To get a loan from Westpac Personal Loan in 2019, one of the largest banks in Australia, you have to tell the bank what is your purpose to borrow this money.
The bank offers you six alternatives such as consolidate debt, buy a car, go on holiday, renovate, fund a wedding and fund several things
For these six reasons, the bank offers you three different loan options and you are free to choose one depending on your wishes to get the money from the bank.
How You Should Get a Loan from Westpac Personal Loan 2019?
All are very good but you should know a few more things before taking a loan from the Westpac. As all the banks in the world, Westpac is very careful when giving out a personal loan to its customers. The major Australian bank wants to be sure that its clients will have what it takes. To pay the money back to them because it is so essential for the company.
Banks are basically taking money from their customers and paying them an interest rate. While using this money to give loans to other people. So if they think the customer will not be able to pay them back. Then they have every right to cancel your loan, or not give you a loan.
So, before applying a Westpac Personal Loan 2019, you have to be sure that your credit score will satisfy the bank. If you are eligible (considering you are over 18 years old of age) you can apply for a personal loan. For lots of reasons, people around the world using these loan types. For example, you can take money from the bank to buy a new car, or you can take money from the bank to fund your wedding, or travel to another country, city, or region.
How Much Money Can You Borrow?
This is another question we are facing from the people who are interested in taking a Westpac Personal Loan 2019. We said before, this will depend on your needs. If you want to buy a car, your loan money could be high. If you want to go to a holiday for three or four days, then your loan money will be considerably cheaper. So if you are eligible to apply for a loan. You can get money between $4000 and $50000 from the bank. You will also reach an agreement with the bank about the repayment schedule. This could be between 12 to 84 months.
And some banks, including Westpac, have some options about repayment. If you pay a large sum of fee then the bank will create you another payment plan so you can pay your money.
How These Loan Works
This personal loan is a type of installment. Like any other thing in the world, you need to pay a certain amount. While borrowing someone’s stuff. This is no different. You are paying a fee to stay in a house that we called ‘rent free’. You are using their money for a certain period of time and you need to pay the money back to them. This is what we call an interest rate.
Also, there are two types of personal loans. One is secured. Which means your loan is backed collateral. It will be your another account from another bank, or your house, even your car. The thing is you are showing your bank that you can pay the money. Even in the worst case scenario. To get a secured loan is much easier than the other type, unsecured.
The other type is as we called earlier is unsecured loans. In that type, your loan is not backed collateral. In that case, the officer will be the decisive man. He will take a close look at your personal financial history. Including former loans (if there are any), your monthly income and other factors to decide whether you are qualified or not. This will much harder to get comparing to secured loans.
Types of Westpac Personal Loan 2019
Of course the bank will offer you a variety of options. If you decide to get a personal loan from the Westpac. Just like any other bank in the world, they want to serve their customers in the best possible way. So they offer you some types of loan in need of your own purposes. You can choose one of them.
The first type of Westpac Personal Loan 2019 is an unsecured personal loan. This loan type is particularly suitable for debt consolidation. Used car and refinance of an existing personal loan. Your interest rate is set at 12,99% p.a. and this rate is fixed. The loan amount must between $4000 and $50000. And the loan term will be around one to seven years. To repay it, you will need to pay the fixed amount monthly. It’s set out in your loan contract.
The other option for Westpac Personal Loan 2019 is a car loan. If you want to buy a new or used car. Then this type is right for you. For that; you will need to pay %8.49 p.a. fixed interest rate. The money needs to between $10,000 and $100,000 and you will pay in it between one to seven years, again.
The final type is the Westpac Flexi Loan. This could be used in home renovations and wedding purposes. Your interest rate is not fixed at that case. But the bank said this rate is %16,49 p.a. at the moment. The loan amount is between $4.000 and $50.000. For that loan type, you have a redraw facility. Which is not present in the other type of loan deals.
Today, we explained to you how to get a personal loan from the Westpac Personal Loan 2019. One thing to keep in mind that you need to spend your money wisely and responsibly to avoid some sort of unwanted issues.