Finty
Westpac

Westpac Unsecured Personal Loan

UnsecuredFixed rate

Whether consolidating your debt or renovating your home, our Unsecured Personal Loan could help. See what personalised rate you could get.

Written byDavid Boyd
Interest rate a year, from
7.29%
Comparison rate, from
8.69%
Establishment fee
$250
Monthly fee
$15
Borrow
$4,000 to $70,000

Monthly repayment

$20,000 over 3 years

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What it would cost

At the lowest published rate of 7.29%, including the monthly fee. The rate you are offered depends on your circumstances, and the establishment fee is not included.

Monthly repayment
$635
Total repayments
$22,867
Interest and monthly fees
$2,867

Loan details

Rates

Interest rate (a year)
7.29%–22.19%
Comparison rate (a year)
8.69%–23.48%
Rate type
Fixed
Security
Unsecured

Limits and fees

Loan amount
$4,000 to $70,000
Loan term
1 year to 7 years
Establishment fee
$250
Monthly fee
$15

How it compares

Against the other unsecured personal loans we compare. Typical means the middle half of them.

Comparison rate

8.69%

From 8.69%. A typical loan starts at 10.56%.

Cost of $20,000 over 5 years

$5,076

Interest and fees at its starting rate. Typical is $5,455.

Setup fee

$250

A typical setup fee is $213.

Monthly fee

$15

A typical monthly fee is $10.

Most you can borrow

$70,000

Typically you can borrow up to $50,000.

Longest term

7 years

7 years is the usual longest term.

Pros and cons

Pros

  • A fixed rate. Your repayments stay the same for the whole loan, which makes it easier to budget.
  • No security needed. Your car or home isn't at risk if things go wrong, though missed repayments still hurt your credit report.
  • Extra repayments. Paying more than the minimum pays the loan off sooner and cuts the interest you pay.
  • A soft check on your rate. You can see the rate you'd get without it showing on your credit report.

Cons

  • Your rate isn't known until you apply. It's set by your credit history and finances, anywhere from 7.29% to 22.19%, and only some people get the starting rate.
  • A $15 monthly fee. That adds $900 over 5 years, as well as the interest.
  • 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.

Similar loans

Unsecured loans from other lenders that start at a similar comparison rate.