Personal Loans Advice & Tips

Want to go places, get things, live your dreams? A personal loan gives you more than just a financial boost to get the things you want – it could also save you on interest charges, help you avoid the hassle of multiple payments for various debts, and more.

Read on for a heads up on the things you could do with a personal loan, and just how easy it is to manage.

Personal Loans Advice & Tips

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Borrowing for a holiday

Maybe it’s time to get away from it all. A Westpac Personal Loan could help you visit the places you’ve always wanted to go. An island escape, a Caribbean Cruise – you don’t need to keep putting it off. You have up to five years to pay your personal loan, with flexible payment options. So if you can manage a fortnightly or monthly loan repayment – you could be on holiday this time, next week!

Consolidating your debts

Save yourself a load of interest and hassle by putting all your outstanding debt into one loan. Store cards, hire purchase agreements, other banks personal loans, credit cards or even things that were interest free but aren’t anymore, could all be paid off as part of a Westpac Personal Loan with one simple repayment.  

Buying a car, motorbike or boat

Before you buy your new car or boat, come and talk to us. We’ll let you know how much you could borrow, and with the bargaining power of a cash buyer, you may just get a much better deal. What’s more, borrow from us, and normally you won't need to use your new boat or car as security for the loan.

Managing your loan

There are a number of ways that we can help keep your loan simple. We can discuss the length of time you’ll need to pay the loan back, and how much you can afford to pay on a fortnightly or monthly basis.

If you get an unexpected windfall, like a bonus from work, put this towards your loan to pay it off more quickly. In fact, you can easily increase your loan payment amounts at any time because you won’t be penalised for early repayment. 

Alternatively, if you want some additional funds you can apply anytime.

For peace of mind, you may also want to consider loan repayment insurance cover. It’s easy to get and can help to pay your loan should you lose your income.

This information is a guide only. It does not take into account your personal finance situation and goals. Applications for finance are subject to Westpac's applicable lending criteria. An establishment fee may apply. Terms, conditions, exclusions and limits apply to Westpac Loan cover. More details of this and the underwriter can be found in the relevant policy document. 

Westpac Loan Repayment insurance is underwritten by Westpac Life-NZ-Limited, a wholly owned subsidiary of Westpac Financial Services Group-NZ-Limited. Westpac Life-NZ-Limited is a wholly owned subsidiary of Westpac Financial Services Group-NZ-Limited, which is a wholly owned subsidiary of Westpac Banking Corporation ABN 33 007 457 141, incorporated in Australia. Westpac Banking Corporation does not guarantee the obligations of, or any products issued by Westpac Life-NZ-Limited, but will always meet its obligations to you under the Consumer Guarantees Act 1993. Westpac Life-NZ-Limited complies with the practice standards of the Investment Savings & Insurance Association of NZ Inc. and a copy of its latest financial statements is available from Westpac House, 318 Lambton Quay, Wellington. You have the right to receive a 'replacement of business' advice when changing from one policy to another. Westpac employs salaried employees whos renumeration is influenced in the long term by the arrangement of Westpac Life-NZ-Limited Insurance policies. Westpac will receive commission payments as a result of the arrangement of Westpac Life-NZ-Limited Insurance policies.

Westpac Life-NZ-Limited has an AA- Insurer Financial Strength rating given by Standard & Poors (Australia) Pty Limited on 6 August 2013. The rating scale is: AAA Extremely Strong, AA Very Strong, A Strong, BBB Good, BB Marginal, B Weak, CCC Very Weak, CC Extremely Weak, SD or D Default, R Regulatory Supervision, NR Not Rated. Plus (+) or Minus (-) following ratings from ‘AA’ to ‘CCC’ show relative standings within the major rating categories.