Westpac Flexi Loan

Moneybuddy says

Westpac Flexi Loan offers a competitive variable interest rate and allows you to borrow between $4,000 and $50,000. You don’t have to make separate applications for each withdrawal (providing your account is in good order). With a Westpac Flexi Loan you have the flexibility to make extra repayments to pay off your loan sooner and there are no early repayment fees or exit fees.

The Basics

Interest Variable

Security Unsecured

Personal loan type Personal Loan

Start rate p.a. from 14.99%

Comparison rate p.a.* 14.99%

Max. loan $50,000

The cool stuff: features

Loan insurance available? No

Repayment schedule Weekly or Fortnightly or Monthly

Online application Yes

Redraw facility Yes

Early repayment allowed Yes

Additional repayments allowed Yes

The Facts & Figures

Min. loan $4,000

Min. term 1 year

Max. term 5 years

The ugly stuff: fees

Signup fee 150.00

Exit fee $0

Monthly fee $12

Comparison Rate Disclaimer -

Early Repayment Fee -

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Warning: These comparison rates are true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

Westpac says

You can use a Westpac Flexi Loan for almost any personal purpose where security is not required plus you have the ability to redraw funds as needed.* A Flexi Loan is different to a traditional personal loan. Unlike a personal loan, where you apply for a specific amount, a Flexi Loan gives you a credit facility that's at your disposal any time you need it.* Once your application is approved, you'll have between $4,000 and $50,000 available to you in your Flexi Loan account. It's a simple and flexible way you could have money available to you for the things you need now - and in the future. Approval is subject to Westpac's normal lending criteria. Conditions and fees and charges apply. If you are eligible for a Flexi Loan and you are an existing Westpac customer and we do not need to verify your identity or your current income, your application may be unconditionally approved. All other eligible applications may be conditionally approved subject to verification of the applicant's identity and/or income. *. Withdrawals are up to your available credit limit are subject to authorisation.

Key features

  • $150 establishment fee
  • Credit limit between $4,000 and $50,000
  • Choice of flexible repayment options
  • Competitive variable interest rate
  • Flexibility to make extra repayments to pay off your borrowed amount sooner
  • $12 monthly fee

Pros

  • Only pay interest on your outstanding balance, not the assigned credit limit
  • No early repayment fees or exit fees
  • Flexible repayment options
  • Withdraw additional funds up to your approved limit

Cons

  • You need to be disciplined in making repayments
  • Withdrawals may need to be authorised
 

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