Westpac Personal Loans
What personal loans does Westpac offer?
Westpac currently offers one personal loan product at the time of writing – an unsecured personal loan.
Unsecured personal loan
At the time of writing, Westpac’s unsecured personal loan allows you to apply for an amount between $4,000 and $50,000, with the choice of loan terms between one and seven years. You can also choose to make repayments weekly, fortnightly or monthly, with the option to make extra repayments to pay off that loan sooner (a prepayment fee may apply).
What can you use Westpac’s personal loans for?
Westpac’s unsecured personal loan can be used for many important life events and other purposes, such as:
- Buying a car
- Debt consolidation
- Home renovations
Personal loans are a way of borrowing money with a structured repayment program. A personal loan with Westpac could give you access to more money to pay for these major life events.
Check the personal loan product disclosure statement (PDS) from Westpac to see what you can and can’t take out a personal loan for.
On Westpac’s unsecured personal loan, the minimum loan term is one year while the maximum is seven years. These loans must be for amounts between $4,000 and $50,000.
There are a number of fees to be aware of when taking out an unsecured personal loan with Westpac:
- An establishment fee of $250
- A monthly service fee of $12
Some fees can also apply in certain circumstances, such as a prepayment fee of $175 on a personal loan with a term longer than two years when the borrower repays the loan in less than two years. Other fees may apply. Check current fees with Westpac before applying for one of its personal loans.
Yes, Westpac personal loans require minimum monthly repayments, which you can see in the table of Westpac’s personal loan products above.
Applying for a Westpac personal loan is straightforward; you can do it online after visiting Canstar’s comparison tables. When applying for a personal loan with Westpac (or most providers in Australia for that matter), you generally need to meet the following criteria:
- You must be 18 years or old
- You must live in Australia
- You must be an Australian or New Zealand citizen or a non-resident holding a Temporary Residency Visa who has confirmed employment.
- Hold a regular permanent income and good credit rating (see here for more info on how to get a good credit rating)
- Show an ability to afford your loan repayments
- Take out a loan of at least $4,000
If done online, the application process can take as little as 10 minutes, provided you have everything on hand. You may need to provide documents and ID such as:
- A current driver’s license
- Details of your current and previous (if applicable) employer
- Details of your income, assets, expenses and liabilities
- Previous tax returns if you are self-employed
You may also require your current account number for Westpac if you’re an existing member.
Westpac was Australia’s first bank, and its first officially incorporated company. Established in 1817 as the Bank of New South Wales, Westpac now serves around 13 million customers. Westpac is one of the big four Australian banks and it owns a number of other banking brands including St. George, Bank of Melbourne, BankSA and RAMS.
Westpac provides financial solutions for not-for-profit businesses and long-term group community partnerships.