Personal Loan for debt consolidation
Simplify your finances using our Unsecured Personal Loan as your debt consolidation loan.
Why choose a Westpac Unsecured Personal Loan for debt consolidation
Pay your way
Match your pay day with weekly, fortnightly and monthly repayments
Get a quote in under 5 minutes
Know your repayments and get your rate, without impacting your credit score.
$0 extra repayment fee
Make extra repayments and get ahead of your personal loan#. You’re in control with Westpac.
More reasons to choose us
- Borrow up to $50,000: Choose the loan amount you want between $4k - $50k
- Loan terms to fit your budget: Set your loan term however you want between 1 - 7 years. A longer term will lower your repayment amount, a shorter term will lower the interest you pay overtime
- Same-day funding: Access your funds within an hour of accepting your contract when transferred to an existing Westpac account. *
Get a personalised rate
We give you a personalised rate and estimated repayments based on your credit score and the loan details you provide to us.
Get your personalised rate and an estimate of your repayments for a Car Loan or Unsecured Personal Loan by answering a few questions. If you already bank with us, sign in to save time.
Debt consolidation FAQs
It's the process of refinancing your existing debts such as personal loans, credit or store cards, or other forms of credit into the one loan.
There may be some advantages to a debt consolidation loan:
- It helps simplify your finances. Instead of dealing with multiple debts, everything's in one place, meaning fewer monthly repayments and less juggling overall.
- With just one set of fees (and one interest rate - which ideally would be lower), there's the potential to reduce the amount you need to repay in terms of the size of your weekly, fortnightly or monthly repayments, and the amount you repay in total.
- Most debt consolidation loans give you a set repayment plan with a clear loan end date. That can be important if you're consolidating debts that don't have a defined repayment schedule or end date (e.g. credit cards or overdrafts).
- Our loan also has a fixed interest rate - which means you'll know exactly how much your repayments will be from day one.
- One debt makes it easier to maintain a good repayment record – which would be viewed more favourably by a credit provider looking at your credit history.
- Unlike a credit card balance transfer, you're not limited to only paying off credit card debt. You can use a personal loan to repay a broad range of debts from a variety of credit providers.
- As we offer an unsecured debt consolidation loan, you don't need to offer an asset as security (like your car) in order to borrow.
Debt consolidation loans work by bringing together your current debts (such as multiple personal loans, credit or store card balances) and paying them off with one loan. They can be unsecured or secured loans, depending on the lender. Our debt consolidation loan is unsecured.
To get a debt consolidation loan with us, you apply for an Unsecured Personal Loan, making sure you state that debt consolidation is the reason you're borrowing. Doing this tells the loan assessment team that you plan to use the funds to pay off other debts you currently have (personal loans, credit cards etc.), as they will be able to see these in your credit history.
As this loan is unsecured, there's no need to offer your car or home as security.
With our loan, you also have the option to have the funds sent directly to those other debts in order to pay them off, as well as choosing your loan term (the number of years you repay the loan over).
Once those existing debts are repaid, many people choose to close those other accounts so they’re not charged further fees. From then on, they'll only have one loan to deal with.
- Your borrowing power. Regardless of your level of debt, knowing this will define the maximum you’d be able to consolidate with a debt consolidation loan. Head to our borrowing power calculator to find yours.
- The interest rate you’ll pay. Ideally, a debt consolidation loan would offer a lower rate than the interest rates you’re paying on your current debts. Use our Get my rate function to see what you’d pay. Note the interest rates you have on more than one debt may vary. So consider figuring out roughly what you're being charged overall.
- Total amount you’d like to consolidate. Think of all the debts you'd like to bring into the one loan. On top of the existing balances owing, also find out if there are any additional fees that may be charged.
- Borrowing power greater than your total debt? Your debt consolidation loan could service all your existing debts listed.
- Borrowing power less than your total debt? Consider prioritising which debts you'd want to consolidate with this loan, and while you'll continue to repay separately. In this instance many people look at which debts would offer the biggest savings if consolidated.
Repayment calculator
This calculator helps you estimate how much your personal loan repayments could be.**
The details
Our Unsecured Personal Loan comes with a fixed rate, meaning that you have the certainty of a set repayment amount throughout the life of the loan. You can also make extra repayments to pay off your loan faster, giving you the best of both worlds (prepayment fee may apply#).
Key rates and fees
| Rate or fee | Amount |
|---|---|
| Annual fixed rate range | 7.99% p.a. to 20.49% p.a. |
| Comparison rate range | 9.18% p.a. to 21.61% p.a.^ |
Median rate
Around half of our customers receive the median rate or lower
|
16.99% p.a. |
| Lending establishment fee |
$250## |
| Monthly loan account fee | $12 |
Other fees and charges may be payable.
Fees that may apply
| Fee | Amount |
|---|---|
| Prepayment fee (applies if you choose a term greater than 2 years and pay it out in less than 2 years. This fee is waived if you pay out your personal loan by re-financing to another Westpac personal loan). | $175 |
| Missed payment fee | $15 |
| Bank cheque fee | $10 |
Other fees and charges may be payable.
How can I apply?
Online
Apply online in less than 10 minutes. You can use any device and return to complete your application within 14 days.
