Westpac Bank Secured Personal Loans

Westpac personal loans focus on providing substantial credit to reliable customers, with very little benefit to using Westpac unsecured personal loans in preference to Westpac secured personal loans. While many other banks will charge higher interest rates but lower fees for unsecured personal loans, Westpac are focused on personal loans for major purchases and thus offer higher establishment fees for unsecured personal loans. Westpac do their best not to limit their customer base for personal loans, however, even offering a discount to students who apply for personal loans as part of Westpac's student package of financial products.

Westpac secured loans offer competitive rates with higher establishment fees than some other banks, and generous loan terms of 1 to 7 years. Westpac will provide different deals on personal loans for a new car, a used car, a boat or for other purchases that are secured with an acceptable motor vehicle. The interest rate is fixed for the term of the loan, so you will always be sure of what your repayments will be with Westpac secured personal loans.

Westpac unsecured personal loans are much like the secured personal loans in terms of features, but the interest rate is generally quite a bit higher. The term lengths and fees are the same, with the advantage that a discount will be applied to the interest rate if taken out as part of Westpac's student package. Potential loan amounts are no lower than for Westpac secured personal loans, which is not always the case amongst personal loans from banks. As with the secured personal loans, Westpac unsecured personal loans have a secured rate so that you can be sure of what you need to pay.

For purchases of vehicles, Westpac secured loans can provide good value. However, Westpac unsecured loans do not seem to enjoy the advantages unsecured personal loans from other banks would in comparison to secured Westpac personal loans.