Debt Consolidation 

If you're stressed out with multiple loan repayments, a debt consolidation loan with Westpac could help you get back on track.

We'll combine any credit card, store card, hire purchase and other debts into one manageable loan.

How it works

A debt consolidation loan is a great way to take control of your finances. 

Put simply, you take out one loan to pay off all your multiple outstanding debts. You only have to make one regular repayment, there’s only one interest rate and only one loan term. 

Once your application is approved you’ll get fast access to your money and a repayment plan that suits your needs. 

You can choose to make one fortnightly or monthly payment – whichever suits you best. 

Our standard loan terms run from 6 months to 5 years, but if this is not suitable, talk to one of our lending specialists to see if we can help.

Once you have applied, we won’t leave you waiting around. We can usually approve a loan within 48 hours (or less). 

Repayments and fees

We want to be upfront about what you will pay and why. Here's what you need to know about our personal loan payments and fees:

Personal loans - Fees
Fee typeFee amount
Establishment and documentation fee
$100 per loan
Loan payment failed fee
$10 per failure 
Overdue payment
(You will be charged default interest in addition to the normal interest rate on any overdue balance until the overdue balance is paid.)
5% p.a.

See what your repayments could be

Before you apply for a loan, it’s important to make sure that the repayments are within your budget and suit your financial situation.

For example, if you borrow $10,000 over 3 years at 13.90% p.a.; with a monthly repayment of $345, the total amount you’d need to repay would be $12,409 (including a $100 establishment fee).



Use our personal loan 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. 

Work out a payment plan >

How to apply

Applying for a Westpac Personal Loan to consolidate your debt is easy - you can do it all online in a few minutes.

  • Already a customer with Westpac One®?

    You can apply for a Personal Loan using Westpac One

    Apply in Westpac One
  • New to Westpac, or don't have Westpac One?

    If you're new to Westpac, or don't use Westpac One, you can apply for a Personal Loan online.

    Apply online


More about Debt Consolidation Loans

A secured loan is one that is protected by an asset that is used as collateral to get the loan. This means that if you do default on the loan, your asset such as your house or car can be taken by the lender. 

An unsecured loan doesn’t require any asset as collateral, and if you do miss payments there is no risk of your property being repossessed. 

Westpac provides unsecured personal loans so there is no need for your assets to be used as security. 

Most loan applications only take a couple of days to turn around. And usually, we can provisionally approve it a few minutes after you have applied online. 

Once your loan gets the green light, the money should be in your Westpac account by the following day. 

No. There is absolutely no penalty or fee for early repayment. 

Give our team a call on 0800 177 277 to see how we can help.