Westpac Personal Loan Review

Consider your personal loan options right here with Savvy and find out more about Westpac’s finance offers right now.

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, updated on October 4th, 2023       

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Westpac is one of the largest lenders in Australia, serving as one of the country’s Big Four banks and offering a vast array of products ranging from banking to home, business and personal finance to insurance and more.

It’s crucial to consider your options when it comes to securing your ideal personal loan, which is where Savvy comes in handy thanks to our comprehensive comparison service and lending partners.

We break down loan offers so you can find yourself in a better position to make an accurate call on which deal is the best for your needs, so start comparing loans today and see the funds hit your account sooner.

*Please note that Savvy does not represent Westpac for their personal loan product.

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The features and benefits of Westpac personal loans

Interest rates starting at 8.99% p.a.

Your loan will come with a minimum interest rate of 8.99% (10.17% p.a. comparison), although the actual rate you’re approved for will vary depending on your profile.

Borrow up to $50,000

With a personal loan, you’ll be able to borrow as much as $50,000 to use however you see fit, with amounts starting from as little as $4,000 to make them suitable for any need.

Take up to seven years to repay

You can choose the term over which you service your loan debt, from as little as one year up to as many as seven, to ensure your repayments remain comfortable for you.

No security needed

These loans are unsecured, meaning you won’t be required to use your car or another valuable asset you own as collateral for the loan if you don’t have one or prefer not to.

Fixed interest rates

With your interest rate being locked in from the outset of your repayment term, you won’t have to worry about fluctuating rates and instalments with increasing costs.

Choose your ideal repayment frequency

Decide whether you’d like to pay your loan off in weekly, fortnightly or monthly instalments, with many choosing to do so in line with their income frequency.

The pros and cons of Westpac personal loans


Line of credit available

You’re not just limited to a standard personal loan with Westpac, as they also have a line of credit product available to customers seeking out greater flexibility with their finance.

Fast online outcomes

Once you’ve submitted your application online, you can receive an outcome in as few as 60 seconds so you can know instantly whether you’re able to proceed.

Direct debit payments

There’s no need to stress about submitting all of your repayments on time, particularly if you’re doing so weekly, as you’ll be able to set up direct debits to pay Westpac.


Early repayment fees may apply

If you take out a loan with a term of more than two years and pay it out in full in less than 24 months, you’ll be required to pay a $175 fee (doesn’t apply if refinancing to another Westpac personal loan).

Establishment and ongoing monthly fees

Once your loan account is opened, you’ll be hit with an establishment fee of $250 to be paid, as well as a steep monthly fee of $12 which can add up to hundreds of dollars.

Not for borrowers with bad credit

If you’ve struggled with credit in the past, Westpac won’t be able to approve your application, even if it’s slowly on the mend, so you’ll be required to look elsewhere.

More about Westpac personal loans explained

What’s the process of applying for a personal loan through Westpac?

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.

Which documents will I need for my personal loan application with Westpac?

When applying for a personal loan, you’ll need to supply the following pieces of documentation:

  • Photo ID: items such as your driver’s licence or passport to confirm your identity
  • Proof of income: this can be one of either:
    1. Two payslips from within the past two months
    2. A pension statement from within the past two months
    3. Proof of self-employment over the last 18 months, as well as two months of business bank statements and a Notice of Assessment from the previous year
    4. At least three months of rental income
  • Asset information: things like property, savings and other investments
  • Liability information: things like outstanding mortgage, personal loan or credit card debts
  • Expense information: what you usually pay month-to-month towards your living expenses

Common personal loan questions answered

How does a Westpac personal line of credit work?

Westpac’s Flexi Loan is an ongoing line of credit which allows you to be approved up to a limit of $50,000 and draw funds until you reach your limit whenever you like. You’ll only have to pay interest on the amount you use, rather than the full $50,000, and won’t incur any fees for paying above the required minimum amount. Also, because this credit line is revolving, it can remain open indefinitely. However, interest rates are higher at 16.49% p.a. and are variable, as opposed to the standard fixed interest rates on their unsecured personal loan.

How much will I be able to borrow with my personal loan?

Your borrowing power will be determined by a range of factors, namely your income, credit history, liabilities, expenses and employment stability. You can use Savvy’s borrowing power calculator to give you an idea of what you might be able to borrow based on some of these factors. Additionally, our personal loan calculator can help you work out how much loans of different sizes and terms will cost.

Can applying with a guarantor boost my chances of approval?

Yes – if you’re a new borrower or your credit history is either imperfect or underdeveloped, a guarantor on your personal loan can significantly increase your approval chances. This is because they add an extra layer of security to your agreement, reducing the risk taken on by your lender in approving you.

What if I’ve been self-employed for less than 18 months?

If you don’t meet your lender’s requirements when it comes to self-employment, such as not operating for long enough or not having the required tax returns or other business financials, you may be required to apply for a non-conforming loan, namely a low doc personal loan. However, there are lenders operating in the market who can approve applications for businesses who have only been trading for as few as six months (or even fewer).

Is there any way to get a loan fee- or interest-free?

While there are loan offers available which don’t charge any establishment or ongoing fees, the same can’t be said of interest. There isn’t really such a thing as an interest-free personal loan beyond select government initiatives which you could take out for your business.

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