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Westpac Flexi Loan

Flexi Loan is different to a traditional personal loan. It allows you to withdraw funds whenever you want (up to an agreed limit) without reapplying. The key advantage of a Westpac Flexi Loan is that if your approved credit limit is more than you require, just withdraw the amount you need. You’ll then have further funds available to draw on at a future date. Alternatively, reduce the approved credit limit to the specific amount you need (as long as that amount is $4,000 or more). In either case you only pay interest on what you’ve borrowed, not on the entire credit limit.

  • Only pay interest on your outstanding balance - not the assigned credit limit
  • Competitive Variable interest rate - of 14.99% p.a.
  • Once your application is approved - you’ll have between $4,000 and $50,000 credit limit
  • Competitive Fees - No fee for additional withdrawals, no early repayment fee and no exit fee. 
  • Make withdrawals whenever you want - Once approved, you can access your Westpac Flexi Loan funds at any time. You don’t have to make separate applications for each withdrawal - up to your available credit limit - providing the account is in good order.
  • Available as vehicle finance - for new or used cars of any age or value.

Withdrawing funds

  • The easiest way to make a withdrawal is to transfer funds into your Westpac transaction or savings bank account. If you do not have one you can still withdraw funds, simply choose from the available Westpac Flexi Loan Withdrawal Options 

Flexible repayment options

Make Flexi Loan repayments in a way that suits you. For each withdrawal choose between 2 repayment options:

  • Select a repayment goal - where you aim to repay the borrowed amount within a certain timeframe (between 1 and 5 years). You’ll then repay under what’s referred to as a “Term Plan” 
  • Decide an amount each month to repay depending on your budget, provided you meet the minimum monthly repayment in that month.  These payments continue until your borrowed amount is paid off. This is referred to as a “Base Plan”.
Standard Rates
Min. Current Rate 14.99% p.a.
Comparison Rate -
Loan Details
Provider Westpac
Product Details Borrow up to $50,000 unsecured, with no early exit penalties, extra payments allowed and 100% redraw available.
Min. Loan Term 1 years
Max. Loan Term 5 years
Min. Loan Amount $4,000
Max. Loan Amount $50,000
Available as a Car Loan Yes
Car Type New or Used
Fees and Terms
Application Fee $150
Monthly Service Fee $12
Early Repayment Penalty $0
Missed Repayment Penalty $9
Document Release Fee $0
Repayment Options Weekly, Fortnightly, Monthly
Extra Payments Allowed -
Redraw Allowed Yes
Security No

What happens when I click "Go to site"?

  • 1

    Clicking Go to site will direct you to the providers web site

  • 2

    Complete the online application on the providers web site

  • 3

    Once approved the provider will issue your new product, delivery times will vary by provider.