Over the phone
Apply over the phone by calling 132 651 (8am - 8pm, 7 days a week).
In person
Apply at your nearest branch.
What happens after I apply?
- You can track the status of your loan application with our Online Status Tracker.
- If we require further information to progress your application, we will contact you via phone or email.
- If conditionally approved you may need to email documents to us for verification.
- Once documentation is received and verified, you will be sent an email within 2 business days to view your contract and accept online. Note: Non-Westpac customers will be required to come into a branch to be identified after accepting their contract.
- Tell us which account you would like the funds to be sent to. Allow 1 business day for the funds to be transferred to a Westpac account and up to 3 business days for a non-Westpac account.
Before you apply
Follow this section to improve the likelihood your application is approved.
- You're aged 18 or over
- You're an Australian or New Zealand citizen OR;
- You have permanent residency in Australia and hold an acceptable visa (PDF 489KB) OR;
- You’re a non-resident or migrant and hold an acceptable visa (PDF 489KB), with a minimum 1 year before expiry
- You have a regular, verifiable Australian taxable income
- You have a fixed, verifiable residential address in Australia.
You'll be assessed on your ability to repay the money you borrow. Three things you can do to help:
- Make sure you’re meeting your current repayment obligations for
- other credit cards or loans (including lenders such as Afterpay and Zip Pay)
- rent as well as utilities such as your phone, internet and electricity.
- Check the details on your credit report are correct before applying. Head to CreditSmart.org.au and follow the links to a free credit report. More about credit reports.
- Don't make multiple applications (with us or any other lender). Every application is listed as an enquiry on your credit report. Too many can be seen as a red flag and reduce your chances of approval.
Make sure you have everything in the list below:
- Proof of identity including at least two of the following:
- Australian driver licence
- Medicare card
- Passport
- Australian birth certificate
- NSW photo card.
- Current debts in your name (e.g. home loan, personal loans, other credit or store cards as well as instalment purchases such as Afterpay and Zip Pay)
- Proof of income. If your pay doesn’t already go into a Westpac account, you’ll need to show at least one of the following:
- Two most recent consecutive payslips from your main employer that are less than 60 days old
- A Government Authority statement from the last two months confirming your pension or allowance
- Rental income proof covering the last three months
- Self-employed? You’ll need to show you’ve been in business for at least 18 months, the last two months’ business bank statements and last year’s Notice of Assessment.
- All your regular monthly expenses (including phone bills, insurances etc.)
- If you’re a tax resident of another country, you’ll need your foreign tax identification number.
If you're already a Westpac customer, you'll also need to:
- Sign into online banking to double-check your personal details (name, address etc) are up-to-date
- Apply as an existing customer in the application form
- We will have answered some of the basic questions such as personal details (name, address etc) on your application for you. Check that they’re correct.
Additional eligibility criteria or documentation may be required.
Help when you need it
Things you should know
This information is general in nature and has been prepared without taking your objectives, needs and overall financial situation into account. For this reason, you should consider the appropriateness of the information to your own circumstances and, if necessary, seek appropriate professional advice. Please consider your individual circumstances before applying for a Westpac Personal Loan. Credit criteria, fees, charges, terms and conditions apply. Information is correct as of 10 June 2025.
##The lending establishment fee will be added to your loan amount. Please read full terms and conditions before making a decision to apply for a Westpac Personal Loan.
^Comparison rates: Comparison rates help you understand the true cost of a loan. All comparison rate examples shown are for a personal loan amount of $30,000 and a term of 5 years. WARNING: Comparison rates apply only to the example or examples given and may not include all fees and charges. Different loan amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.
- Unsecured Personal Loan repayment terms range from 1 to 7 years. Interest rate ranges and representative examples are based on an unsecured loan of $30,000 borrowed for 5 years with the interest rate of 7.99% p.a. (comparison rate 9.18% p.a.), the estimated total amount payable including fees is $37,513. The actual rate offered may be higher or lower than the comparison example above. Rates currently range from 7.99% p.a. to 20.49% p.a. (comparison rate from 9.18% p.a. to 21.61% p.a.)
#Prepayment fee: If you choose a term greater than 2 years for a Westpac Personal Loan, and pay it out in less than 2 years, there is a prepayment fee of $175. This fee is waived if you pay out your personal loan by re-financing to another Westpac personal loan.
*Access to funds within 60 minutes: Available for existing customers who are approved for an Unsecured Personal Loan. Loan funds will be disbursed into an existing Westpac transaction account 60 minutes from when e-contract acceptance has been received. Funds requested to be transferred to a non-Westpac account will take up to 3 days.
**Repayment calculator: Any calculations made by you using this calculator is intended as a guide only. It is for illustrative purposes only and is based on the accuracy of the information provided. The calculation is not an offer of credit. The amount you can borrow may vary once you complete a loan application and all the details relevant to our lending criteria are captured and verified. The calculations should not be relied on for the purpose of making a decision whether to apply for a personal loan. Weekly and fortnightly repayment calculations - if your monthly repayments are $1000, fortnightly repayments are calculated by dividing $1000 by 2 and rounding up if required ($1000/2 = $500). Weekly repayments are calculated by dividing $1000 by 4 and rounding up if required ($1000/4 = $250).
Credit provided by Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714.