Repayments are fortnightly or monthly, and there are no fees to set up the loan, make lump sum payments, or pay it off early. You can apply to borrow up to $50,000, or possibly more depending on your circumstances, over a term of 6 months to 5 years.
What you need to know about this loan
- Loan amounts offered: Up to $50,000, or possibly more depending on your circumstances.
- Loan terms (monthly): 6 months to 5 years.
- Payment methods: Fortnightly or monthly repayments.
- Interest rate: 13.90% p.a. standard rate (7.99% p.a. for the EV Personal Loan).
Pros
- Zero fees: $0 establishment fee, $0 for lump sum payments, $0 for paying off early.
- High borrowing limit: apply for up to $50,000, or more depending on your circumstances.
- Flexible terms: repay over anywhere from 6 months to 5 years.
- Discounted EV rate: 7.99% p.a. for electric and hybrid cars, e-mopeds and e-bikes.
- Fast access to funds: once approved, money can land in your account the following day.
Cons
- Unsecured only: Westpac doesn’t offer a secured personal loan option, so there’s no rate discount for using an asset as security.
- Westpac account needed: you’ll generally need a Westpac transaction account to apply.
Why Choose Westpac for your loan?
Unlike Gem Finance (Latitude), a non-bank lender, Westpac is a registered New Zealand bank that’s served Kiwis since 1861, with $0 setup, lump sum or early repayment fees.
ANZ, BNZ and ASB are also major New Zealand banks, but Westpac’s EV Personal Loan stands out with a notably low 7.99% p.a. rate for electric and hybrid vehicles.
Heartland Bank has built its name around niche lending products, while Westpac’s personal loan covers everything from debt consolidation to weddings, travel and medical costs in one product.
Where some lenders keep standard terms shorter, Westpac gives you 6 months to 5 years to repay, plus the option to apply for extra funds at any time.
With around 1.5 million New Zealand customers, Westpac offers the scale and branch network of the big banks, backed by Westpac One® digital banking.
How to apply for your Westpac Personal Loan
Applying takes just minutes: choose whether you’re an existing Westpac customer or new to the bank, complete your details online, and you could get an initial decision almost straight away — with approved funds landing in your account as soon as the next day.