What is debt consolidation loan?

A Westpac debt consolidation loan allows you to combine multiple debts such as, but not limited to, store cards, credit cards, hire purchase and existing loans into one single loan. This means one interest rate, one regular repayment and an end date of when you could become debt free. There’s no additional payment or early repayment fees so if you have available funds you could pay your loan off faster.


  • Combine multiple debts into a single loan, with one regular repayment.
  • Get a decision fast, we’ll usually be in touch within 48 hours.
  • Flexible repayment options include fortnightly and monthly repayments.
  • Apply to borrow up to $50,000, or maybe more based on your circumstances. 
  • Standard loan terms from 6 months to 5 years.
  • No fee for additional repayments.
  • No early repayment penalty fee.

Interest rate.

Interest rate is subject to change


Fees are subject to change.

If you do not pay amounts when they are due and this causes your loan account to exceed your limit, the rate of interest that applies to that overlimit amount will be the interest rate + 5% p.a.

See what your repayments could be.

Use our calculator to get an idea of how much you can borrow, what your repayments would be and how long you would need to make them for. For example, if you borrow $10,000 over 3 years at 13.90% p.a.¹; with a monthly repayment of $345, the total amount you’d need to repay would be $12,409 (including a $100 establishment fee).


Things you should know.

1Interest rate is subject to change.

Eligibility criteria, lending criteria, terms and conditions apply. An establishment fee of $100 may apply. You’ll need to be 18 or older and a New Zealand citizen or permanent resident. If you’re not a New Zealand citizen or permanent resident but you’re working in New Zealand, or you don’t meet the other criteria, we still may be able to help.

The Westpac personal loan interest rate (also known as the Annual Interest Rate) is a combination of a base rate and a margin. The Westpac standard personal loan interest rate of 13.90% p.a. is currently based on a Base rate of 14.00% less a margin of 0.10%. Westpac may change the base rate or replace it with a new base rate from time to time.

Documents and fees.

Personal Loan Terms and Conditions

Sample of Personal Loan Summary

Transaction and Service Fees