Westpac personal loan repayment calculator

Thinking about taking out a personal loan with Westpac? Use our personal loan calculator to see how much you’d have to repay under different borrowing scenarios. You can also see how Westpac personal loans compare with other options.

I'd like to borrow

$

Loan term

Credit Score ()

Your estimated repayment

at interest rate 10.00 %

Total interest payable

$0

Total amount payable

$0

Pros and cons

  • Can apply online
  • Can apply in branch
  • Flexible repayment schedule
  • Monthly fee charged
  • Application fee charged
  • Has ongoing fees

Westpac personal loans rates

Product
Advertised Rate
Comparison Rate*
Repayment
Upfront Fee
Features
Go to site
Company

11.99%

Fixed

13.15%

$667

based on $30,000 loan amount for 5 years

$250

Redraw facility
Extra repayments
Fully drawn advance
Secured
Westpac
More details

16.49%

Variable

17.48%

$737

based on $30,000 loan amount for 5 years

$150

Redraw facility
Extra repayments
Fully drawn advance
Secured
Westpac
More details

Features of a Westpac personal loan

Westpac’s personal loan has a number of flexible options to suit borrowers in different financial situations. Valid for borrowing between $4,000 and $50,000, the loan has a fixed interest rate, but doesn’t need to be secured against an asset.

Your Westpac personal loan can be paid back over a term of one to seven years. You’ll also have the option to make extra repayments to get your loan paid off ahead of time, which can help you to reduce the total interest you’ll pay on your loan.

Westpac charges an establishment fee and monthly service fees. Early repayment fees and missed payment fees may also apply.

Westpac personal loans can be used for a range of different purposes including:

  • Student loans
  • Debt consolidation
  • Renovations
  • Shares
  • Holidays
  • Medical bills
  • Weddings
  • Motorcycles
  • Boats

Westpac personal loans – customer service

Westpac customers can contact the bank online, via email or on the phone. There is also a vast network of branches across Australia. Borrowers can also contact customer service via:

  • Online banking
  • Email
  • Phone 7 days a week, 8am - 8pm (AEST)
  • In-branch
  • Mobile banking

Who is eligible for a Westpac personal loan?

To be eligible for a Westpac personal loan, you’ll need to meet the following criteria:

  • Be 18 years or older.
  • Be an Australian citizen or permanent resident or hold an acceptable visa.
  • Have a regular permanent income of at least $35,000 per year.

How to apply for a Westpac personal loan?

To apply for a Westpac personal, borrowers can apply online through the Westpac website, in-branch or over the phone. The application process takes around 10 minutes and involves the following steps:

  • Apply online through the Westpac website.
  • Westpac will then review your application and give you a response in 60 seconds.
  • If approved, you can accept the contract online or in a branch.
  • Once accepted, the funds are paid directly into your loan account.

At the time of application, you’ll need to provide the following documentation:

  • Proof of identity
  • Proof of income and employment
  • Details of any other financial commitments
  • Details of expenses and additional assets

Westpac personal loans review

Westpac’s unsecured personal loan interest rate is fixed and is considered to be moderate. It also has upfront fees that are higher than the market average, as well as monthly service fees.

By selecting a loan term of one to seven years, and choosing between weekly, fortnightly or monthly repayments, you can adjust your loan repayments to provide maximum affordability to efficiently manage your debts.

Westpac’s personal loan offers the option to make extra repayments and pay off the balance early, reducing the amount of interest you pay on your loan. While it doesn’t have an early exit penalty as standard, if you pay off a personal loan with a term longer than two years in less than two years, a prepayment fee may apply.

Learn more about Westpac

Can you refinance a $5000 personal loan?

Much like home loans, many personal loans can be refinanced. This is where you replace your current personal loan with another personal loan, often from another lender and at a lower interest rate. Switching personal loans may let you enjoy more affordable repayments, or useful features and benefits.

If you have a $5000 personal loan as well as other debts, you may be able to use a debt consolidations personal loan to combine these debts into one, potentially saving you money and simplifying your repayments.

What is a bad credit personal loan?

A bad credit personal loan is a personal loan designed for somebody with a bad credit history. This type of personal loan has higher interest rates than regular personal loans as well as higher fees.

Should I get a fixed or variable personal loan?

