Westpac bank personal loan

How to get Westpac bank personal loan and requirements

Last Updated on August 13, 2021 by admin

One of leading Australia and New Zealand top financial institution, Westpac bank has unveiled their personal loan which enable customers meet their financial needs. The credit facility come with with flexible repayment and interest.

The credit facility enable borrowers sort out both home and outdoor bills? and it categorize into Unsecured Personal Loan, Car Loan, Flexi Loan and Overdraft. customers can Borrow up to $4,000 – $50,000 and it doesn’t come collateral like cars or house. the Interest rate is up to 8.99% p.a. (comparison rate 10.17% p.a.^) fixed for 1-7 years.

The loan can be used for the following purpose such as Consolidate debts,Renovations,Fund a new or secondhand car – even repairs on the car you already own:

• Consolidate debt: there are times you will be caught off guard with late salary payments or house rent without paying, these situations can mostly be embarrassing as your landlord could decide to be inconsiderate by evicting you

• Buy a car: staying in an environment where their distance and sometimes crowds will force you to resume at the office late can get you in trouble someday, why not get a loan to purchase a car and save yourself the stress of clinging to a public transport every day. Under this category, there is a personal loan for motorcycles and personal loans for boats/jet skis

• Travel and renovations: you can also apply for a loan for long-distance travel and also repair part of your house, car, and even a whole lot of domestic things.

• Wedding: you want your wedding to be the talk of the town, and sometimes the reason you have not taken your spouse to the aisle might be a lack of funds, Westpac will provide you money to arrange and plan your occasions without fuss.

Fee type

. Establishment and documentation fee : $100
. Loan payment failed fee :$10
. Overdue payment p.a. You will be charged default interest in addition to the normal . interest rate on any overdue balance until the overdue balance is paid. 5%
. Make a lump sum payment :$0
. Pay off loan early: $0

Types of Westpac personal loan

The various type of personal loan offer by Westpac bank include the following:

. Unsecured Personal Loan
. Car Loan
. Flexi Loan
. Overdrafts

Benefits of getting Westpac unsecured personal loan

1. No collateral: the loan does not require submission of any asset or home as collateral if you fail to pay up the loan.
2. Low-interest rate: Westpac bank interest is relatively lower than most banks especially if you are paying much using on your credit card, you could as well use a personal loan to help you save and reduce debts.

3. Repayment package: the bank offers you an easy method of repaying your loan, you can decide to schedule the payback on a weekly or daily basis. This will help you not to focus all your money on paying back the loan.
4. Fast processing: it seems like a fuss but the bank personal loan can be gotten within an hour of request. This is dependent on meeting the requirements.

Reading this post now surely makes you want to get started, lets quickly look at some of the requirements to get an unsecured personal loan

Interest rate:

The Westpac bank Unsecured Personal Loan has a fixed at 8.99% p.a. (comparison rate 10.17% p.a with loan tenor for 1-7 years

Requirements for Westpac personal loan

Before you apply for the Westpac personal loan, you must meet the requirements stated below:

1. You must hold Australian citizenship or provide documents indicating you are a resident of the country.

2. The age limit is set 18+
3. You must have a steady source of income
4. Must have a good credit score, this show that you are not in debt
5. Personal information which includes your employment status.
These are the minimal requirements and is usually updated by the bank

How to apply

The application can be done in two ways, via the bank online platforms and a physical visit to the nearest bank branch.

 

Car Loan

Westpac bank car loan has a fixed at 6.49% p.a. (comparison rate 7.69% p.You can borrow up to $10,000 – $100,000 for a new or used car … The Car Loan comes with a fixed rate, meaning that you have the certainty of a set repayment amount throughout the life of the loan. You can also make extra repayments to pay off your loan faster, giving you the best of both worlds (prepayment fee may apply#).

Car loan fees

.Annual fixed rate—-6.49% p.a.
. Comparison rate—-7.69% p.a.
. Establishment fee –$250
. Monthly service fee –$12

 

How to buy a car with a Westpac Car Loan

1. To buy your dream car with Westpac Car Loan simply apply for it via online:

2. Fill in your details and the amount you’d like to borrow. It only takes 10 minutes and we’ll contact you regarding our decision, usually within 2 business days.

 

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.

It give gives you:

. A dedicated account with a credit limit of $4,000-$50,000
. An interest rate of 16.49% p.a. on the funds you use
. Term plans to help you plan to repay what you borrow
. A flexible way to access credit that’s ready when you are.

Fess for Flexi loan

. Annual variable rate 16.49% p.a.
. Establishment fee $150##
. Monthly service fee (only charged once you start using the loan) $12
. Missed payment fee $15
. Redraw NIl
. Bank cheque fee $10
. Over limit fee $15

OVERDRAFTS

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. Borrower can get the following features:

. Borrow from $250 to $50,000
. 14.09% p.a. variable interest rate
. No security required
. $0 service fee when you spend within the agreed temporary overdraft limits and repay on time