As Australia’s first and 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 lines of credit (known as 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
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at interest rate 9.99 %
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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
based on $30,000 loan amount for 5 years at 9.99%
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Total repayments for a 5-year, $30,000 loan at 11.16% would be $38,236*. Terms from - years
based on $30,000 loan amount for 5 years at 16.49%
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Total repayments for a 5-year, $30,000 loan at 17.48% would be $44,243*. Terms from - years
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
- Medical bills
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
- Phone 7 days a week, 8am - 8pm (AEST)
- 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 personal loans
What are the Westpac personal loan eligibility criteria?
The process to apply for a personal loan from Westpac is simple and can be done online. To be eligible for a Westpac Bank personal loan, you must meet the eligibility criteria. These include:
- You should be over 18 years old
- You must be a permanent resident or hold a valid visa with confirmed employment in Australia
- You should earn a regular and permanent income of at least $35,000 before taxes
If you feel you meet these eligibility criteria, you can apply for a personal loan with Westpac. With your application form, you’ll also have to submit the following documents:
- Personal details including name, contact information, and residential address
- Proof of identity such as drivers licence or passport details
- If you’re self-employed, you’ll need a list of assets, savings, investments, and liabilities as well as your most recent tax return information
- If you’re an employee you’ll need to submit information related to your employment and finances like bank statements and payslips
Westpac Australia personal loans are available for amounts from $4,000 up to $50,000 and loan terms of up to seven years.
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.
Can I repay a $3000 personal loan early?
If you receive a financial windfall (e.g. tax refund, inheritance, bonus), using some of this money to make extra repayments onto your personal loan or medium amount loan could help reduce the total interest you’re charged on your loan, or help clear your debt ahead of schedule.
Check your loan’s terms and conditions before paying extra onto your loan, as some lenders charge fees for making extra repayments, or early exit fees for clearing your debt ahead of the agreed term.
Is a personal loan a variable or fixed-rate loan?
Depending on the personal loan lender, you may be able to choose between a fixed and a variable interest rate. But, there are a few distinct differences between the two, so it’s important to weigh up the pros and cons before deciding on what’s right for you.
A fixed interest rate loan gets you the convenience of knowing exactly how much you need to repay each fortnight or month. On the other hand, you generally won’t be able to make lump sum or advanced payments to close your personal loan early - or at least not without a penalty.
With a variable interest rate personal loan, you may be able to get a longer loan repayment term, with the option of paying off the loan early. You typically won’t need to pay any additional charges for an early full repayment either. The potential disadvantage with an interest rate that can change is that your repayment is not entirely predictable, as it can fluctuate with the market. However, you’ll likely have more options as more lenders offer a variable interest rate personal loan.
Can I merge my personal loan with my home loan?
Yes, you can refinance your home loan and, in the process, merge or consolidate your personal loan and home loan. By doing so, you can lower the number of debts you have, and you may also reduce the total interest you have to pay.
However, you should consult a financial advisor or a mortgage broker to confirm that you are decreasing your total outstanding debt, including interest payments. The repayment term for a home loan can be much longer than that for a personal loan, and by merging the two, you could be repaying a higher amount over the full term.
Can unemployed single parents get personal loans?
It can be more difficult for unemployed borrowers to successfully apply for a personal loan. Most lenders require borrowers to have a regular income available to cover the cost of loan repayments.
If you’re self-employed, or if less than half of your income comes from Centrelink, you may not be eligible for some personal loan options. Consider contacting the lender 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.
How long does it take to get a student personal loan?
Completing an online personal loan application can often take anywhere from 10 minutes to 1 hour. Depending on your lender, processing your personal loan application may take anywhere between 1 and 24 hours. If your personal loan application is approved, you may receive the money in your bank account the following business day, or, in some cases, the same day.
What do single parents need for a personal loan application?
Much like applying for other personal loans, applying for personal loans for single parents will likely require the following:
- Proof of identity
- Proof of residence
- Proof of income
- Details of assets (e.g. car, home)
- Details of liabilities (e.g. credit cards, other loans)
- Loan amount
- Loan term
Does refinancing a personal loan hurt your credit score?
Personal loan refinancing means taking out a new loan with more desirable terms in order to access a more competitive interest rate, longer loan term, better features, or even to consolidate debts.
In some situations, refinancing a personal loan can improve your credit score, while in others, it may have a negative impact. If you refinance multiple loans by consolidating these into one loan, it could improve your credit score as you’ll have only one outstanding debt liability. Your credit may also improve if you consistently pay the instalments on time.
However, applying to refinance with multiple lenders could negatively affect your credit if your applications are rejected. Also, if you delay or default the repayment, your credit score reduces.
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.