Types of loans

When it comes to personal loans there are two types to consider - Secured Loans vs Unsecured 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 taken as security.

Check what your repayments could be

Before you apply for a personal loan, make sure your repayments are affordable and will work well with your budget. Our Personal Loan calculator can give you an idea of what your personal loan repayments could be, how much you could afford to borrow, and how long it could take to pay off your loan.

Personal loan calculator