Westpac

Bank accounts

Westpac has everyday bank accounts to suit a range of circumstances. It also has a range of convenient payment preferences including Apple Pay, Westpac PayWear™, Fitbit Pay™, Garmin Pay™, Google Pay™, and Samsung Pay™.

1. Westpac Choice

Westpac Choice is an everyday bank account that is simple to use and comes with tap and go facilities as well as a debit Mastercard for easy access to your money. There are no ATM fees if you use any of the 50,000 major bank ATMs in Australia or partner ATMs around the world. Customers can access the Westpac Mobile Banking App for a convenient way to bank. There is a $5 monthly service fee on this account, however this is waived if you deposit at least $2000 a month.

2. Westpac 55+ and Retired

As the name suggests, the Westpac 55+ account is for those 55 years and over and are retirees. With this account, customers receive unlimited access to their account via online banking, telephone banking, Westpac, St.George, BankSA and Bank of Melbourne ATMs and branches. Daily transaction limits do apply to this account.
Account highlights include the fact that you can earn split interest on your account balance,
have the ability to link a debit Mastercard to this account so you can access your funds easily and make online purchases and there is no monthly service fee.

3. Westpac Choice for Concession Holders

A current Pensioner Concession or Health Care card is required to be eligible for this basic low-cost transaction account. Australian social security benefits will be paid into your Choice account for concession holders account. There are no monthly service fees, overdrawn or dishonour fees with this account. Use you Debit Mastercard to access your money as well as make online purchases. There are no ATM fees if you use any of the 50,000 major bank ATMs in Australia or partner ATMs around the world.

Note: Westpac also has accounts for kids, students, joining finances and people moving to Australia.

Under 21 and students

Highlights

• $0 monthly service fees
• Handy card if you are under 14 years old
• Debit Mastercard if you are over 14 years old
• Access to Westpac app for online banking and management.

Student Bank account
Highlights

• This account is for full time tertiary students
• $0 monthly service fees
• Debit Mastercard for purchases and easy access to your funds
• No ATM fees if you use any of the 50,000 major bank ATM’s in Australia or partner ATMs around the world.

Joint Everyday Banking and Savings Accounts
Highlights

• Maintain individual access to your money
• Transfer money between accounts when needed
• Each receive a Debit Mastercard
• Receive competitive base rate on your savings
• Earn bonus interest each month you grow your balance
• $0 monthly service fee.

Savings Accounts

1. Everyday Banking and Savings account

The Everyday Banking and Savings account ensures you have your everyday bank account and your savings in one place, so you are able to access your funds easily whilst still growing your savings. You can use your Debit Mastercard for all your online and instore purchases and access cash at ATMs. Receive a competitive base rate on your savings and if you grow your balance each month, you will be eligible to earn bonus interest. Utilise the Savings Goal feature in online banking or the app to set up and track your goals. There is a $0 monthly service fee.

2. Westpac Life

With the Westpac Life account you can split your savings into six different goals and earn bonus interest for each month that your balance grows. Customers should remember to add to their savings account by setting up regular payments to be made into that account directly from your everyday transaction account. You can access your accounts and keep track using the Westpac banking app. There is a $0 monthly service fee.

3. Westpac e-saver

This online savings account offers introductory bonus interest, unlimited withdrawals and 24/7 access. Receive unlimited access provided you have a linked Westpac Choice account.
You are not required to make a minimum monthly deposit and there is no monthly service fee.

4. Bump Savings

This account is for kids under 18 years old and can be opened by a parent. Anyone between the ages of 12-17, can open a Bump Savings account by themselves. There are no monthly service fees and you can earn bonus interest by making monthly deposits to the account.

5. Term Deposit

Enjoy a fixed rate along with your choice of terms between one month and five years. You can also choose the frequency your interest is paid from monthly, yearly or at maturity.
Deposits can be made of between $5,000 and $2,000,000. Once your term matures, choose to renew for another term, top up or take your funds out.

Home loans

1. Variable Rate Home Loan

The Variable Rate Home Loan comes with a 2-year introductory rate if you are new to Westpac. This loan applies to owner occupier home loans with principal and interest repayments. You can make extra repayments at any time on this home loan without having to pay any extra fees. It also comes with redraw facilities, so you can access the extra funds whenever you need them. You can use this home loan in conjunction with an offset account to save money on interest. You also have the option to split your balance between fixed and variable. If you choose to add an offset account, a $395 annual package fee will apply.

2. Fixed Rate Home Loan

This loan is available to both owner occupier and investors and an annual package fee of $395 does apply. There is no establishment fee or monthly service fees and no annual fees on Westpac credit cards. Lock in a fixed interest rate and know what your repayments will be for the term you select, from one to five years. If it’s a new loan, you can make up to $30,000 in extra repayments. There is the option to apply for interest only payments for a total of five years.

