7.3 / 10

based on 22668 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 25 November, 2020. 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)

11.99% p.a.

13.15% p.a.based on $30,000
over 5 years

$250

WARNING: 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 calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost 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.

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

897 Reviews

Recent Westpac personal loan reviews

Westpac Personal Loan review
Overall 10/10
Supportive and helpful.

They helped me consolidate my debt into a personal loan so I didn't have to pay a high interest rate on my credit card as they assessed my account and saw I was trying to pay it off but then the interest would hit and it was not going anywhere. So I am very grateful they helped me.

Read full review

They helped me consolidate my debt into a personal loan so I didn't have to pay a high interest rate on my credit card as they assessed my account and saw I was trying to pay it off but then the interest would hit and it was not going anywhere. So I am very grateful they helped me.

Price
9/10
Features
9/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Sabah, New South Wales reviewed about 1 month ago
Westpac Car Loan review
Overall 10/10
Wouldn’t bank with anyone else

I like this bank best they are simple easy to use and explain everything so well to you.

Read full review

I like this bank best they are simple easy to use and explain everything so well to you.

Price
7/10
Features
8/10
Customer service
10/10
Convenience
10/10
Trust
9/10
Less
Janice, South Australia reviewed about 2 months ago
Westpac Personal Loan review
Overall 1/10
Line of credit facility, a rip off product.

This is a line of credit type loan. I have access to it but don’t use it. The interest rate is terrible and on top of that they charge a $10 a month accounting fee which is of course a de facto interest charge over and above the original one. I have asked them for a better deal and been told they don’t have one. It is a disgusting product whose sole purpose is profit gouging.

Read full review

This is a line of credit type loan. I have access to it but don’t use it. The interest rate is terrible and on top of that they charge a $10 a month accounting fee which is of course a de facto interest charge over and above the original one. I have asked them for a better deal and been told they don’t have one. It is a disgusting product whose sole purpose is profit gouging.

Price
1/10
Features
1/10
Customer service
10/10
Convenience
8/10
Trust
7/10
Less
Kevin, Queensland reviewed 3 months ago
Westpac Personal Loan review
Overall 2/10
Do your research

When trying to find out information after signing the contract it was extremely hard to find someone to help me. It seemed everyone I spoke to told me they would call me back. It took probably five attempts to get someone to help me or provide the correct information. After I closed my account I found out it stayed open despite owing no money on it, now having put two missed payments on my credit score. I am extremely unimpressed. The bank would also not help extending payments when in hardship. I was told I had to wait until the payment was missed before being able to apply for an extension, therefore affecting my credit rating, rather than trying to help their customers.

Read full review

When trying to find out information after signing the contract it was extremely hard to find someone to help me. It seemed everyone I spoke to told me they would call me back. It took probably five attempts to get someone to help me or provide the correct information. After I closed my account I found out it stayed open despite owing no money on it, now having put two missed payments on my credit score. I am extremely unimpressed. The bank would also not help extending payments when in hardship. I was told I had to wait until the payment was missed before being able to apply for an extension, therefore affecting my credit rating, rather than trying to help their customers.

Price
4/10
Features
1/10
Customer service
7/10
Convenience
1/10
Trust
2/10
Less
Keirah, Queensland reviewed 4 months ago

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