Westpac (loans): verified facts and rating
Licensed since: 1817 Checked 2026-10-30
Score breakdown
100% backed by facts · How we rank
Westpac (loans) against the market
The dot is the company, the line is the median of all companies in this ranking.
Published rate, % of country reference81%158%83% · median 100%
Support hours a week60 h87 h60 h · median 69 h
Maximum amount, % of country reference95%133%133% · median 100%
Longest term84 mo120 mo84 mo · median 84 mo
Westpac (loans) strengths and weaknesses
Pros
- Long licence history
- Licence confirmed by the official list or a stated licence number
- Fees or full loan terms are readable without login
- Publishes how to complain
Cons
- An arrangement fee can apply
- A charge can apply to early repayment
All facts
| Fact | Value | Source | Checked |
|---|---|---|---|
| Licensed since | 1817 Established in 1817 as the Bank of New South Wales, the company changed its name to Westpac Banking Corporation in 1982. | westpac.com.au | 2026-10-30 |
| Licensed by the regulator | Yes Westpac Banking Corporation (AFSL and Australian credit licence 233714 per Westpac loan conditions) | apra.gov.au | 2026-10-30 |
| Published rate, % of country reference | 83% Annual fixed rate range 7.29% p.a. to 22.19% p.a.; comparison rate range 8.69% p.a. to 23.48% p.a.; median rate 16.99% p.a. (comparison 18.31% p.a.); example amount and term of the comparison rate not stated in the text read · APR 8.69% · index 100 = 10.53% (median at launch) | westpac.com.au | 2026-10-30 |
| Free early repayment | No Prepayment fee (applies if you choose a term greater than 2 years and pay it out in less than 2 years) $175 | westpac.com.au | 2026-10-30 |
| No arrangement fee | No Lending establishment fee (will be added to your loan amount) $250 | westpac.com.au | 2026-10-30 |
| Fees or terms published | Yes Personal Loan Contract Terms and Conditions (PDF), plus public fees table on the product page | westpac.com.au | 2026-10-30 |
| Complaints procedure | Yes Make a complaint | westpac.com.au | 2026-10-30 |
| Online application for new customers | Yes Apply online. Keep in mind: Non-Westpac customers will need to come into a branch to be identified after accepting their contract. | westpac.com.au | 2026-10-30 |
| Support hours a week | 60 h Our team is available 8am-8pm (Sydney time), Mon-Fri. Self service Telephone Banking is available 24/7. (132 032) | westpac.com.au | 2026-10-30 |
| Maximum amount, % of country reference | 133% Borrow up to $70,000 - Choose how much you want to borrow, from $4,000 to $70,000. · max 70000 AUD · index 100 = 52500 AUD (median at launch) | westpac.com.au | 2026-10-30 |
| Longest term | 84 mo Set your loan term from 1-7 years | westpac.com.au | 2026-10-30 |