Personal Loan for Debt Consolidation

What is a personal loan for debt consolidation?

A Westpac personal loan for 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 early repayment fees so if you have available funds you could pay your loan off faster.

Benefits.

Combine multiple debts into a single loan, with one regular repayment.
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 fees for additional or lump sum repayments.
Apply for additional funds at any time.

Interest rate.

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.

Fees.

Fees are subject to change.

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.

Calculate repayments

FAQs.

Things you should know.

¹Interest rate is 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.

Eligibility criteria, lending criteria, terms and conditions apply. You'll need to be 18 or older and a New Zealand citizen or permanent resident with a Westpac transaction account. 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 personal loan rate/personal lending rate and a margin. The Westpac standard personal loan interest rate of 13.90% p.a. is currently based on a personal loan rate/personal lending rate of 14% p.a. less a margin of 0.10% p.a. Westpac may change the personal loan rate/personal lending rate, or replace it with a new personal loan rate/personal lending rate and/or change the margin from time to time.

Documents and fees.

Personal loan Terms and Conditions sample for customers whose terms and conditions are dated 27 April 2023 and now

Personal loan Terms and Conditions sample for customers whose terms and conditions are dated 15 September 2022 and 26 April 2023

Personal Loan Terms and Conditions sample for customers whose terms and conditions are dated between 26 May 2022 and 14 September 2022

Personal Loan Terms and Conditions sample for customers whose terms and conditions are dated between 6 June 2015 to 25 May 2022

Personal Loan Summary sample for customers whose agreement is dated between 15 September 2022 and now

Personal Loan Summary sample for customers whose agreement is dated between 26 May 2022 and 14 September 2022

Personal Loan Summary sample for customers whose summary is dated between 19 October 2016 and 25 May 2022

Personal Loan Summary sample for customers whose summary is dated between 6 June 2015 and 18 October 2016

Transaction and Service Fees

General Terms and Conditions

Personal loan for debt consolidation.