Fixed personal loans keep your interest rate the same for the full loan term, while interest rates on variable personal loans may be raised or lowered during your loan term.

A fixed rate personal loan keeps your repayments consistent, which can help keep your budgeting consistent. You won't have to worry about higher repayments if your rates were to rise. However, on a fixed loan you’ll also potentially miss out on more affordable repayments if variable rates were to fall.

What is a personal loan?

A personal loan sits somewhere between a home loan and a credit card loan. Unlike with a credit card, you need to sign a formal contract to access a personal loan. However, the process is easier and faster than taking out a mortgage.

Loan sizes typically range from several hundred dollars to tens of thousands of dollars, while loan terms usually run from one to five years. Personal loans are generally used to consolidate debts, pay emergency bills or fund one-off expenses like holidays.

How much can you borrow with a bad credit personal loan?

Borrowers who take out bad credit personal loans don’t just pay higher interest rates than on regular personal loans, they also get loaned less money. Each lender has its own policies and loan limits, but you’ll find it hard to get approved for a bad credit personal loan above $50,000.

How can I get a $3000 loan approved?

Responsible lenders don’t have guaranteed approval for personal loans and medium amount loans, as the lender will want to check that you can afford the loan repayments on your current income without ending up in financial hardship.

Having a good credit score can increase the likelihood of your personal loan application being approved. Bad credit borrowers who opt for a medium amount loan with no credit checks may need to prove they can afford the repayments on their current income. Centrelink payments may not count, so you should check with the lender prior to making an application.

Can single mothers get personal loans online?

Many lenders offer online applications for personal loans, which can be convenient for borrowers who have busy lives. If you’re not confident your personal loan application will be approved, you may want to consider contacting the lender by email, live chat, phone, or by visiting a branch, to discuss your situation before applying.

What is the average interest rate on personal loans for single parents?

Like other types of personal loans, the average interest rate for personal loans for single parents changes regularly, as lenders add, remove, and vary their loan offers. The interest rate you’ll receive may depend on a range of different factors, including your loan amount, loan term, security, income, and credit score.

When was comprehensive credit reporting introduced?

Comprehensive credit reporting was introduced to make credit reports fairer and more accurate. Under the previous system, credit providers only saw negative information about potential borrowers. Now, they're able to see both positive and negative information, which means that credit providers can see if a borrower’s negative credit behaviour is consistent or a mere one-off.

How long will I have bad credit?

Most negative events that appear on a person’s credit file will stay in their credit history for up to seven years.

You may be able to improve your credit score by correcting errors in your credit report, clearing outstanding debts, and maintaining good financial habits over time.

How are credit ratings/scores calculated?

Different credit reporting bodies may use different formulas to calculate credit scores. However, they use the same type of information: credit history and demographic profile.

They’re likely to look at how many credit applications you’ve made, which lender the applications were for, what purpose they were for, how much they were for and your repayment record. They’ll also look at your age and postcode. They’ll also look to see if you’ve had any bankruptcies or other relevant legal judgements against you.

Your score can change if your demographic profile changes or new information is added to your file (such as a new loan application) or existing information is removed from your file (i.e. because it has reached its expiry date).

What is comprehensive credit reporting?

Comprehensive credit reporting is a system which includes both positive and negative information on a person’s credit file. Before comprehensive credit reporting was introduced, only negative information was included.

Can I get a $2000 loan on Centrelink?

If more than half of your income comes from Centrelink benefits, it may be more difficult to have a $2000 loan application approved. Many lenders will check if you can afford a loan’s repayments on the income from your job before they’ll approve an application, and many won’t count Centrelink payments when assessing your income for this purpose.

Some lenders may offer $2000 loans to borrowers on Centrelink – consider contacting potential lenders to check before applying.

Do student personal loans require security?

While some personal loans can be secured by the value of an asset, such as a car or equity in a property, student personal loans are often unsecured, which typically have higher interest rates.

Some lenders also offer guarantor personal loans to students. These loans have lower interest rates, as a guarantor (usually a relative of the borrower with good credit) will fully or partially guarantee the loan, taking on the financial responsibility if the borrower defaults.

What is an unsecured bad credit personal loan?

A bad credit personal loan is ‘unsecured’ when the borrower doesn’t offer up an asset, such as a car or jewellery, as collateral or security. Lenders generally charge higher interest rates on unsecured loans than secured loans.