.

Product Interest rate from Comparison rate from* Upfront fee  

8.49% p.a.

9.54% p.a.based on $30,000
over 5 years

$250

Go to site

12.99% p.a.

14.01% p.a.based on $30,000
over 5 years

$250

Go to site

* The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are for the amounts and terms quoted, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans, and apply only to these examples. Different amounts and terms will result in different comparison rates. Full comparison rate schedules are available from lenders. Costs such as redraw fees or early repayment fees, and savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

Mozo may receive a payment from financial providers listed on the site. Customer reviews are in no way affected by any commercial relationships Mozo has with providers.

About 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 loans, savings accounts, credit 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:

What personal loans do Westpac offer?

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

Extra repayments: Want to pay more towards your loan? No worries, as all of Westpac’s personal loans come with the flexible feature of an extra repayments facility.

Early repayment fee: If you make enough additional payments to pay off your loan early, be mindful that Westpac’s fixed rate personal loans come with an early repayment fee if the term of your loan is longer than 2 years and you try to pay it off before 2 years has passed.

How are Westpac personal loan products rated?

Does this big bank get the thumbs up from its customers? You can read what everyday Aussies just like you thought of taking out a personal loan through Westpac here.

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:

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