A Westpac Bank unsecured personal loan could be the ideal way for you to take control of your financial situation again, or perhaps raise capital for anything you require. As you’re not required to put up any assets for collateral on unsecured loans, you can use them for almost any purpose you desire without a deposit or without surrendering ownership of a vehicle or other asset.
Using a Westpac Unsecured Loan
Westpac Bank unsecured personal loans can be used for debt consolidation purposes, allowing you to roll several outstanding debts together into one convenient loan. In most cases, you should find that the repayment due on your consolidation loan is lower than the amount you were previously paying on outstanding credit cards or other personal loans. This can help to reduce your repayments and also make it easier to keep up with payments each month.
You may also decide to use your Westpac unsecured loan to pay for education costs, a wedding or a much-needed vacation. You can even use your the funds from a Westpac loan to make household purchases, such as new furniture or white goods, or any combination of these things.
The Benefits of Personal Westpac Unsecured Loans
There are many benefits to Westpac’s unsecured personal loan plan. You can to borrow up to $50,000 for your purposes without having to put up any of your assets as collateral for the loan. Aside from having the safety of being able to fix your interest rate for the entire term of the loan and avoid any potential interest rate rises, you are also able to select a loan term that suits you.
Unsecured personal loans are available in loan terms ranging from 1 to 7 years. You have the option of extending your Westpac loan term out to a longer period to help reduce your monthly repayments or you can shorten the term to work on debt reduction plans.
If you do not require your funds immediately, you are able to leave your unsecured loan for a specified amount of time and redraw the funds as you need them. This could be very handy for paying for various expenses that could arise with education costs or with wedding expenses.
If you have a specific usage for your funds in mind at the time of application, such as debt consolidation, Westpac Bank is able to pay out your old accounts and ensure they are closed at the same time as your new loan commences.
You are able to make your repayments via direct debit from your regular transaction account monthly or fortnightly, to suit the frequency of your pay. You are also able to nominate to make a higher payment amount above the minimum payment due to work on reducing your outstanding debt.
There is no early payment penalty for making extra repayments, unless you repay the unsecured personal loan in full within 2 years. Westpac Bank has made provision for the early prepayment fee to be waived under certain conditions, so if you believe you may be able to repay the entire balance of your loan much sooner, be sure to check your options.
Applying for a Westpac Unsecured Loan
You can apply for Westpac Bank unsecured loans in person at a Westpac branch or online. The application process is relaltively straightforward but you will need to supply personal information to the bank in order to progress your solicitation for a Westpac personal unsecured loan.