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Westpac |
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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. |
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