based on 23444 Westpac product 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 19 March 2024. Other information correct at the time of writing. Advertiser disclosure.
Product Interest rate from Comparison rate from Upfront fee
Car Loan (Fixed, Secured)

5.99% p.a.to 12.99% p.a.

7.20% p.a.to 14.14% p.a.based on $30,000
over 5 years

$250.00

Flexi Loan (Variable, Unsecured)

16.99% p.a.

n/a

$150.00

Hybrid or Electric Car Loan (Fixed)

5.49% p.a.to 12.49% p.a.

6.70% p.a.to 13.65% p.a.based on $30,000
over 5 years

$250.00

Personal Loan (Fixed, Unsecured)

7.99% p.a.to 20.49% p.a.

9.18% p.a.to 21.61% p.a.based on $30,000
over 5 years

$250.00

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

  • 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 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:

  • Identification: Australian passport, driver’s licence or proof of age card
  • Income: Monthly salary and employer’s details. If you’re self employed your last two tax returns
  • Assets: Bank accounts, vehicles, shares etc
  • Expenses: Home loan repayments, rent, credit card repayments

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.

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Westpac personal loans
Overall
Price
Features
Customer service
Convenience
Trust

908 Reviews

Recent Westpac personal loan reviews

Westpac Personal Loan
Overall 10/10
Westpac, the bank to go to for your personal needs

My bank is very professional. The staff are pleasant and very helpful. I had no problem getting a personal loan from them when I was refused by ANZ who I had been a customer of for the last 34 years.

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My bank is very professional. The staff are pleasant and very helpful. I had no problem getting a personal loan from them when I was refused by ANZ who I had been a customer of for the last 34 years.

Price
10/10
Features
8/10
Customer service
10/10
Convenience
9/10
Less
Sylvia, Victoria, reviewed 4 months ago
Westpac Personal Loan
Overall 7/10
Decent, but not mind blowing.

Westpac are fairly good and prompt with the approval and contact in regards to any of their provided services.

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Westpac are fairly good and prompt with the approval and contact in regards to any of their provided services.

Price
6/10
Features
6/10
Customer service
6/10
Convenience
10/10
Trust
6/10
Less
Loch, Queensland, reviewed 8 months ago
Westpac Personal Loan
Overall 9/10
Reliable and trustworthy bank

I like Westpac because they are a safe and reliable bank with a good reputation who reward customer loyalty. The only con would be they have high interest rates compared to smaller more independent banks. They have convenient branch locations throughout Australia.

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I like Westpac because they are a safe and reliable bank with a good reputation who reward customer loyalty. The only con would be they have high interest rates compared to smaller more independent banks. They have convenient branch locations throughout Australia.

Price
8/10
Features
6/10
Customer service
10/10
Convenience
10/10
Trust
8/10
Less
Lisa, New South Wales, reviewed 8 months ago
Westpac Personal Loan
Overall 10/10
Excellent

Wonderful service. The knowledge on loan products were great

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Wonderful service. The knowledge on loan products were great

Price
10/10
Features
10/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Sarah, New South Wales, reviewed over 1 year ago
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