Westpac Personal Loan

Westpac offers personal loans with rates starting at 7.99% for EV loans and a standard rate of 13.90% p.a., suitable for borrowing between $2,000 and $50,000.

Last checked on June 11, 2026. We may earn a commission when you click through.

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With flexible borrowing options, Westpac's personal loan is ideal for various financial needs, though the standard rate is on the higher side.

✓ Competitive rate for electric vehicle loans ✓ Flexible loan amounts from $2,000 to $50,000 ✓ Good customer service reputation
Personal Westpac Reviewed

Westpac Personal Loan

Updated 1 month ago

APR Range

7.99–13.9%

Amount

NZ$2k–NZ$50k

Term

6–60 months

Type

personal

Check eligibility →

You'll be redirected to westpac.co.nz

Our Verdict

With flexible borrowing options, Westpac's personal loan is ideal for various financial needs, though the standard rate is on the higher side.

Best For

Best for those seeking lower rates for electric vehicle financing, as well as borrowers needing larger sums up to $50,000.

Watch Out

The standard rate of 13.90% p.a. may not be the best choice for those with excellent credit who could qualify for lower rates elsewhere.

Pros

  • Competitive rate for electric vehicle loans
  • Flexible loan amounts from $2,000 to $50,000
  • Good customer service reputation

Cons

  • Standard rate of 13.90% p.a. is relatively high
  • Approval process can be slower than competitors
  • Limited repayment term options

Full Review

When considering a personal loan, Westpac’s offering includes a competitive 7.99% p.a. rate specifically for electric vehicle purchases. This can significantly reduce your repayment costs compared to the standard 13.90% p.a. rate, which is relatively high for personal loans in New Zealand.

The loan amounts range from $2,000 to $50,000, making Westpac a suitable choice for a variety of financial needs, whether it’s for home improvements or consolidating debt. However, potential borrowers should be mindful of the loan term ranging from 6 to 60 months, as this limits flexibility in repayment options.

Customer service is crucial in the lending process, and Westpac generally has a solid reputation. However, the approval process can vary, and applicants may experience delays compared to other lenders like ANZ or BNZ, which are known for quicker turnaround times. Make sure to read the fine print to avoid any unexpected fees.

Overall, while Westpac provides viable options for borrowers needing larger amounts or financing for EVs, those with excellent credit scores might find better deals with other lenders offering lower standard rates.

Who Is This For?

This loan is suitable for those looking to finance electric vehicles or larger expenses, but not ideal for borrowers seeking the lowest possible interest rates.

What Borrowers Say

Borrowers appreciate Westpac's customer service but often mention the high standard interest rate as a drawback.

Summary

Westpac's personal loan offers competitive rates for EV financing and higher loan amounts, but the standard rate may not appeal to all borrowers.

About This Loan

Westpac offers personal loans with rates starting at 7.99% for EV loans and a standard rate of 13.90% p.a., suitable for borrowing between $2,000 and $50,000.

Check if you qualify

Check eligibility →

You'll be redirected to westpac.co.nz

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