3. Split Home Loan

Benefit from both fixed and variable rates by splitting your home loan between the two.
By doing this, you can enjoy the flexibility of the variable rate for one portion and have the security of knowing what your repayments will be for the fixed portion. Other benefits include:

• You will have the same interest rate and repayments on the fixed portion for your full 1-5 year term.
• Make extra repayments on the variable portion and enjoy no associated break costs.
• Use an offset account to keep your interest repayments low.
• Redraw is available on extra funds you have paid into your variable portion.

Note: Westpac offers other loans including a Home Loan Package, Construction Loan and a Line of Credit.

Credit cards

• Westpac offers four categories of credit cards:
• Reward cards
• Low Rate cards
• Low Annual Fee cards
• Balance Transfer Credit cards

Under these categories are a range of different credit card products.

1. Rewards Cards

Westpac has a selection of rewards cards to choose from. These have a higher annual card fee but in exchange you earn Westpac Altitude, Qantas or Velocity Points as well as benefits such as complimentary insurances.

Westpac Altitude Rewards

Earn points and redeem them in many different ways including with cash back and gift cards. It’s also possible to earn points at a higher rate with select merchants and airlines

Altitude Rewards Platinum

Highlights

• $150 annual card fee
• No Annual Altitude Rewards program fee
• Minimum credit limit of $6,000
• Minimum income of $30,000 p.a required

Altitude Rewards Black

Highlights

• $250 annual card fee
• No Annual Altitude Rewards program fee
• Minimum credit limit of $15,000
• Minimum income of $75,000 p.a required

Altitude Qantas

Highlights

• Earn Qantas points and redeem for flights, upgrades, shopping and more.

Altitude Qantas Platinum

• $150 annual card fee
• $50 Annual Altitude Rewards Qantas fee
• Minimum credit limit of $6,000
• Minimum income of $30,000 p.a required

Altitude Qantas Black

Highlights

• $250 annual card fee
• $50 Annual Altitude Rewards Qantas fee
• Minimum credit limit of $15,000
• Minimum income of $75,000 p.a required

Altitude Velocity

Highlights

• Earn Velocity points
• These go into your Velocity Frequent Flyer account
• Points are redeemed for flights, upgrades, shopping and more

Altitude Velocity Platinum

Highlights

• $150 annual card fee
• $50 Annual Altitude Velocity program fee
• Minimum credit limit of $6,000
• Minimum income of $30,000 p.a required

Altitude Velocity Black

Highlights

• $250 annual card fee
• $50 Annual Altitude Velocity program fee
• Minimum credit limit of $15,000
• Minimum income of $75,000 p.a required

2. Low Rate Credit Cards

Sign up for a low rate card and receive a low ongoing purchase rate.

Westpac Low Rate Card

Highlights

• $59 annual fee
• Minimum credit limit of $500
• Up to 55 days interest free on purchases

Westpac Lite Card

Highlights

• $9 monthly card fee
• Minimum credit limit of $500
• Up to 45 days interest free on purchases

3. Low Annual Fee credit cards

Lower your costs with Westpac’s low annual card fees. These cars work best by paying off your purchases in full each month.

Westpac Low Fee

Highlights

• $0 annual card fee for the first year with $30 annual fee for each year thereafter ($0 if you spend $5,000 annually)
• Minimum credit limit of $500
• Up to 55 days interest free on purchases

Westpac Low Fee Platinum

Highlights

• $0 annual card fee for the first year with $90 annual fee for each year thereafter ($0 if you spend $10,000 annually)
• Minimum credit limit of $6,000
• Up to 55 days interest free on purchases

Personal Loans

Westpac offer the types of personal loans:
1. Unsecured Personal Loan
2. Car Loan
3. Flexi Loan
Note: Westpac also offer Overdrafts.

1. Unsecured Personal Loan

Used for large purchases or consolidating debt.
Highlights

• Borrow between $4,000-$50,000 with no security needed.
• Fix your interest rate from 1-7 years
• Never miss a payment with direct debit
• Choose between weekly, fortnightly and monthly repayments
• $250 establishment fee
• $12 monthly service fee

2. Car Loan

Specifically used to purchase a car.
Highlights

• Borrow between $10,000-$100,000 for a new or used car
• Choose between weekly, fortnightly and monthly repayments
• Repayments will stay the same with a fixed rate
• $250 establishment fee
• $12 monthly service fee

3. Flexi Loan

The Flexi Loan is for those who like the ability to redraw on the loan at any point without needing to reapply for the loan.
Highlights

• Pay interest only on the amount used
• Pay whatever amount you like per month as long as it is above the minimum monthly repayment amount
• Transfer funds to your everyday transaction account or pay your bills
• Credit limit between $4,000-$50,000
• $150 establishment fee
• $12 monthly service fee

Pros

• High level of products to choose from
• No fees at over 50,000 ATMs.
• Combined strength of St George and Bank of Melbourne
• Stand out share trading platform

Cons

• Interest can be high on certain accounts
• No interest earned on account balances if withdrawals are made