Compare Westpac personal loan rates
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
Total interest paid
Total amount to pay
Westpac personal loans rates
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Unsecured Personal Loan
based on $30,000 loan amount for 5 years
Fully drawn advance
based on $30,000 loan amount for 5 years
Fully drawn advance
- Can apply online
- Can apply in branch
- Flexible repayment schedule
- Monthly fee charged
- Application fee charged
- Has ongoing fees
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.
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In the best-case scenario, an application for a bad credit personal loan can be made within minutes and then be approved within 24 hours. However, if a lender needs more information or needs more time to verify the provided documents, the application process may take longer.
The worse your credit history, the harder you will find it to consolidate your debts, because lenders will be less willing to lend you money and will charge you higher interest rates.
However, people with bad credit histories can make debt consolidation work by following this three-step process:
- First, find a lender willing to give you a bad credit personal loan. This process will be simplified if you go through a finance broker or use a comparison website like RateCity.
- Second, make sure the interest repayments on your new loan are less than the repayments on the loans being replaced.
- Third, instead of spending those savings, use them to pay off the new loan.
Lenders aren’t allowed to charge interest on loans of $2,000 and under. Instead, they make their money by charging a one-off establishment fee of up to 20 per cent and a monthly account-keeping fee of up to four per cent. Lenders might also ask you to pay a government fee.
For loans between $2,001 and $5,000, lenders can make their money in only two ways: a one-off fee of $400 and annual interest rates of up to 48 per cent.
For loans of $5,001 and above, or for loans that have terms longer than two years, lenders can charge annual interest rates of up to 48 per cent.
Those fee caps don’t apply to loans offered by authorised deposit-taking institutions such as banks, building societies or credit unions, although such institutions are highly unlikely to charge interest rates of anywhere near 48 per cent.
A bad credit personal loan is 'secured' when the borrower offers up an asset, such as a car or jewellery, as collateral or security. If the borrower fails to repay the loan, the lender can then seize the asset to recoup its losses.
Some lenders are able to approve applications with little documentation and within minutes. However, there is a catch. People who take out easy/instant loans generally pay higher interest rates and are restricted to lower amounts than people who follow a traditional borrowing process.
Few, if any, lenders would be willing to give guaranteed approval for a bad credit personal loan. Borrowers with bad credit histories can have more complicated financial circumstances than other borrowers, so lenders will want time to study your application.
It’s all about risk. When someone applies for a personal loan, the lender evaluates how likely that borrower would be to repay the money. Lenders are more willing to give personal loans to borrowers with good credit than bad credit because there’s a higher likelihood that the personal loan will be repaid.
So a borrower with good credit is more likely to have a loan approved and to be approved faster, while a borrower with bad credit is less likely to have a loan approved and, if they are approved, may be approved slower.
In some instances, bad credit personal loans can help people with bad credit history to consolidate their debts, which can help make it easier for them to clear those debts. This is because the borrower might be able to consolidate several debts with higher interest rates (such as credit card loans) into one single debt with a lower interest rate and potentially fewer fees.
However, this strategy can backfire if the borrower spends the loaned funds instead of using it to repay the new loan. Another disadvantage of bad credit personal loans is that they have higher interest rates than regular personal loans.
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.
It’s unusual for a lender to provide a personal loan of above $100,000, although there is no formal limit. As with all lending products, each lender sets its own policies, while each borrower is assessed on a case-by-case basis.
The Australian personal loans market contains dozens of lenders offering several hundred different products. Personal loans are available through a range of institutions, including:
- The big four banks (ANZ, Commonwealth Bank, NAB and Westpac)
- Smaller banks (such as Bank of Queensland, Bendigo Bank and MyState)
- Mutual banks (such as Heritage Bank, Greater Bank and Newcastle Permanent)
- Credit unions (such as People’s Choice Credit Union, BCU and Community First Credit Union)
- Non-bank lenders (such as Pepper Money, Liberty and RACV)
- Peer-to-peer marketplaces (such as Harmoney, SocietyOne and RateSetter)
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.