Westpac Personal Loans

Consider the personal loans on offer from Westpac, one of New Zealand’s biggest banks, including loans for debt consolidation and vehicle finance.

Apply online for loans of between $1,000 and $50,000 from Westpac and you can see the money in your Westpac account by the next day. You can then repay your loan in as little as 6 months or as long as 5 years if you meet the eligibility criteria.

This established New Zealand financial services provider offers unsecured loans to customers throughout the country, with loans suited to a range of requirements including home renovations, travel, medical expenses, debt consolidation and vehicle purchases.

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Interest Rate (p.a.)


Max. Loan Amount


Minimum Credit Score


Product NameWestpac Unsecured Personal Loan
Interest Rate (p.a.)13.90%
Min. Loan Amount$1,000
Max. Loan Amount$50,000
Loan Term6 months - 5 years
Turnaround TimeOnce approved, you can receive your funds on the next business day.
More Info

Features of a Westpac personal loan

Here are the main features of a Westpac personal loan that you should consider:

  • Unsecured loans. Westpac personal loans, including car loans, are unsecured, so you do not need to post an asset as collateral when you take out a loan.
  • Loan top-ups. You can apply to get your loan topped up at any time (subject to lending criteria) without needing to establish a new loan contract.
  • Fast approval. Existing Westpac customers can enjoy an expedited application process with fast approval. You could see the loan amount in your Westpac account the day after your application.
  • Repay your loan early. There are no penalties or fees for repaying your Westpac loan ahead of time. You can simply make an additional lump sum payment or pay the entire loan amount off at any time.

How much does the loan cost?

When looking at the total cost of a Westpac personal loan, both interest rate and fees need to be taken into consideration.

Some of the fees you may incur include:

  • A variable interest rate of 13.90% p.a.
  • Loan establishment fee of $100
  • Extra default interest of 5% on overdue balance

What other products does Westpac offer?

You can find the full range of personal finance products at Westpac, including:

  • Bank accounts. Whether you are looking for online banking, a student bank account or a debit card, you can find a suitable product at Westpac.
  • Credit cards. There’s a wide range of credit cards to choose from at Westpac, including credit cards that earn you rewards whenever you pay and cards that offer low interest rates.
  • Home loans. First time buyers, property investors and upgraders can consider a wide range of home loan products from Westpac. You can also switch your existing home loan to a Westpac home loan, which could reduce your repayments.
  • Investments and savings. Westpac offers plenty of options to help you manage your savings, including standard savings accounts, KiwiSaver accounts and term investments.
  • Foreign currency. Westpac can help you with travel money and with making and receiving payments abroad via its extensive foreign currency service.
  • Personal insurance. You can get insurance covering many different risks with Westpac, including life insurance, home insurance and income protection insurance.

How to apply for a personal loan from Westpac

Once you’ve chosen the Westpac personal loan that’s right for you and compared it with other similar products and competitors, you can go to Westpac’s website to start the online application process.

Eligibility requirements

  • Minimum age. You must be 18 years or over.
  • Residency. Westpac can swiftly approve loans for New Zealand citizens and permanent residents. Foreign workers will be subject to a more complex approval process.
  • Income requirements. Though the bank does not publish a minimum income requirement, Westpac will evaluate your income when determining your ability to repay a loan.
  • Credit file. Loans from Westpac are unsecured so you will only be likely to be approved if you have a very good credit file.

Necessary documents and information

  • ID requirement. The bank accepts a wide range of IDs, including a New Zealand driver’s license, passport and firearms license.
  • Current income. You will need to specify your current income and details of your employer.
  • Regular outgoings and debts. You must provide information about your current debts as well as regular outgoings and expenses such as rent.
  • Assets and investments. Providing information about assets such as your home and any other investments you have can support your loan application.
  • Relative or friend. Westpac requires that you provide the contact details of a friend or relative above the age of 16, who does not live at the same address as you but who does live in New Zealand.

Compare alternative loans

Name Product Interest Rate (p.a.) Loan Amount Loan Term Monthly Service Fee Establishment Fee Offer
AA Money Secured Personal Loan
AA Money Secured Personal Loan
9.95% - 17.95%
$3,000 - $50,000
12 to 36 months
Requirements: NZ citizen/permanent resident, have a stable income.
Harmoney Unsecured Personal Loan
7.99% - 22.99%
$2,000 - $70,000
3, 5 or 7 years
Requirements: NZ citizen/permanent resident, have a good credit score.
FROM 6.99%
The Co-operative Bank Unsecured Personal Loan
6.99% - 17.75%
$3,000 - $50,000
6 months - 5 years
Requirements: NZ citizen/permanent resident or have a valid work visa.
Lending Crowd Personal Loan
6.45% - 19.30%
$2,000 - $200,000
2, 3 or 5 years
$350 - $650 depending on the amount borrowed
Requirements: NZ citizen/permanent resident, have a good credit score.
Nectar Unsecured Personal Loan
8.95% - 29.95%
$1,000 - $30,000
6 months to 4 years
Requirements: NZ citizen/permanent resident, have an income of $400/week, stable credit history.
Save My Bacon Unsecured Flex Loan
$2,000 - $5,000
12 to 36 months
Requirements: NZ citizen/permanent resident or have a valid work visa, have an income of at least $400/week.

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