Westpac Personal Loans

The approved funds of a personal loan can be used for any number of personal reasons whether you want to take a holiday, plan a honeymoon, extend your home or put a new car in the driveway of that home the choice is yours. As a result your choice of personal loan provider is also a very personal one so as you make comparisons of the personal loans on offer from Australian providers, consider the types of loans on offer from Westpac too:

• An unsecured personal loan.
• A secured personal loan.
• Car loan and boat loan options.
• A line of credit loan.

The Westpac unsecured personal loan features:

• An online application option which will notify you of approval within 24 hours.
• An over the phone application which can be approved in just minutes.
• You can apply as an individual or for a joint loan.
• A fixed interest rate so you can plan for your repayments. A loan term of us to seven years.
• A discounted interest rate if you are an eligible student.

The Westpac secured loan:

• Is secured against the asset usually a car or a boat.
• If you are buying a new car you can enjoy a discounted interest rate.
• Can be used to buy a used car.
• Offers a fixed interest rate which is lower than an unsecured loan because you are less of a risk.
• You can apply individually or in a joint application.

The Westpac Flexi Loan is a line of credit which features:

• A revolving line of credit which remains preapproved and available whenever you need to access the funds.
• You can access redraw facilities.
• There is no fee for additional withdrawals or for repaying your loan early.
• You only pay for the amount of credit you have used and pay 2% of the monthly closing balance or $10, whichever is greater.
• You can only apply in an individual application.

How to Compare Westpac Personal Loans

Each Westpac personal loan option has a very different intention and as a result the features have been tailored for each type of user. To ensure your personal loan use is smooth and as affordable as possible, make sure you compare your personal loan options based on your needs, to choose the product which has been tailored to you.

To compare personal loans:

• Decide between secured and unsecured. This choice will be determined by what you intend to use your personal loan funds for because you can only secure a loan against an asset like a car or boat, and you cannot choose a secured loan for a holiday for example. However, you can choose an unsecured car loan, so decide whether you want the freedom of an unsecured loan, or the more affordable interest rate of a secured loan.
• Decide between fixed and variable. A fixed interest rate personal loan will have the same repayments for the term of the loan allowing you to budget more easily, while a variable interest rate will move with official rate decisions, which could save you money if rates go down.
• Decide if you have the discipline for a revolving line of credit. You could benefit from having a line of credit preapproved to help out in emergencies or make your home renovation payments easier. However, it is also easy to forget that the entire amount you use has to be repaid, and you need to be able to keep track of what you spend, and make sure you can afford to repay that amount, with interest.

For more information about Westpac personal loans, view the Personal Loan Finder comparison tables here, or follow our secure links to the Westpac website to apply now.

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