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.

Interest Rate
14.99 % p.a.
Establishment Fee
Monthly Service Fee

Line of credit

No fee for additional withdrawals, no early repayment fee and no exit fee. Withdrawals may need to be authorised

  • Interest Rate
    14.99% p.a.
  • Establishment Fee
  • Monthly repayments
    2% of the closing monthly unpaid balance (rounded up to the nearest dollar) or $10 – whichever is greater
  • Monthly Service Fee

Secure online application

  • Clicking the Apply Now button will take you to your Online Application on the bank's website.
  • Your application will take less than 10 minutes to complete

Some Benefits of Westpac Flexi Loans

  • $150 establishment fee

    Establishment fee of $150 is added to your loan amount

  • Apply for a credit limit ranging from $4,000 to $50,000

    Only pay interest on your outstanding balance, not the assigned credit limit

  • 14.99% p.a. interest rate

    Only pay interest on your outstanding balance, not the assigned credit limit

  • Make withdrawals whenever you want

    No fee for additional withdrawals, no early repayment fee and no exit fee. Withdrawals may need to be authorised

The Westpac Flexi Loan

Removing many of the limitations associated with the personal loan model, the Westpac Flexi Loan provides a reusable line of credit that can be accessed wherever, whenever. With no fixed repayments or specified end date, this loan gives you a fully flexible option that provides access to funds up to your approved credit limit, with interest only applied to the amount you have used.

What we love...

One of the major drawcards of the Westpac Flexi Loan is the flexibility it provides. Once approved, you will have access to a credit limit between $4,000 and $50,000, which you can access whenever it suits you. You can also use the loan to fund whatever you like, whether that’s home renovations, a holiday, your wedding, or even a lot of little projects you’ve got on the go.

Say you’re planning your wedding. Not all costs have to be covered at once. You might have the venue to pay first, but then, other costs such as the celebrant, the flowers, the cake and the dress will all come later. With the Westpac Flexi Loan, you withdraw funds as you need them, without having to reapply.

But the best bit? Unlike a personal loan, where you pay interest on the full amount borrowed from day one, with the Westpac Flexi Loan, you only pay interest on the amount you have used. If you choose this loan over a standard personal loan for ongoing home improvements for example, you could save heaps in interest, as you would only withdraw funds as you need them.

What’s not so great...

While there are many advantages to choosing this type of loan, a line of credit can be difficult to manage if you are undisciplined in your repayments. As there is no set repayment schedule or end date to the loan, it can be all too easy to just pay the minimum amount, never paying off the loan in full and paying out far too much in interest.

It’s also worth taking note of the fees that may apply. You will pay an establishment fee plus a monthly service fee (only charged once you start using the loan), plus other applicable fees. Pay attention to the fact that the rate of interest may be higher than you would find on a standard fixed or variable rate personal loan as well.

Why should you choose this personal loan?

If you’re looking for freedom and flexibility, then the Westpac Flexi Loan could indeed be for you. Your approved funds are always available, and once paid off, can be withdrawn again as needed. Unlike a standard personal loan, which provides your approved loan amount in full, the Westpac Flexi Loan can be used as needed, where you withdraw the amounts you want to use as required.

Repayments are pretty flexible as well, with two options for repayment on offer. If you opt for the Term Plan, you will choose a term of one to five years, during which you aim to repay the amount you've withdrawn in full. If you opt for the Base Plan, you choose what you want to repay each month depending on your budget, as long as it’s more than the minimum repayment amount.

When it comes to accessing your funds, you can transfer from your loan to a transaction account using online or mobile banking. Take note, the bank states only existing Westpac customers can apply for a Westpac Flexi Loan, so this may need to be dealt with before the application goes ahead.

Overall Rating

A reusable line of credit that provides full flexibility, with easy withdrawals and credit limits approved between $4,000 and $50,000.

Other Pros

  • Variable interest rate of 14.99% p.a.
  • Credit limit between $4,000 and $50,000


  • $12 monthly service fee
  • $150 establishment fee

Westpac Flexi Loan

Apply now

How to apply for a Westpac Flexi Loan

If you are interested in applying for a Westpac Flexi Loan, then it is as easy as clicking the 'apply now' button to be redirected to the online application form. Take a look at the application criteria and what you will need to apply:

Application criteria

Make sure you meet the following criteria before you apply:

  • Aged 18 years or over
  • Regular permanent income
  • You need to be a permanent resident of Australia

Required information

  • Identification
  • Financial information, including details of your existing financial commitments
  • Income and employment details

If this loan sounds like it is right for you, hit the 'apply now' button to get the application process started.

Westpac Flexi Loan