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What is a flexi loan


What is Westpac Flexi Loan?

Flexi Loan is different to a traditional personal loan. It allows you to withdraw funds whenever you want (up to an agreed limit) without reapplying.


  • Only pay interest on your outstanding balance, not the assigned credit limit
  • Variable interest rate of 14.69% p.a.
  • Once your application is approved, you’ll have between 4,000 and $75,000 credit limit
  • No fee for additional withdrawals, no early repayment fee and no exit fee. Withdrawals may need to be authorised
  • $150 establishment fee
  • $10 monthly service fee (waived when the account has zero balance and no transactions made for a month). Other fees apply.

Are you an existing Westpac customer?

You could get same day access to funds:

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Make withdrawals whenever you want

Once approved, you can access your Flexi Loan funds at any time. You don’t have to make separate applications for each withdrawal - up to your available credit limit - providing the account is in good order.

The advantage of a Westpac’s Flexi Loan is that if your approved credit limit is more than you require, just withdraw the amount you need. You’ll then have further funds available to draw on at a future date.

Alternatively, reduce the approved credit limit to the specific amount you need (as long as that amount is $4,000 or more).

In either

case you only pay interest on what you’ve borrowed, not on the entire credit limit.

Withdrawing funds

The easiest way to make a withdrawal is to transfer funds into your Westpac transaction or savings bank account. If you do not have one you can still withdraw funds, simply choose from the available Westpac Flexi Loan Withdrawal Options (PDF 29kb).

Flexible repayment options

Make Flexi Loan repayments in a way that suits you. For each withdrawal choose between 2 repayment options:

  • Select a repayment goal - where you aim to repay the borrowed amount within a certain timeframe (between 1 and 5 years). You’ll then repay under what’s called a “Term Plan”
  • Decide an amount each month to repay depending on your budget, provided you meet the minimum monthly repayment in that month. These payments continue until your borrowed amount is paid off. We call this a “Base Plan”.

Whichever option you choose, you can change the repayment amount at any time, providing you meet the minimum monthly repayment.

Flexi Loan repayment option example

Minimum monthly repayment

The required minimum monthly repayment on your Flexi Loan is equal to:

  • 2% of the closing monthly unpaid balance (rounded up to the nearest dollar) or $10 – whichever is greater. plus
  • The greater of any unpaid past due amounts from previous statements, or any amount that exceeds the credit limit.

Category: Credit

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