Westpac Flexi Loan
Variable rate
Big plans? Sudden bills? Apply once to get up to $50,000. Keep interest low by drawing only what you need, when you need it.
- Interest rate a year, from
- 18.99%
- Comparison rate, from
- Not published
- Establishment fee
- $150
- Monthly fee
- $12
- Borrow
- $4,000 to $50,000
Monthly repayment
$20,000 over 3 years
What it would cost
At the lowest published rate of 18.99%, including the monthly fee. The rate you are offered depends on your circumstances, and the establishment fee is not included.
- Monthly repayment
- $745
- Total repayments
- $26,821
- Interest and monthly fees
- $6,821
Loan details
Rates
- Interest rate (a year)
- 18.99%
- Comparison rate (a year)
- Not published
- Rate type
- Variable
- Security
- Not published
Limits and fees
- Loan amount
- $4,000 to $50,000
- Loan term
- 1 year to 5 years
- Establishment fee
- $150
- Monthly fee
- $12
How it compares
Against the other personal loans we compare. Typical means the middle half of them.
Cost of $20,000 over 5 years
$11,992
Interest and fees at its starting rate. Typical is $5,513.
Setup fee
$150
A typical setup fee is $150.
Monthly fee
$12
A typical monthly fee is $8.
Most you can borrow
$50,000
Typically you can borrow up to $60,000.
Longest term
5 years
7 years is the usual longest term.
Pros and cons
Pros
- One rate for everyone. Everyone approved gets 18.99%, so the rate you see is the rate you get.
- Extra repayments. Paying more than the minimum pays the loan off sooner and cuts the interest you pay.
- Redraw. You can take back extra repayments later if you need the money.
- A soft check on your rate. You can see the rate you'd get without it showing on your credit report.
Cons
- A $12 monthly fee. That adds $720 over 5 years, as well as the interest.
- A variable rate. Your repayments can rise if the lender lifts its rate, though they can also fall.
- An early repayment fee. Paying the loan off early or refinancing can cost a fee, which cuts into what you save by repaying sooner.
- A $15 late payment fee. Setting up automatic repayments avoids it.