Consider your personal loan options right here with Savvy and find out more about Westpac’s finance offers right now.
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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.
Your loan will come with a minimum interest rate of 7.99% (9.18% p.a. comparison), although the actual rate you’re approved for will vary depending on your profile.
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.
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.
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.
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.
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.
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.
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.
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.
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).
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.
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.
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:
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.
When applying for a personal loan, you’ll need to supply the following pieces of documentation:
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