unsecured personal loans rates

unsecured personal loans rates

Consolidate debt or buy what you need

Why choose an Unsecured Personal Loan?

off the annual interest rate on Unsecured Personal Loans

Apply for an unsecured personal loan and you could get 1% p.a. discount off the annual interest rate. Offer ends 30 April 2018.

1% p.a. interest rate discount offer: Offer open to all customers who complete an application for a new fixed or variable rate Unsecured Personal Loan via the 'Apply now' or 'Get started' application button on this page, by phone or visiting a branch. Offer ends 30 April 2018. All other fees and charges outlined on the product page and in the product disclosure statement apply. Credit criteria, terms and conditions apply.

* Our risk-based pricing means the loan interest rate may vary between 12.49% p.a. and 19.99% p.a. depending on our credit assessment and the detail in your application. Interest rates may change and margins may apply in some circumstances. Your loan is more likely to be approved if you’ve been with St.George for six months or more.

Choose a loan term of 1-7 years to suit your circumstances and make weekly, fortnightly or monthly repayments.

Redraw facility on variable rate loans

Redraw a minimum of $500 from your loan amount if you need to, provided you’re at least $500 ahead on your repayments. Each request is subject to approval and a fee.

Manage your loan and track repayments online or through your mobile banking app.

(you will also have to pay break costs on early repayment of a fixed rate loan)

What is a break cost?

Break costs are an amount equal to our reasonable estimate of loss if you break a fixed rate loan term. You’ll need to pay break costs upon early payout or partial payment (in excess of the limit set out in the loan terms and conditions) of a fixed rate loan.

Fees are subject to change.

security for a lower rate

as you need them

Credit criteria, fees, charges, terms and conditions apply.

The advice on our website is prepared without knowing your personal objectives, financial situation or needs. Before you act on this or any advice, please consider if it's right for you. Read the above product disclosure documents as well as the Online Banking Terms and Conditions (PDF 9MB) before making a decision and consider whether the product is appropriate for you. If you need help, call 13 33 30.

Get a response in 60 seconds

Why choose a Westpac Unsecured Personal Loan?

  • Plan ahead with a flexible loan term of between 1 and 7 years.
  • Apply for between $4,000 and $50,000 (conditions apply).
  • Make extra repayments to pay your loan off sooner (prepayment fee may apply). 2
  • Choose a repayment frequency to suit when you get paid - weekly, fortnightly or monthly.
  • You could access your funds in a Westpac bank account within 60 minutes of final approval, 24/7. ^

Simplify your finances

Consolidate debts to a single loan, with one regular repayment, rate and set of fees.

Turn your plans into an itinerary and get to where you’ve always dreamt of going.

Secure the funds you need to help bring your grand designs to life.

Do something else

Whether it's your big day, school fees or a dream purchase, our Unsecured Personal Loan could help.

This calculator helps you estimate how much your personal loan repayments could be. 3

  • Choose the frequency of your repayments to suit when you get paid (weekly, fortnightly or monthly) as long as you pay your loan back within 1 to 7 years
  • Make extra repayments to repay your loan faster. If you choose a term greater than 2 years, and pay it out in less than 2 years, there is a prepayment fee of $175. This fee is waived if you pay out your personal loan by re-financing to another Westpac personal loan
  • Accept the contract online or at your nearest branch.

Other fees and charges may be payable. Find out how you can minimise fees and charges on your loan.

Optional Westpac Personal Loan Protection insurance

What happens if you suddenly lose your job or become unfit for work through illness or injury? Financial commitments continue even if your income doesn’t. That’s where Westpac Personal Loan Protection can help.

Depending on individual circumstances, it can cover personal loan repayments until you recover and get back to work. It also helps cover repayments in the event of your death..

Premiums are included as part of the amount you borrow and so are covered in your personal loan repayments.

  • You can apply for Westpac Personal Loan Protection when you apply for your Unsecured Personal Loan.

Conditions, limits and exclusions apply. These are explained in the policy wording Personal Loan Protection Product Disclosure Statement (PDF 204KB) . Please read the detail before deciding.

