I am a disabled pensioner. I applied for a car loan to downsize my car and to get better fuel economy. I applied for a fixed car loan and to put the car against the loan with no bad credit history. Westpac advertise they help people on a disability pension. I had a Westpac assistant Michael help do the application, the application came back and stated conditionally approved, Michael then gave myself a card stating "congrats on your up and coming new car" later that day I was asked by Westpac what my second income was? I was confused as I did not declare a second income. Westpac then rejected my application and would not help me with the loan. The loan repayment was $153 a fortnight over 7 years which was more than easy to repay, but Westpac stated I could not afford it. Westpac did not ask me about my budget or asked what I paid each fortnight. I was made out as a practical joke to Westpac. I am insulted and offended by the actions of Westpac.
I like the Westpac bank for the customer satisfaction and ease of information available, the staff could not do more for Myself and I have spoken to other Westpac customers and they have said the same, I intend to apply for more loans from Westpac Bank in the future.
It was my first loan and the process and requirements were explained very thoroughly and if needed, the support was there. The Westpac team is very helpful and although their interest rates aren't the best, its reassuring to know that if I am uncomfortable with any of their services, there is no doubt that it will be solved.
Competitive rates, impeccable customer service, massively helpful when going through financial hardship, really went a long way to help me out.
They have been helpful with a payment holiday during maternity leave, but it took many calls to reach the point where they understood our needs, over the years there have been many admin errors requiring repeated follow up to reset repayment rates.
When I took this product out they had to compete against 2 other parties and they beat them in value and customer service, and I have reviewed this 4 times in the last 2 years, they still are totally competitive in the market place.
In this product my personal banker was fantastic. He got the best competitive pricing for the time period and I looked around and could not do better.
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Terms from 3 to 5 years. Representative example: a 5 year $30,000 loan at 4.67% would cost $34,096.76 including fees.
Terms from 3 to 7 years. Representative example: a 5 year $30,000 loan at 4.89% would cost $34,276.58 including fees.
Terms from 3 to 7 years. Representative example: a 5 year $30,000 loan at 4.74% would cost $33,949.23 including fees.
Terms from 1 to 7 years. Representative example: a 5 year $30,000 loan at 5.35% would cost $34,507.61 including fees.
Terms from 2 to 3 years. Representative example: a 3 year $10,000 loan at 6.39% would cost $11,510.63 including fees.
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.
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