Compare Personal Loans Australia

Westpac Personal Loans




Westpac, or Western Pacific Banking Corporation, is of the largest general banks in Australia by market capitalisation.  It also has an international presence, particularly in the Pacific region (is is the second largest bank in New Zealand).  The merger with the St. George bank put it in a dominant position in the Australian market; with 10 million customers, Australia’s biggest branch network of 1200 branches and a network of more than 2800 ATMs. 

Westpac is Australia’s second largest bank by home lending volume and the Dow Jones sustainability index recognises it as the second most sustainable bank in the world.  Westpac offers a variety of personal loans including an unsecured personal loan, secured personal loans, temporary and personal overdrafts, car and boat loans, flexi loans and green loans.

The unsecured personal loan advertises itself as having a quick approval claiming that a conditional approval will be within minutes on the phone.  It has a $250 establishment fee and a $7.50 monthly service fee.  It allows for a number of purposes including debt consolidation, holidays, household purchases, weddings and education costs.  They also allow for a combination of purposes.  The terms are between one and seven years.  If the original term is more than two years, but the loan is paid off within two years then there is a prepayment fee of $175, although this fee can be waived if an additional loan is taken with Westpac within two years of the original loan.  All fees are added to the loan amount.

Secured personal loans have a lower interest rate, although they have the same establishment and monthly service fee which are added to the loan but not included in the interest charges.  Up to $100,000 can be borrowed.  The interest rate is fixed and the term of the loan can be between one and seven years, and the prepayment fee may be payable for loans of more than two years.  Cars and real estate can both be used as security. 

Car loans can be used against a new or second hand car.  Up to $100,000 can be borrowed and the same monthly and establishment fees are being charged.  New car loans are marginally lower than used car loans.  Boat loans are also available up to $70,000.

Flexi loans are a line of credit. They are offered between $4,000 and $75,000 with an establishment fee of $150 and a monthly fee of $5.  Personal and temporary overdrafts are also available, and like the flexi loan interest is not charged on the credit limit but on the amount taken out.

Green personal loans and green car loans are offered under the Federal Government’s green loan programme.  They have to be spent on approved cars and domestic goods. 

Need a feel for now much you can borrow and how long your loan will take to pay off? Our personal loan repayments calculator will allow you to work out your
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The brand and logo are trademarks of Pixel Capital Pty Ltd. Operated by Credit World Ltd ABN 11 128 435 861, Australian Credit Licence Number 397589, Credit Ombudsman Service Number M0008295.

* The products compared on this page are chosen from a range that has access to track applications from and is not representative of all the finance products available in the market. You should always consider seeking independent financial advice and your personal financial circumstances when comparing loan products.

Reasonable efforts are made to maintain accurate information. However, information is presented without warranty. When you click on the "Apply Now" button you will have an opportunity to review the product terms and conditions on the product issuer's web site. Even though we provide information on financial products in Australia we are not a credit provider nor are we suggesting that you apply for any particular product from any of the providers listed.