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.
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.
It is just a bank. The one thing I don't like about any bank is they don't look out for their own customers. They're big on getting new customers but once you're with them they don't advise you about any new products that may work better for your needs.
Westpac is the least objectionable of the big 4 banks in terms of ease of service, resolution of issues and accessibility and product availability. I would suggest that if you need to go with a big 4, that they provide the best suite of products and are willing to consider matters with some flexibility to the customer needs. Although there are limited product features and competitiveness in terms of rates, this is made up for with higher convenience and ease of access to a broad range of products.
I’ve been with Westpac for nearly 20 years and have never had a problem with them that couldn’t be resolved quickly.
Overall I find it a very convenient personal loan. As it is a flex loan, it allows me to take only what I need, up to $10,000, and only pay interest on the amount I have borrowed. When I have no money owing, it is not closed, but stays available for me to use like a credit card. One negative would be that the interest rates went up 4% after the first year and the monthly service fee also went up by $3. This encourages me to use it much less often.
While my wife was going through cancer they sent a letter to say they would suspend payment for 6 months. They did not. We had no income. We took out insurance to ensure against loss of job and medical so we thought. Wasted $7000. Lost my job still having to pay so wife had to go back to work early to pay the bills. Advice buyer be aware.
Fairly good bank. Does what they need to do. They offer good competitive rates and cheap options for repayments.
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Terms from 1 to 5 years. Representative example: a 5 year $30,000 loan at 6.95% would cost $35,599.71 including fees.
Terms from 3 to 5 years. Representative example: a 5 year $30,000 loan at 6.49% would cost $35,459.64 including fees.
Terms from 2 to 7 years. Representative example: a 3 year $10,000 loan at 6.95% would cost $11,107.53 including fees.
Terms from 1 to 5 years. Representative example: a 5 year $30,000 loan at 6.99% would cost $36,208.67 including fees.
Terms from 1 to 7 years. Representative example: a 5 year $30,000 loan at 6.75% would cost $35,580.23 including fees.
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