MANAGE YOUR PERSONAL LOAN

A minimum monthly repayment is required and is presently equal to 2% of the closing monthly unpaid balance (rounded up to the nearest dollar) or $10 – whichever is greater – plus the greater of any unpaid past due amounts from previous statements, or any amount that exceeds the credit limit.

You can choose to pay any amount you can manage, from the Minimum Payment to your full closing balance.

Yes you can. You won’t be penalised for paying extra, and it can reduce the overall interest you’ll pay. Just note if your loan term is more than 2 years and you pay it off fully in less than 2 years, you’ll be charged a $175 Prepayment fee.

It is important to note that any extra payments cannot be reversed. However, if you have made an extra payment incorrectly such as transferring a payment to the wrong Westpac loan account, please call us as soon as possible on 132 651 so that we can help you.

Even with the best planning, personal circumstances can change leading to difficulties in being able to make repayments. If that happens, the sooner you get in touch and make us aware of your circumstances, the easier it is to find a solution. 

Yes you can. However, here’s some important information you need to know:

• You can request to change your repayment due date any time after your first repayment has been made.
• You can not request to change your repayment date on the same date it's due.
• If you request a repayment date change, it will be applied to your loan the following month. Therefore, you are still required to make your repayment on the due date, in the month you request the change.

To change the monthly repayment due date, please call us on 132 651.

Unfortunately, you are unable to skip a loan repayment.

If you need to temporarily stop repayments and have made additional repayments, please call us 132 651 to discuss.

Yes, you can make extra repayments and get ahead of your personal loan without incurring any fees. However, a prepayment fee will apply if you choose a term greater than 2 years and pay it out completely in less than 2 years. This fee is waived if you pay out your personal loan by re-financing to another Westpac personal loan.

If you have set up a direct debit to pay your loan each month, it will still be processed regardless of any additional payment you make.

Please note, that any extra payments cannot be reversed. However, if you have made an extra payment incorrectly such as transferring a payment to the wrong Westpac loan account, please call us as soon as possible so that we can help you.

If you have a direct debit set up on your account, you’ll need to complete a new direct debit request to change the bank account that your repayments come from. You can do this via branch or over the phone. Alternatively, if you pay via a manual or automatic transfer in your Westpac Online Banking, you can change it to a different Westpac transaction account at any time.

Your direct debit may have failed due to insufficient funds in your account. In these cases, call us on 132 651 and we can arrange to have your account debited again. Alternatively, you can transfer funds directly into your account to cover this missed direct debit.

It's important to make sure you have enough funds in your account for when we debit it. If we fail to debit your account twice in a row, we will need to cancel your direct debit arrangement and you’ll need to set up a new one.

If you have only recently set up a direct debit for your personal loan, we recommend you make a manual payment for the next payment due date to ensure you don’t miss a payment while we process your request.

You can cancel your direct debit up to 11pm AEST/AEDT on your repayment due date however you will need to ensure your monthly repayment is still paid. To cancel your direct debit, please call us.

If you currently pay via a manual transfer or BPAY and you wish to set up a direct debit, please call us or visit a branch to complete a direct debit request form. You’ll need to manually repay the current month’s repayment amount while we process your direct debit request. You can elect to pay weekly, fortnightly or monthly as long as the full monthly repayment amount is paid by the due date.

Redraws are not available on Westpac Secured or Unsecured Loans.

You can find out more information about how to refinance your Westpac personal loan here.

If you wish to extend your loan term, you will need to refinance your existing personal loan. You can do this by applying for a new personal loan online, over the phone or in branch. When selecting the ‘Loan Purpose’, please ensure that you select ‘Refinance’.

Your statements are available in Online Banking for up to 7 years. If you don’t have access to Online Banking and need a copy of a statement, please call us.

To payout your loan early, you’ll need to call us to request the final closing balance, also known as a payout figure, which we will provide to you over the phone.

The payout figure is calculated based on the information you provide to us at the time including the date you let us know you are intending to make the payment and the repayment method. That way, we can provide you with an accurate payout figure that will include your outstanding balance, interest you may owe at the time of repayment and any other applicable charges.

If you are delayed in making the final payment or use another repayment method, this may result in additional interest charges or overpayment.

Once you have made the final payout figure (by the intended date), your loan will be automatically closed within 5 business days.

Once closed, we’ll send you a confirmation letter. This will be sent to you via Online Banking or we can email a secured link to you. The letter will be available to download for 7 days from the date the letter is sent.

Please note, if you have a Secured Loan, any security will be removed within 3 business days of closing your loan.

More information on how to access your closure confirmation letter is here.

If you require a payout figure in writing to provide to another financial institution, please call us. We will send this to you via Online Banking. Alternatively, if you don’t have access to Online Banking, we can email you a secured link. You can find out more about accessing your letter in Online Banking or via a secured link here.

It can take up to 2 business days for the letter to be sent. It is then available to download for 7 days. After this time, you will need to call us to request a new letter as your payout figure would have likely changed.

Please note, the payout figure is based on the information you provide us at the time of your request and is only valid until the date included in the letter. It will not include any upcoming scheduled payments, any additional payments yet to be cleared, plus any other fees and/or interest accrued if payment is not received by the date shown in the letter. If you are unable to pay the amount by the date shown, you’ll need to request an updated payout figure.

If you have requested a payout figure in writing already, please note that it can take up to 2 business days for us to send the letter to you via Online Banking or email it to you via a secured link. Instructions on how to access the letter is here.

If it has been more then 7 days since you requested the letter, you’ll need to contact us again to arrange for a new payout figure letter to be sent.

To close your loan, please call us as soon as possible once you have made the final payment.

It is important to note that your loan account may not automatically close on final payment. This is because there may be residual interest charges or fees to be applied once your final payment is cleared. These charges need to be paid in accordance with the terms and conditions of your loan contract until the outstanding balance is paid in full.

If you overpay your loan and your loan account is in credit, you will still need to contact us as this credit may not be enough to pay off any residual interest charges and fees.

Once closed, we’ll send you a confirmation letter. This will be sent to you via Online Banking or we can email a secured link to you. The letter will be available for download for 7 days from the date the letter is sent.

Please note, if you have a Secured Loan, any security will be removed within 3 business days of closing your loan.

More information on how to access your closure confirmation letter is here.

If you have a secured loan and have contacted us to close your account, please note that any security on the loan will be removed within 3 business days after closing the loan.

Your personal loan may not close automatically once you have made a final payment. This is because there may be residual interest charges or fees that have been applied to your account that your final payment did not cover. You will need to call us to request closure of your loan account. These charges need to be paid in accordance with the terms and conditions of your loan contract until the outstanding balance is paid in full.

Once closed, your loan account statements are available in Online Banking for up to 7 years. If you don’t have access to Online Banking anymore, please call us.