Westpac Flexi Loan

Westpac Flexi Loan

Big plans? Sudden bills? Apply once to get up to $50,000. Keep interest low by drawing only what you need, when you need it.

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Flexible borrowing that puts you in control

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Cash on demand - Get up to $50,000. Use in one go or bit by bit—it’s up to you.

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Pay for what you use - Only pay interest on the amount you use—not your full limit.

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Repay your way - There's no loan end date and no early repayment fee.

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Apply just once - No need to reapply each time you borrow from your limit.

Apply now

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Annual variable interest rate:	18.99% (only on the money you use)
Borrowing range:	$4,000 to $50,000
Withdrawal and cash advance fees:	$0 (other fees apply)

Minimum monthly payment is the minimum amount you need to pay each month.

It includes:

The monthly loan account fee
2% of the statement's closing balance (excluding the monthly loan account fee). Or the full closing balance if under $10, whichever is greater
Any overdue amount owing. Or the amount of your closing balance which exceeds your credit limit, whichever is greater.

Other key information:

$150 establishment and $12 monthly loan account fee apply (only charged on the months you use your account or have a balance owing). Details in the ‘Loan fees’ section
There’s no end date to finish paying off the loan
You will need a Westpac transaction account to withdraw funds from your Flexi Loan account (unless making payment via BPAY).

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Interest rates

Standard fees (fees may change)	Amount
Lending establishment fee (will be added to your loan amount).	$150
Monthly loan account fee (only charged on the months you use your account or have a balance owing).	$12
Missed payment fee	$15
Withdrawal fee	$0
Bank cheque fee	$10
Overlimit fee	$15

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Loan fees

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Apply once

Just apply once to get the funds you need. Borrow from $4,000 up to $50,000.

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Borrow funds

Once approved, withdraw and use the amount you want (from your approved limit).

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Repay options

Choose to pay just the minimum each month, opt for a repayment plan, or repay faster to pay off the balance.

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Borrow again

Continue to withdraw funds again and again up to your limit. No need to reapply.

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How Flexi Loan works

Big plans or small, Flexi Loan’s got you covered

More freedom than a personal loan. More flexibility than a credit card. Check the ways Flexi Loan has you sorted.

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Home reno - Patch the leak or add a room. Borrow cash in stages for supplier payments as work gets completed.

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Bills - Keep a safety net for surprise costs—like surgery or vet bills. Skip the stress of last-minute applications.

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Travel - Book flights now, draw more later for hotels or to exchange cash before you go. Draw down as your trip unfolds.

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Cashflow - Cover the gap when cash is tight or work slows down. Withdraw from your limit and repay when money comes in.

Flexi Loan flexes to your needs

You can move money from your Flexi Loan to another Westpac account or make BPAY® payments directly from it. Plus, there are no penalties for paying off your loan early.

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How you could use a Flexi Loan

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About you

Make sure you meet the eligibility requirements and have your documents ready, including details of your current expenses and proof of income.

If you’re an existing Westpac customer, check your details are up to date. We’ll pre‑fill the information we already have to help speed things up.

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Your identity

Not already a Westpac customer? You'll need at least 1 of these ID documents:

Passport
Australian Driver licence
Australian Birth certificate
Medicare card (can only be used in conjunction with a second form of ID)

Identification Checklist

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Apply online

Once you submit your application, you'll know if you're conditionally approved. Which means you know how much you could borrow.

Don't want to apply online? Call us on 132 651 (8am - 8pm, 7 days a week) or visit a branch.

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What you'll need to apply

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Your eligibility

You must:

Be 18 years or older
Be one of the following:
- An Australian or New Zealand citizen
- An Australian permanent resident and hold an acceptable visa
- A non-resident or migrant and hold an acceptable visa. Must have at least 1 year before expiry.
Have a fixed, verifiable residential Australian address
Receive a regular, verifiable Australian taxable income

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Review your credit history

You'll be assessed on your ability to repay the money you borrow. Three things you can do to help:

Make sure you're meeting your current repayment obligations for:
- Other credit cards or loans (including lenders such as Afterpay and Zip Pay)
- Rent as well as utilities such as your phone, internet and electricity.
Check the details on your credit report are correct before applying. Head to CreditSmart.org.au and follow the links to get a free credit report. More about credit reports.
Don't make multiple applications (with us or any other lender). Every application is listed as an enquiry on your credit report. Too many can be seen as a red flag and reduce your chances of approval.

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Get your documents ready

Current debts and expenses

Current debts: any loans, credit cards, or 'buy now, pay later' plans in your name (e.g. home loan, personal loans, other credit or store cards as well as instalment purchases such as Afterpay and Zip Pay).

Monthly expenses: all your regular expenses, including phone bills, insurances etc.

