westpac car loans logo

Westpac Car Loans

Westpac is Australia’s oldest bank having opened its doors for the first time in 1817. It has since grown into one of the country’s much vaunted Big Four banks, with branches and ATMs right across Australia and around the world. They offer a suite of products that span the retail and business spectrum, as you would expect from one of the country’s biggest financial institutions.

Westpac Personal Car Loan

Westpac only has one specific car loan product for individuals, however there are other loan options for those wishing to purchase a car. The secured Westpac car loan has a set of specific criteria for car purchases with a competitive interest rate, while the broader unsecured personal loan option has a higher interest rate, but can be used for a number of reasons.

Westpac Car Loan

This loan product is for those who are looking to purchase a car and will use the vehicle as security against the loan. The features of a Westpac car loan:

  • Can borrow between $10,000 and $100,000
  • Fixed interest rates for the life of the loan
  • Flexible repayment terms of 1-7 years
  • Periodical repayments can be made weekly, fortnightly or monthly to suit your set of circumstances
  • Make additional repayments to pay the loan off faster without penalty (however, where the loan term is longer than two years, and you pay off the loan within two years, a $175 fee is applied)

If you’re 18 years of age or over, have regular permanent income and are an Australian resident (or hold an acceptable visa and have full-time work in Australia), you are eligible to apply for a car loan from Westpac. Successful loan applications are usually approved within 24 hours.

If you meet certain criteria, you may be eligible for the Westpac Choice Full-Time Tertiary Students or Westpac Choice - Under-21s packages, which would entitle you to an interest rate discount.

Westpac Unsecured Personal Loan

While not specifically designed as a car loan product, you are allowed to apply for a Westpac Unsecured Personal Loan and use the funds to buy a car. The personal loan is not secured against the vehicle or any personal property, so if you can’t make your repayments, Westpac can’t take possession of your property. However, because the loan is unsecured, the interest rates are higher. The features of a Westpac Unsecured Personal Loan include:

  • Can borrow between $4,000 and $50,000
  • Flexible repayment terms of 1-7 years
  • Periodical repayments can be made weekly, fortnightly or monthly to suit your set of circumstances
  • Make additional repayments to pay the loan off faster (where the loan term is longer than two years, and you pay off the loan within two years, a $175 fee is applied)

This loan product must be used for personal use, and can not be used for businesses purposes.

Westpac Business Car Loan

Westpac offers three different business vehicle finance products - Finance Lease, Commercial Loan (chattel mortgage) and Commercial Hire Purchase. If you are an existing Westpac customer, you could be approved in as few as two hours given they already know your financial history. For each of the three options, there are some common features:

  • Interest rates and lease payments are fixed
  • You can negotiate the repayment structure to suit the cash flow needs of your business - monthly, quarterly, half-yearly, annually, or some other structure as agreed with Westpac.
  • Minimum finance amount is $15,000
  • Flexible terms of between 1-5 years
  • The vehicle purchased will be used as security against the loan

The interest rates and repayment amounts are determined by a number of factors, including the loan amount, the make, model and age of the car being purchased, and the term of the agreement.

Westpac Finance Lease

A Finance Lease an arrangement where Westpac purchase the vehicle and rent it to the borrower for an agreed period of time. Westpac owns the vehicle for the life of the agreement, however the borrower may purchase the car at the end of the lease agreement for an agreed amount.

The rental payments are tax deductible.

Westpac Commercial Loan (chattel mortgage)

A commercial loan is very similar to a regular car loan for individuals, in that the borrower finds and purchases the car, and it’s used as security against the loan. The borrower owns the car from the outset, and there are balloon payment options available if the borrower wishes to reduce the periodical loan repayment amounts.

The GST on the vehicle and the interest repayments are tax deductible, as is depreciation on the car.

Westpac Commercial Hire Purchase

The Westpac Commercial Hire Purchase is similar to a Finance Lease, except the borrower owns the vehicle at the end of the loan period. Westpac are the owners of the vehicle throughout the life of the loan, with ownership handed over once the final repayment has been made. As with the Commercial Loan, balloon payment options are available if the borrower wishes to reduce the periodical loan repayment amounts.

Depreciation of the vehicle and GST on the interest repayments are generally tax deductible.

Westpac Programs and Initiatives

Westpac are involved in many community programs and other initiatives designed to help others succeed in life. These programs and initiatives are split into a number of different categories:

  • Community - Corporate partnerships with City2Surf Sydney, City2Sea Melbourne and City2South Brisbane
  • Rescue Services - Westpac Life Saver Rescue Helicopter services, major partner of Surf Lifesaving Australia
  • Business - The Women’s Markets Team works alongside professional women and business owners to build sustainable and profitable careers
  • Sports - Corporate partnerships with Melbourne City Football Club (A-League), Collingwood Football Club (AFL) and Adelaide Football Club (AFL)
  • Charities - Mission Australia (addressing homelessness and helping deliver affordable housing); Salvation Army; Many Rivers Microfinance (provides aspiring business owners with development and finance support)

Westpac also operate a number of foundations that provide assistance for various community groups.

  • Westpac Foundation - Working with not-for-profit organisations who are offering unique ways to solve some of Australia’s societal problems with financial and non-financial grants.
  • Bicentennial Foundation - Helping those who have the drive and determination to shape Australia’s future by giving out 100 scholarships and fellowships every year.

Quick Quote

By clicking Get My Quote, I acknowledge and accept the Terms & Conditions.

We make finance a Positive experience