Rating based on 17 reviews


  • Debt consolidation loans up to $50,000
  • Low-interest starting from 12.99%
  • Repayment up to 7 years

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Author Westpac. Screenshot of Westpac website.
[Accessed May 24, 2023]

About Westpac

Westpac is part of the Westpac Group of companies and services 13 million customers around Australia.

The Westpac Group covers the whole spectrum of financial products from personal banking to corporate banking to insurance to investments.

A rich history of 200 years in shaping Australia's financial landscape

With a rich history spanning over 200 years, Westpac has played a pivotal role in Australia's financial landscape. Originally established as the Bank of New South Wales in 1817 under the visionary leadership of Governor Lachlan Macquarie, the bank has weathered wars, economic downturns, and societal changes, emerging as a resilient institution committed to stability and growth.

Throughout its journey, Westpac has embraced innovation and inclusivity. It facilitated the entry of women into traditionally male-dominated roles during the Great Depression, and it was the first bank in Australia to introduce the revolutionary accounting computer. This commitment to progress has enabled Westpac to adapt and thrive in a dynamic environment.

Australia's oldest bank and largest company creating better futures together

Today, as Australia's oldest bank and largest company, Westpac remains dedicated to creating better futures together. With a comprehensive range of financial products and services, it serves over 12.7 million customers through its portfolio of brands, including Westpac, St.George, Bank of Melbourne, BankSA, BT, and RAMS. Guided by a sustainable approach, Westpac is recognized as one of the world's most sustainable banks, actively contributing to positive social, economic, and environmental impact.

As Westpac continues to evolve, its strategic priorities of customer care, ease of banking, expertise, and advocacy underscore its commitment to delivering superior experiences and driving positive change for its customers, communities, and the nation.

So you know that you have experts caring for your financial needs when you take out a Westpac debt consolidation loan. 

Clients are important

Westpac like to focus on personal service for their clients. The emphasis is on ensuring clients are happy and have everything they need at their fingertips with help from the relevant department.

For example, with debt consolidation loans, you need a sympathetic ear. No one likes to have debt taking over their life and not know where to turn. But if this sounds like you then you need to give them a call.

Help for clients

A big banking business like Westpac is involved in lots of diverse initiatives to help and assist its clients in times of hardship and suffering. If there has been a recent disaster, they have measures to put into place to alleviate your financial stress.

Westpac Services

Westpac's debt consolidation loan is unsecured, eliminating the need for you to offer collateral, such as a car or property, to secure the loan.

The Wespac debt consolidation loans offer you the opportunity to streamline your finances effectively. You can borrow amounts ranging from $4,000 to $50,000 over a term of up to 7 years.

An overview of Westpac's debt consolidation loan

Debt consolidation involves refinancing existing debts, such as personal loans, credit cards, or store cards, into a single loan with Westpac. By opting for Westpac's debt consolidation loan, you can enjoy many tangible benefits.


  1. Consolidating multiple debts into one loan simplifies financial management, reducing the hassle of dealing with numerous repayments. This means fewer monthly payments and less overall juggling.
  2. Westpac's debt consolidation loan offers a single set of fees and an attractive interest rate, which could be as low as 6.99% per annum. This has the potential to significantly reduce the amount borrowers need to repay, resulting in smaller weekly, fortnightly, or monthly repayments.
  3. Borrowers benefit from a structured repayment plan with a defined loan end date. This is particularly advantageous when consolidating debts with no predetermined repayment schedule or end date, such as credit cards or overdrafts.
  4. Westpac's loan comes with a fixed interest rate, ensuring borrowers know the exact repayment amount right from the start. The interest rate for the loan can range from 6.99% to 19.99% per annum.
  5. Unlike credit card balance transfers, Westpac's personal loan allows borrowers to consolidate a broad range of debts from various credit providers, providing them with greater flexibility in managing their financial obligations.

Westpac offers two kinds of debt consolidation loans depending on your individual needs. If you have more than one debt to pay off every month it can be very frustrating. This is the time to consider a debt consolidation loan – by putting all your debts into one account and then paying off one account every month.

Usually the interest rate is lower and the repayment amount is more manageable. This can be used for all kinds of debt, whether it's store cards or credit cards. There is an unsecured personal loan, or what is called a credit card for balance transfer.

Debt consolidation options at Westpac

  • Credit Card Balance Transfer: means you transfer the money into another credit card account attracting 0% interest for a certain period of time which is discussed and set when you take the loan out;
  • Unsecured Personal Loan: is a Loan which allows you to borrow money without any security. The interest rate is lower than that of a credit card.

Westpac – Consolidation loan

  • Loan Type Debt consolidation loans
  • Interest Rate from 12.99%
  • Loan Amount up to $50,000
  • Repayment 12 months to 7 years

Benefits of Westpac

  • Interest rates starting from 12.99%
  • Repayment periods up to 7 years
  • Debt consolidation loans up to $50,000

With a Westpac debt consolidation loan you can make your life easier

To apply for your debt consolidation loan, there are a couple of steps you have to follow as well as certain documents you have to hand in.

Documents required:

  • You have to be 18 or older
  • You have to have a regular income
  • You have to be a permanent resident of Australia
  • You have to have all the details of your current financial situation at hand
  • You need to know what your assets and liabilities are
  • You need a salary slip
  • You need to know your regular monthly expenses

Go online and you can fill out their borrowing power calculator so you can find out in advance more or less what you can borrow.

You can apply for the loan online in a couple of minutes or you can call them or go into a branch and see a consultant.

A host of great products

Besides debt consolidation loans, Westpac likes to keep their clients happy with a range of products and they have many ways in which they do that, including looking after their clients in a disaster situation or helping them learn more about how to save money or teaching them how to trade with shares and other investments.

If you have bad credit then you still have options available to you. Most debt consolidation loans require you to have a good credit score in order to qualify.  Our loans give those with bad credit a second chance at a stable financial future.

We are willing to take a chance on you regardless of your credit score, combine your existing debt into one easy to manage loan. Save money on interest and other charges and pay one lower monthly instalment.

Consider peer-to-peer lending

Peer-to-peer lending is another good option for those that have a bad credit score. This process allows you to borrow money from an individual investor. They will consider your application and if they decide that they want to assist you then you could end up saving a lot of money and only need to make one simple repayment per month.

Transfer your balance to a new credit card

The easiest way to save money is to open a new zero per cent balance credit card and transfer your existing credit card debt onto the new credit card. This will allow you to repay your debt back at a much lower interest rate by combining all your balances.

Use your home as equity

If you own your home you will be able to use the equity from your property. You may be able to borrow up to 80% of your home's equity and use this to consolidate your debt and lower your monthly instalments.  Another option is to apply for a second mortgage on your loan.

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Westpac is a trusted & reliable provider of debt consolidation loans

In our review, Westpac adheres to the compliance criteria in accordance with the National Consumer Protection Act, where the granting the loan will not cause financial distress to the consumer.

✅ Westpac is a registered credit provider in Australia: ACL 233714

Customer Reviews & Testimonials

April 2019

I was able to use my home as equity to consolidate my existing debt and save myself money in interest. Paul was a very helpful consultant that went out of his way to assist me in every way. I was...

Tony W
— Perth —

May 2019

I was able to consolidate my debt into one easy to manage loan. I saved so much money on interest and now only need to worry about making one easy instalment per month. It was very easy to apply...

Saul W
— Darwin —

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