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The maximum you will be charged is a flat 20% Establishment Fee and a flat 4% Monthly Fee. The maximum comparison rate on loans between $300 and $2000 is 199.43%
*Warning: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different rate.


About Westpac

Westpac holds the distinction of being the first bank to be established in Australia back in 1817 (called the Bank of New South Wales at that time). The company provides various financial products and services to individual, business, and corporate customers, including banking, loans, and wealth management. Under personal banking services, Westpac offers home loans, bank accounts, credit cards, personal loans, and insurance services. Personal loans offered by the lender include unsecured personal loans, car loans, Flexi loans, and overdraft facilities. 

Key Features

Unsecured Personal Loan

Westpac offers unsecured personal loans with the following features:

  1. Loan amounts between $4,000-$50,000
  2. Loan term offered spans between 1-7 years
  3. Repayments allowed on a weekly, fortnightly, or monthly basis
  4. The fixed interest rate of 11.99% (comparison rate 13.15%) per annum
  5. The loan can be used for various reasons, including consolidation of debt, traveling, buying a car, or for any other personal expenses. 
  6. Early repayments are allowed (although borrowers may incur charges)
  7. The loan amount is available in the borrower’s Westpac bank account (if they have one) within an hour of final approval. 

Car Loans

Car Loans being offered by Westpac have these features:

  1. Fixed and lower interest rate compared to unsecured loans
  2. Borrowing allowed for a loan amount between $10,000-$100,000, up to 110% of the car’s value to pay for supplementary purchase costs as well, such as insurance
  3. The loan can be used to purchase a used or new car
  4. The lender allows a loan term between 1-7 years, depending upon certain conditions
  5. Repayments can be made weekly, fortnightly, or monthly, depending upon borrower’s convenience
  6. Complimentary checks offered by the lender to verify the reported history of the car
  7. Payments to the seller are managed by the lender on the borrower’s behalf

How Much Does A Westpac Loan Cost?

Westpac charges a fixed 11.99% (comparison rate 13.15%) per annum rate on its unsecured personal loan. Westpac charges a fixed interest rate of 8.49% (comparison rate of 9.67%) per annum on a car loan. 

Additionally, it also charges an establishment fee of $250 and a monthly admin fee of $12.

A loan with a term exceeding 2 years, if fully repaid within 2 years, would also incur an early repayment fee of $175. However, the bank waives this fee if the loan is repaid by refinancing with another loan taken out through Westpac. 

Other fees may also apply in cases including overdrawn accounts, outward dishonor, inward dishonor, over limit, prepayment, missed payment ($15), declined direct debit, bank cheque ($10), cheque dishonor, request for information ($10), and request for a duplicate statement ($2).

The following table illustrates the total amount borrowers can expect to repay on a Westpac unsecured personal loan, including any establishment and recurring monthly fees.  

Loan Type Loan AmountLoan TermTotal Repaid
Unsecured$5,0003 years$6,710
Unsecured$15,0003 years$18,662
Unsecured$30,0005 years$41,082
Unsecured$45,0007 years$68,082
Car Loan$50,0003 years$57,552
Car Loan$30,0005 years$37,974

Pros and Cons

The following pros can be derived from the loan services being offered by Westpac:

  1. Allows car loans of up to 110% of the value of the car
  2. Complimentary checks on the reported history of a car
  3. Low fixed interest rates
  4. Available to those who are not permanent residents or citizens of Australia (in some cases.

The following cons pertain to loans provided by Westpac:

  1. Charges an early repayment fee in some cases


Does Westpac offer variable interest rate loans?

No. Only fixed-rate loans are offered. 

Can I use a Westpac unsecured personal loan to consolidate debt?

Yes, Westpac’s unsecured personal loan can be used for debt consolidation purposes as well.

Does Westpac offer secure personal loans?

Yes, the car loan offered by Westpac is a form of secured personal loan.

Can I make early repayments on a Westpac loan?

Yes, but the lender may charge additional fees in case a loan with a term of more than 2 years is fully paid before 2 years.

Eligibility Criteria

The following eligibility criteria apply. Applicants must:

  1. Be over the age of 18
  2. Be employed with an annual income exceeding $35,000 (car and Flexi loans don’t have any specific income threshold)
  3. Be an Australian permanent resident/citizen or have an acceptable visa to live and work in Australia (as defined by the lender)
  4. Have a valid Australian driver’s license (for car loans only)

Your car is eligible if it is:

  1. Younger than 7 years of age
  2. Manufacturer-imported
  3. Not written off throughout its history
  4. Valued sufficiently for the requested loan amount
  5. Has a price of greater than $10,000
  6. Has a comprehensive insurance policy. 

Customer Support

Personal customers can call 132 032 or 1300 655 505 for any general inquiries, 8 AM – 8 PM, all 7 days of the week. Customers can also submit online feedback/complaints on their website.

Application Process

To apply for a personal loan, applicants will need to provide the following information:

  1. Details pertaining to the current employer
  2. Tax information (in case you are self-employed)
  3. Weekly income on a post-tax basis
  4. Details pertaining to personal assets, including savings and other investments
  5. Debt information
  6. Details pertaining to regular expenses

The lender may require additional information as well from some borrowers. 

Applying for a personal loan includes the following steps.

Step 1 – Submit the application form

This can be done online, in person at the nearest Westpac branch, or over the phone by calling 132 651 between 8 AM – 8 PM on all days of the week. 

To apply online, visit their website and click on the Apply now button, as shown on the bottom-right corner in the image below. 

Follow the steps and submit the form. 

Step 2 – Conditional approval

In case you receive conditional approval, the lender may request additional documentation. After verification, the lender will send a loan contract. Carefully review this and send back your acceptance. 

Step 3 – Receive funds

Westpac will dispatch funds after receiving your approval for the loan contract. These should reach you within 1-3 business days. 

To apply for a car loan, follow these steps.

Step 1 – Apply Online 

Go on their website, and click on the Apply Online button, as displayed on the bottom-right corner of the image below.

Filling out the application form should take about 10 minutes of your time. A decision will be communicated to you in approx. 2 business days. 

Step 2 – Affordability assessment

Once the lender has provided you with conditional approval, use the car search tool available on the website to verify the value of your chosen vehicle model. This should give you a rough estimate of the value of your chosen vehicle, making it easier for you to find one in the market. 

Step 3 – Finding your car

The lender allows borrowers 30 days to find a suitable vehicle. Comprehensive insurance must also be taken out before loan settlement. 

Step 4 – Make payment

Borrowers are given the option to release the entire payment to the seller, all at once, or at a later time through a cheque or an electronic transfer.