An Unsecured Personal Loan could be used for:

  • Consolidating debt
  • Refinancing an Australian non-Westpac loan, credit card or store card
  • Travel
  • Wedding
  • Home renovations
  • Other personal aspirations.

This loan must be mainly for personal use. To find out more about business loans, call Westpac Business on 132 142 (8am-8pm, Mon-Fri).

Westpac Unsecured Personal Loan - eligibility

  • Aged 18 years or over
  • Have regular permanent income
  • You need to be a permanent resident of Australia or,
  • Non-residents: need to hold an acceptable visa and have confirmed employment in Australia.

What information do I need to provide?

  • Details of your current financial situation
  • Identification Checklist for Individual Customers (PDF 768KB)
  • We may use the contact information that you give us to contact you to help complete your application.

If you’re already a Westpac customer, check that the details we have on record are up to date before proceeding. You can confirm by calling 132 032 or in Westpac Online Banking. Allow 24 hours for records to update.

  • Online - usually takes less than 10 minutes. You can use any device and can come back to your application within 14 days to complete
  • Over the phone by calling 132 651 (8am - 8pm, 7 days a week)

We give conditional approval immediately and a final decision as soon as we receive all required information

  • In person - at your nearest branch.
  • What happens after you’ve applied?

    • You can track the status of your loan application with our Online Status Tracker
    • If we require further information to progress your application we will contact you via phone or email
    • If conditionally approved you may need to email documents to us for verification.
    • Once documentation is received and verified, you will be sent an email within 2 business days to view your contract and accept online. Note: Non-Westpac customers will be required to come into a branch to be identified after accepting their contract.
    • Tell us which account you would like the funds to be sent to. Allow 1 business day for the funds to be transferred to a Westpac account and up to 3 business days for a non-Westpac account.

    8am-8pm, 7 days a week

    Already started an application?

    Credit criteria, fees, charges, terms and conditions apply.

    ^ Access to Unsecured Personal Loan funds within 60 minutes from final approval is only available for existing Westpac customers, who apply as a single applicant online, with funds being disbursed into their own Westpac account.

    Comparison rate information

    1. The comparison rate of 14.14% p.a. is based on an Unsecured Personal Loan with a loan amount of $30,000 and a term of 5 years. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

    Westpac personal loans are part of the Westpac group, including St.George, Bank of Melbourne, BankSA and Westpac.

    More about choosing your loan term

    2. Our Unsecured Personal Loans have a standard term of 1 to 7 years. If you choose a term greater than 2 years, and pay it out in less than 2 years, there is a prepayment fee of $175. This fee is waived if you pay out your personal loan by re-financing to another Westpac personal loan.

    More about Personal Loan Protection

    Personal Loan Protection is issued by the insurers who are Westpac General Insurance Limited ABN 99 003 719 319 (WGIL) and Westpac Life Insurance Services Limited ABN 31 003 149 157 (WLIS) each of which is liable for separate risks under the terms of the policy. This insurance product is distributed by Westpac Banking Corporation ABN 33 007 457 141 (the Bank). The policy is not an investment in or deposit with the Bank. No Westpac Group company (other than the Bank as policy distributor and WGIL and WLIS as the product issuers) has any liability in connection with the policy or this document. The Bank does not guarantee payments under the policy.

    Example Loan repayment

    Unsecured personal loan repayment terms range from 1 to 7 years. As an example, based on an unsecured loan of $30,000 borrowed for 5 years with the minimum interest rate of 12.99% p.a. (14.01% p.a. comparison rate), the estimated total amount payable including fees is $41,888. WARNING: This comparison rate applies only to the example or examples given and may not include all fees and charges. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

    3. Any calculation made by you using this calculator is intended as a guide only. It is for illustrative purposes only and is based on the accuracy of the information provided. The calculator does not take stamp duty or other government charges into account. The calculation does not constitute an offer of finance from Westpac.

    How to get the lowest rate on unsecured personal loans

    Vincent Chough Updated December 4, 2017

    If you are short on cash, you might consider an unsecured personal loan. Personal loans can be used for any reason at all, and unsecured personal loans are the most common type. Let’s find out how to get the lowest unsecured loan rates.

    What is an unsecured installment loan?

