Westpac Bank Loans Review

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Westpac Bank allows you to receive loans which can be used for almost any purposes.

Including debt consolidation, buy a car, travel, renovations, wedding expenses, etc.

Westpac Bank Loans Review

Westpac Bank Unsecured Personal Loan: You can borrow from $4,000 up to $50,000 to repay between 1 and 7 years.

You do not need to pledge an asset for an unsecured personal loan which means you do not lose the possession of your property when you fail to repay. The rate is fixed and since the interest rate you will be charged is less than standard credit cards, you can try consolidating your multiple debts onto a personal loan to save on interest.

Car Loan: You can borrow from $10,000 up to $100,000 with a fixed interest rate to repay between 1 and 7 years after offering up your car as security. Since you reduce risk for the lender, you will be charged a lower interest rate. If you default, the lender has a right to take the possession of you car.

Westpac Flexible Loan: You can borrow from $4,000 up to $50,000 with a variable interest rate which means the interest you pay may change due to market conditions over the life of the loan. If you want to repay the total amount earlier, you will not be charged any break costs or early repayment fees.

Amount You can Borrow

When you apply for a loan, while deciding the amount you can borrow, to assess your repayment ability, Westpac considers several factors including:

  1. Personal situation (whether you have any dependents)
  2. Your income (your salary plus any additional sources of income)
  3. Expenses and financial obligations (rent or mortgage payments, other debts, etc.)

Westpac Bank Home Loans

Whether you are buying your first house or your next house, home loans issued by Westpac allows you to purchase your dream house.

The loan amount you can get depends on several factors including:

  1. If you are borrowing by yourself or with someone else,
  2. Purpose of property (tol ive in or investment)
  3. Your income
  4. Your expenses

The interest rate you will be charged has two types and depends on your loan deal:

Fixed interest rates:

  • Owner occupier: 3.18% p.a. (2 years)
  • Investor: 3.49% p.a. (2 years)

Variable interest rates:

  • Owner occupier: 3.43% p.a.
  • Investor: 3.74% p.a.