Proof of income

If your pay doesn't already go into a Westpac account, you'll need to show at least one of the following:

Two most recent consecutive payslips from your main employer (must be less than 60 days old)
A Government Authority statement confirming your pension or allowance (from the last 2 months)
Rental income proof (from the last 3 months).

Self-employed? You'll need to show:

You've been in business for at least 18 months
Business bank statements (from the last 2 months)
Notice of Assessment (from last year).

Other details: any assets, savings or investments you might have.

Keep in mind: If you're a tax resident of another country, you'll need your foreign tax identification number.

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Eligibility and documents

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Status and further details

You can track the status of your loan application with our Online Status Tracker

If we need more information from you, we’ll contact you by phone or email.

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Conditional approval

If you're conditionally approved, you may need to email documents to us for verification.

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Confirming and accepting your loan

Once approved, you have 30 days to accept your contract.

Establishing your Flexi Loan
Once you accept your contract, your funds will be available within 24 hours in your Flexi Loan account. You can manage your Flexi Loan account within the Westpac App (it will have the details of your approved limit). You can then transfer the funds you need to your Westpac account.

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After you apply

What makes Flexi Loan so flexible?

Instead of borrowing a lump sum, Flexi Loan lets you borrow money in stages, as and when you need it, up to a set approved limit. You only pay interest on what you use—and you don’t need to reapply each time you borrow. It’s also known as a ‘line of credit’.

When should I consider a Flexi Loan?

Flexi Loan gives you the freedom to borrow cash in stages when you need to. It’s great if you need a safety net, or if your plans might change, or you’re unsure about the amount you’ll need.

Have multiple expenses coming up? Unlike a personal loan where you borrow all the money at once, Flexi Loan lets you take out smaller amounts, from your approved limit, as you need them. The best part? You only pay interest on the amount you withdraw—not the full amount. Whereas with a personal loan, you need to pay interest on the whole borrowed amount from day one.

What should I be mindful of when applying for Flexi loan

Remember, there's no fixed loan end date. So, being disciplined and staying on top of your minimum monthly repayments (when there’s a balance owing) could help you reduce interest. If you only pay the minimum, you could stay in debt longer.

How is Flexi Loan different from a credit card or personal loan?

A personal loan gives you a lump sum upfront, with fixed repayments and interest charged on the full amount from day one.

A credit card is designed for everyday spending and often has higher interest rates, especially for cash advances.

Flexi Loan works differently. It’s ideal if you want a safety net or expect multiple expenses over time. You can draw funds as needed and only pay interest on what you use — not your full approved limit.

Can you give me examples of how Flexi Loan works?

Home reno

Say your renovation budget is $41,000. With Flexi Loan, you don’t need to take it all at once—you can take out money in stages as your project moves ahead.

Start by using $15,000 for early costs like design, materials and builder fees.
Take out another $14,000 to pay tradies when it’s time for plumbing, electrical and structural work.
Use the last $12,000 for final touches like flooring, paint or landscaping.

You’ll only pay interest on the money you use at each stage. You can repay at your own pace. You could even set up a repayment plan (usually 1–5 years) and make extra repayments whenever you like.

Dream holiday
Say your getaway will cost around $10,000, but you don’t need to pay it all at once. With Flexi Loan, you can draw down money in stages—just when you need it.

Book flights now with a $3,000 drawdown.
Pay for accommodation later with another $4,000.
Use the final $3,000 for spending money, tours or travel insurance.

You can minimise repayments by just paying the minimum monthly repayment (with any other charges or fees). And top up your repayments when you have extra funds.

Remember, you’ll only pay interest on the amount you withdraw, not the full amount. And as you repay, your available balance goes back up—so you can reuse funds if needed.

Can I set up a structured repayment plan?

Yes, you can. When you withdraw $500 or more, you can choose to repay it using a Flexi Loan Term Plan. This lets you spread repayments over a fixed term of 1 to 5 years, with fixed instalments on a fixed rate. It’s a structured way to manage repayments — and you can still pay it off early with no early repayment fee if you prefer.

Even though there’s no set loan end date, a Term Plan could help maintain your repayment discipline and keep you on track.

Check the Flexi Loan Conditions of Use for full details.

Will Flexi Loan affect my credit score?

Yes, it will affect your credit score. But how it’ll impact your score depends on how you use it. If you use it responsibly and make regular repayments on time, it may help improve your score over time. The opposite is also true.

What happens once I repay my Flexi Loan

Once you’ve paid off your Flexi Loan balance, your available limit is yours to use again and again. There’s no need to reapply.

Whether you keep it as a safety net for upcoming expenses or unexpected bills, your funds are ready when you need them.

Prefer to close your account instead? That’s up to you.

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Frequently asked questions

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