    An installment loan is a loan in which there are a set number of scheduled payments over time. Many different types of loans are installment loans, including mortgages and auto loans.

    If a loan is secured, it means it’s backed up by collateral. For example, some people take out a second mortgage (home equity loan) or put up a car or luxury item as collateral on a loan. If a borrower on a secured loan doesn’t make payments, they must forfeit the collateral. In the case of a home, this could mean foreclosure.

    An unsecured loan, by definition, requires no collateral. These loans might be harder to acquire, especially for those with bad credit. Another difference is that unsecured personal loan rates are typically higher.

    What determines unsecured personal loan rates?

    Almost all loans are influenced by the prime rate. This rate is the best interest rate that banks and other lending institutions make to borrowers with the best credit. Unsecured personal loan rates take the prime rate then adjust for financial costs. There’s also an adjustment made based on the borrower’s credit score. In general, the lower the credit score, the higher the interest rate.

    How to get the lowest unsecured personal loan rates

    There’s no secret to getting low unsecured personal loan rates. Basically, you have to shop around. You can try banks, credit unions, online lenders, and peer-to-peer lending services.

    One of the lowest rates around can be found in 0 percent interest credit cards. However, these low teaser rates are only good for 12-18 months. After the promotional period expires, expect to see much higher interest rates.

    Credit unions are nonprofit organizations that typically serve a particular geographic area or industry. To get a credit union loan, you have to be a member. In many cases, credit unions offer very good unsecured personal loan rates. Make sure you verify that membership fees don’t negate any interest savings.

    Other ways to find low unsecured personal loan rates

    Another attractive option is a loan finder service. These platforms do the shopping for you to find several lenders with the lowest rates on the market. The great thing about these kinds of services is that they are usually free. The lenders pay for the service, so borrowers get all the benefit.

    Avoiding the pitfalls of unsecured personal loans

    When taking out any personal loan, make sure you ask about early repayment fees. These fees kick in if you pay off the loan early, which lenders don’t like because it’s an unexpected loss of interest income.

    Also, if you make payments by automatic debit, be sure you have enough money in your bank account on the withdrawal date. Banks charge an overdraft fee, and not having enough money in your account to make a payment can also hurt your credit score.

    Finally, stay on the lookout for scam artists. These crooks will promise low or no-interest for a set time period, only to clobber you with extremely high interest later. Check with the Better Business Bureau and the FTC to make sure the lender you are shopping for an unsecured personal loan from is legitimate.

    What is an unsecured credit card?

    If you’re already dealing with a poor credit history, you might find yourself in a catch-22 situation, since it can be difficult to qualify for new lines of credit to help rebuild your poor credit history. However, borrowers with poor credit can qualify for certain credit cards, which can help them improve their credit score over time.

    These credit cards can be secured or unsecured credit cards. The only difference is that secured credit cards require borrowers to put down a cash deposit, whereas unsecured credit cards do not.

    Personal Loans - Unsecured Loans at Low Rates

    When people need to borrow money, a home equity loan is often their first choice. But there are times when an unsecured personal loan may be the better option.

    Perhaps they need the money quickly. Maybe they don't need to borrow that much. Perhaps they don't want to put their home on the line or tie up their home equity for a loan. Maybe they don't have any home equity. It could be they don't own a home to begin with.

    Lending for unsecured personal loans dried up during the Great Recession, but has seen a rebound in recent years as lenders have become more willing to issue loans without collateral. And they're not limited to borrowers with high incomes and excellent credit – many lenders will accept borrowers with limited incomes and lower credit scores as well.

    So when would you use a personal loan? Here's a quick rundown of the advantages and disadvantages:

    • No home equity required
    • No risk of foreclosure if you don't repay the loan
    • Quick turnaround – often 3-5 days
    • Simplified application process
    • Rates usually lower than on credit cards
    • Can be costly for borrowers with weak credit
    • Borrowing limits may be lower than on a home equity loan
    • Shorter repayment period
    • Interest usually not tax-deductable

    Unlike mortgages, where lending guidelines are somewhat consistent, personal loans are all over the map. Credit scores, income requirements, minimum and maximum lending amounts can vary widely from lender to lender.

