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:
Rates and fees verified as correct at 19 January, 2020. Other information correct at the time of writing.
|Product||Interest rate from||Comparison rate from*||Upfront fee|
Car Loan (Fixed, Secured)
9.67% p.a.based on $30,000
Personal Loan (Fixed, Unsecured)
13.15% p.a.based on $30,000
† 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.
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.
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.
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!
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.
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.
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: