1. What is the Westpac Personal Loan Calculator?

The Westpac Personal Loan Calculator estimates monthly repayments for unsecured personal loans based on loan amount, term, and your credit score. Westpac offers interest rates ranging from 6.49% to 12.99% p.a. depending on creditworthiness.

2. How Does the Calculator Work?

The calculator uses the standard loan payment formula:

Where:

• \( P \) — Principal loan amount (AUD)
• \( r \) — Monthly interest rate (annual rate ÷ 12)
• \( n \) — Number of monthly payments (term in years × 12)
• \( PMT \) — Monthly payment amount (AUD)

Explanation: The formula accounts for compound interest over the loan term, calculating equal monthly payments that pay off both principal and interest.

3. Importance of Credit Score in Loan Rates

Details: Westpac adjusts interest rates based on credit score tiers:

• Excellent (720+): 6.49% p.a.
• Good (660-719): 8.49% p.a.
• Fair (600-659): 10.49% p.a.
• Poor (<600): 12.99% p.a.

Higher credit scores demonstrate lower risk, qualifying for better rates.

4. Using the Calculator

Tips: Enter loan amount (minimum AUD 1,000), select term (1-7 years), and choose your credit score category. The calculator will show monthly payments, total interest, and total repayment amount.

5. Frequently Asked Questions (FAQ)

Q1: What loan amounts does Westpac offer?
A: Personal loans from AUD 4,000 to AUD 50,000, though this calculator shows estimates from AUD 1,000.

Q2: Are there any fees?
A: Westpac charges a $250 establishment fee and $10 monthly service fee, not included in this calculation.

Q3: Can I pay off the loan early?
A: Yes, but early repayment fees may apply depending on the loan terms.

Q4: How accurate is this calculator?
A: It provides estimates based on standard rates. Actual offers may vary based on full credit assessment.

Q5: What if my credit score changes?
A: Your rate is locked at application, but improving your score before applying can get you better terms.