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Compare Westpac personal loan rates

As Australia’s oldest bank, Westpac has a long history of providing Australians with sound financial advice.

Westpac’s personal loans can be used for refinancing or consolidating debts, or for covering major expenses such as travel, holidays or renovations. By adjusting the length of your loan term, and the frequency of your repayments, you can prepare a Westpac personal loan that’s both affordable and suitable for your finances.

In addition to personal loans, Westpac also has flexi loans and personal overdrafts available, putting multiple options for managing your personal finances at your disposal.

Westpac can be contacted via phone or email and has a network of branches to visit across Australia.

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 loan compare with various products.

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Westpac Personal Loans rates

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About Westpac

As Australia’s oldest bank, Westpac has a long history of providing Australians with sound financial advice. The Westpac group also includes the St.George, Bank of Melbourne, BankSA and RAMS brands, offering a full suite of financial services between them.

Westpac’s personal loans can be used for refinancing or consolidating debts, or for covering major expenses such as travel, holidays or renovations. By adjusting the length of your loan term, and the frequency of your repayments, you can prepare a Westpac personal loan that’s both affordable and suitable for your finances.

In addition to personal loans, Westpac also has Flexi Loans and personal overdrafts available, putting multiple options for managing your personal finances at your disposal.

Westpac can be contacted via phone or email, and has a network of branches to visit across Australia.

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 $4000 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 1 to 7 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. Existing Westpac customers may also be eligible to receive special offers when applying for a personal loan, depending on availability.

What RateCity says

In terms of interest rates, Westpac’s personal loan is slightly higher than the market average. It also ongoing an upfront fees  that are higher than market average, though the establishment fee may be waived for existing Westpac customers, depending on availability.

By selecting a loan term of 1 to 7 years, and choosing weekly, fortnightly or monthly repayments, you can adjust your loan repayments to provide maximum affordability and 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.

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. Existing Westpac customers may also be eligible to receive special offers when applying for a personal loan, depending on availability.

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 store
  • Mobile banking

Who is eligible for a Westpac personal loan?

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

  • Be 18 years or older
  • Be an Australian permanent resident or have an eligible Australian visa
  • Have a regular source of income

How to apply for a Westpac personal loan?

To apply for a Westpac personal, borrowers can apply online through the Westpac website, in store 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 an instant response
  • 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 additional assets

Westpac personal loans review

In terms of interest rates, Westpac’s personal loan is slightly higher than the market average. It also has upfront fees that are higher than the market average, though the establishment fee may be waived for existing Westpac customers, depending on availability.

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

FAQs

The Australian personal loans market contains dozens of lenders offering several hundred different products. Personal loans are available through a range of institutions, including:

There are three main ways to access personal loans. You can go through a comparison website, such as RateCity. You can use a finance broker. Or you can directly contact the lender.

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