Last Updated on July 1, 2024 by admin
Are you searching for how to One of leading Australia and New Zealand top financial institutions Westpac bank personal loan and requirements?
Westpac bank has unveiled a personal loan which enables customers to meet their financial needs, it can be used for Consolidate debts,Renovations,Fund a new or secondhand car – even repairs on the car you already own. The credit facility comes with flexible repayment and interest.
The loan enables borrowers to sort out both home and outdoor bills and it is categorized into Unsecured Personal Loan, Car Loan, Flexi Loan and Overdraft. Customers can Borrow up to $4,000 – $50,000 and it doesn’t come as collateral like cars or houses. The Interest rate is up to 8.99% p.a. (comparison rate 10.17% p.a.^) fixed for 1-7 years.
whether that’s a tropical getaway, a new kitchen or to consolidate and simplify your outstanding debts – you might be thinking about a personal loan. But what’s the difference between an unsecured personal loan and a secured personal loan and what does it mean for you?
Read: Westpac cardless Cash withdrawal: How to withdraw money without Card
Types of Westpac personal loan
There are various type of personal loan offer by Westpac bank which include the following
1.Electric Car Loan
2. Unsecured personal loan
3.Car Loan
4.flexi loan
5.overdraft
1.Westpac Unsecured Personal Loan
You can get the following
1. Borrow $4,000 – $50,000 with no need to offer a car as security
2. Fixed interest rate range from 7.99% p.a. to 17.49% p.a. (comparison rate range from 9.18% p.a. to 18.62% p.a.^)
3. The bank can give you your personalised rate and estimated repayments before you apply, that’s based on your credit score and the loan details you provide
b.Westpac secured personal loan
Westpac secured personal loan is called that because it’s secured against something you own – like your house or car. That means if you can’t repay the debt for some reason, the lender could sell the asset to get their money back
Also read: How to register for westpac bank Online and Mobile App
2. Westpac Car Loan
This kind of offer by westpac has fixed rate from 5.99% p.a. (comparison rate 7.20% p.a.^) when you use a Westpac Car Loan to purchase an eligible electric or hybrid vehicle.
Why choose a Westpac Car Loan?
1.Fixed interest rate range from 5.99% p.a. to 10.99% p.a. (comparison rate 7.20% p.a. to 12.16% p.a.^)
2. 1% discount~ for eligible electric and hybrid cars
3. We can give you your personalised rate and estimated repayments before you apply, that’s based on your credit score and the loan details you provide to us. Get my rate.
4. Borrow $10,000 – $100,000 for a new or used car (conditions apply) 4
5. Weekly, fortnightly or monthly repayments – to align with when you’re paid
6. A fixed rate means your repayments stay the same and you know the end date
3. FLEXI LOAN
The Westpac flexi loan is a line of credit facility you can access when you need to, without having to reapply. Each Flexi Loan has a set credit limit but no fixed term or end date. You can withdraw from your Flexi account up to your credit limit and repay in your own time, provided you make the minimum monthly repayment.
How does Flexi Loan work?
A Westpac Flexi Loan is a line of credit that gives you:
1.A dedicated account with a credit limit of $4,000-$50,000
2.An interest rate of 16.49% p.a. on the funds you use
3.Term plans to help you plan to repay what you borrow
4.A flexible way to access credit that’s ready when you are.
4. OVERDRAFTS
With an overdraft on your account you might be able to cover some of life’s unexpected circumstances. An overdraft is a line of credit that covers your transactions if your bank account balance drops below zero. Westpac bank temporary overdraft lets you access extra funds through your bank account for up to 45 days to help cover short-term financial shortfalls. Though this product is currently not for sale.
Also read: Westpac – How to send and Transfer money, Deposit Cheque and Pay bills
5. Hybrid and Electric Car Loan
Westpac offers a fixed rate from 4.99% p.a. to 9.99% p.a.~ (comparison rate 6.21% p.a. to 11.16% p.a.^) when you use a Westpac Car Loan to purchase an eligible electric or hybrid vehicle.
Why choose our loan for your hybrid or electric car?
1.Loan amount of $10,000 – $100,000 for an eligible new or used hybrid or electric car
2. Fixed rate from 4.99% p.a. to 9.99% p.a.~ (comparison rate 6.21% p.a. to 11.16% p.a.^) over 1-7 years
3.We can give you your personalised rate and estimated repayments before you apply, that’s based on your credit score and the loan details you provide to us. Get my rate.
4.Online application response in 60 seconds
5.Fixed interest and set loan term make it easier for you to plan ahead
Summary of Westpac Personal Loan :
1. Unsecured Personal Loan
Use this loan for a large purchase or consolidating debt.
Key Numbers:
1.Interest rate range 7.99% p.a. to 17.49% p.a fixed
2.Comparison rate range 9.18% p.a. to 18.62% p.a.^
3.Flexible loan term 1-7 years
4.Borrow: $4,000 to $50,000
2 Car Loan
Use this loan to buy a new or used car (less than 7 years old). Preferential rates for eligible electric and hybrid cars.
Key Numbers:
1.Petrol/diesel/LPG interest rate range 5.99% p.a. to 10.99% p.a. fixed
2.Comparison rate range 7.20% p.a. to 12.16% p.a.^
3.Eligible electric/hybrid vehicles 1% discount~
4.Borrow: $10,000 to $100,000
3.Flexi Loan
A flexible way to access funds. Pay interest only on the funds you use.
Key Numbers:
1.Variable interest rate – 16.49% p.a.
2.Comparison rate -Not applicable
3.Flexible loan term -No maximum
4.Line of credit between- $4,000 to $50,000
Requirement to apply for Westpac Personal Loan
Before you apply, Make sure you’re eligible to apply
1. You’re aged 18 or over
2.You have permanent residency in Australia/New Zealand OR;
3.You’re a non-resident or migrant and hold an acceptable Visa with a minimum 1 year before expiry
4.You have a regular, verifiable Australian taxable income
5.You have a fixed, verifiable residential address in Australia.