    The general rule is that you need good credit to obtain an unsecured personal loan, and many lenders require FICO scores of 700 or above to qualify. At the same time, there are also a lot of lenders with far more lenient standards, approving borrowers with scores as low as 600-640.

    Same for income. Some lenders demand annual income in excess of $70,000; others will accept borrowers in the $10,000-$20,000 range.

    Loan amounts vary too. Most lenders cap their personal loans in the $20,000-$50,000 range, though a few will go as high as $100,000 for well-qualified borrowers. For borrowers looking for a small personal loan, minimum amounts typically range from $1,000-$5,000, though some will allow you to borrow as $500.

    Many, but not all, lenders will charge an upfront origination fee on personal loans, typically ranging from 1-5 percent.

    The application process is simpler than for a home equity loan or mortgage, and the turnaround is faster as well. Borrowers looking for a quick personal loan can often receive their funds within 3-5 days after applying.

    Repayment periods for personal loans are relatively short, often 3-5 years, though some lenders will go longer. There may be prepayment penalties if you pay the loan off ahead of schedule.

    The best personal loans will combine a low interest rate, little or no origination fees and allow adequate time for you to repay the loan. They also should allow you to borrow enough money to meet your needs. Finding a personal loan that balances all those priorities can be a challenge, so it's a good idea to check out as many lenders as you can before committing.

    What you can borrow and what you'll pay are highly related to your credit score and income. The best personal loan rates are comparable to what you might get on a home equity loan, but those are for borrowers with excellent credit and good incomes.

    Borrowers with weak credit can qualify, but should expect to pay substantially higher rates. A single lender may charge personal loan rates that range from 6 percent to 36 percent, depending on the borrower's financial profile and the amount and duration of the loan.

    Unsecured personal loans are usually written as fixed-rate loans in which you receive your money as a single lump-sum payout, though some lenders offer adjustable-rate personal loans as well. A few also offer personal loans as a revolving line of credit with an adjustable rate.

    Personal loans for home improvements

    Unlike a home equity loan, the interest paid on a personal loan is usually not tax deductable. There is one exception, however – you may be able to deduct the interest if using the loan for certain home improvements. To qualify, the improvements must be what are called capital improvements, which increase the value of your home – they can't be simple repairs.

    Even without the tax deduction, unsecured personal loans can be good choices for borrowers who lack home equity and are seeking a home improve. That includes owners of manufactured homes or houses on leased land, which don't qualify as real estate.

    While in many cases you can use a personal loan for any purpose you wish, some lenders may require that you show plans for how you plan to use the money and the funds may be restricted to a specific purpose, such as paying off credit cards.

    To apply for a personal loan, you can go to virtually any bank or credit union. Many lenders now offer personal loans online, which saves time and can speed the application process for people seeking quick personal loans.

    Some lenders will only grant personal loans to their existing customers, so you may need to set up an account and perhaps go through a waiting period to get a loan through them. But others will accept any borrower who meets their credit worthiness and other loan guidelines, allowing you to shop around to find the best personal loan rates and terms.

    Get up to 4 loan offers on unsecured loans in minutes

    Is an unsecured loan right for you?

    Unsecured loans, also called personal loans or signature loans, involve borrowing money without putting up any collateral. Because there is no home or car to repossess if you don’t make your payments, these loans are considerably riskier for lenders. Extra risk means lenders must charge higher interest rates and require higher credit scores.

    Unsecured personal loans involve much less paperwork than secured loans like mortgages, but more than products like payday advances. The terms are generally shorter, from two to five years, and loan amounts are usually smaller. Unsecured loans can be used for almost anything — like debt consolidation, college tuition, medical bills, a business loan or the trip of a lifetime.

    It’s not easy to get approved for an an unsecured loan with bad credit,, and the rates for these loans are quite high. However, some lenders might offer you a better deal if you have a co-signer.

    An unsecured loan is issued based on the borrower’s creditworthiness, instead of some type of collateral. An unsecured loan can be obtained without the use of property as collateral for processing the loan. Borrowers generally must have high credit ratings to be approved for an unsecured loan.

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