If you’ve decided to take out a loan with Westpac, you can either apply online, over the phone or in your local branch, giving you options to choose from in this space. It’s important to know how the process of applying works and what the key steps are for doing so to help you prepare most effectively and increase your chances of an immediate positive application status. For instance, not having all the information you need can delay the process. The steps to follow are:
Ensure you’re eligible
There’s little point in investing time and effort into an application if you end up being ineligible. Make sure you meet the following criteria:
- You’re at least 18 years old
- You’re a citizen or permanent resident of Australia or New Zealand or a temporary resident with a valid visa with at least 12 months remaining
- You’re earning a stable income
- You have a fixed living address in Australia
Double-check your credit history
It’s worth having a look over your credit file and score to see if there are any mistakes or inconsistencies which need to be remedied. Things such as incorrectly attributed defaults can seriously harm your score and prevent you from being approved, so you should always make sure these are corrected if they appear.
Submit your application
Once you have all the information you need via your documents, you can start filling out your application form online. This should only take you around 15 to 20 minutes to complete and, once done, you can submit and await your outcome.
Receive an outcome and have your details verified
This will only take around 60 seconds to come, so you won’t be stuck waiting on your application status for long. If Westpac is satisfied with the application and conditionally approves it, your documents will be verified online, especially your financial statements. Once this is complete, the process can move onto the next step.
Sign your contract and receive your funds
Upon formal approval, you’ll be forwarded a loan contract to sign electronically and return to Westpac confirming the details of your finance agreement. After you return this, your loan can be advanced directly into your account for your personal use.
Before applying with Westpac, it’s worth considering your options by comparing with Savvy. This will help position you to make an informed choice on the loan which is best suited to you.