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Westpac personal loans
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.
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Why choose Westpac
Westpac Personal Loans
Loan amount
Loan term
Credit score
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7.99%
up to 20.49%
9.18%
up to 21.61%
$608
Australian Credit Licence 233714
Fees & charges apply
Unsecured Personal Loan
- 1 to 7 years
- Unsecured
- Fixed Rate
- Instant approval
16.99%
14.86%
$745
Australian Credit Licence 233714
Fees & charges apply
Flexi Loan
- 1 to 5 years
- Unsecured
- Variable Rate
- Instant approval
Personal Loans calculator
Use our personal loan calculator to see how much you’d have to repay under different borrowing scenarios.
Your estimated repayments
Total interest
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Total repayments
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- This is an estimate of how much you would pay (weekly/fortnightly/monthly) based on your borrowing amount, interest rate and loan term.
- Calculations assume that details entered into calculator, including interest rates, do not change for the lifetime of the loan.
- Interest is calculated by compounding on the same frequency as the repayment selected, i.e. weekly, fortnightly or monthly.
- Months are assumed to be of equal length. However, given that some months are longer than others, interest charged by vary depending upon the month.
- The calculation rounds of the personal loan repayment to the closest dollar value without decimals.
- All calculations are estimates only; there are no guarantees, pre-qualifications or pre-approvals for borrowing. All results are based solely upon the data entered into the calculator.
- Your final mortgage repayments or borrowing amount will depend on your lender’s eligibility criteria among other factors.
- Calculator does not include the cost of fees or other extra charges.
- Calculator does not account for changes to interest rates over time.
- This calculator is for information purposes only. Any advice is general and has not taken into account your personal circumstances. Read our full disclaimer.
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
- 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.
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^Words such as "top", "best", "cheapest" or "lowest" are not a recommendation or rating of products. This page compares a range of products from selected providers and not all products or providers are included in the comparison. There is no such thing as a 'one- size-fits-all' financial product. The best loan, credit card, superannuation account or bank account for you might not be the best choice for someone else. Before selecting any financial product you should read the fine print carefully, including the product disclosure statement, target market determination fact sheet or terms and conditions document and obtain professional financial advice on whether a product is right for you and your finances.