Using credit responsibly

Call the Personal Lending Centre on 132 651

Because credit can easily be obtained, it's easy to forget that it's just another name for debt. The first step to using credit wisely is to explore all your choices before applying for it. This means adding up the various costs of borrowing, including interest, fees and other charges, so that you know the total cost up front.

Should you experience any problems with credit, the first step is to seek help by talking to your credit provider and/or a financial counsellor (see contact list below).

Ability to repay
Before taking out a Personal Loan, or any other form of debt, you should make sure you can afford to repay it. When you apply for a Westpac Personal Loan, we will conduct a check with you to make sure you have enough surplus income to service your loan. It's important to ensure your new loan commitment will not cause difficulty in other areas of your life.

Know your loan
If you have any questions about the terms and conditions of the loan, do not hesitate to ask when you apply. If your application is approved, you will be asked to go to a branch to sign your contract. Be sure to allow yourself plenty of time to read through the loan contract so that you understand the conditions. If you are not comfortable reading the contract in the branch, or would like independent advice, you can take a copy of the contract and return to sign it at a later stage (within 30 days of approval).

Extra costs
Have you considered the extra costs your purchase may require? Consider the additional costs you incur when you purchase a car for example. In addition to your loan repayments you need to keep in mind the ongoing cost of fuel, insurance, registration, maintenance and road service. So when putting your budget together, don't forget to include these extras.

Managing payments
There are a number of reasons why even the most responsible money manager might get into financial difficulty. Sickness, injury, disease, involuntarily losing your job can strike at any time and can affect your ability to meet your loan payments.

One preventative measure is to insure against these unexpected events by taking out Personal Loan Protection. This insurance is optional and available to eligible applicants and provides cover if you are unable to work due to sickness, injury, disease or involuntary unemployment. In the event of your death it will also pay the outstanding loan balance, up to $100,000.

View the Product Disclosure Statement for the full terms, conditions and exclusions which apply to this insurance.

As with loan products, it is important to understand whether the insurance you are considering suits your needs and covers the events you want to insure against. Make sure you read the terms and conditions and get independent advice if you are not sure.

If you experience difficulty making payments, or meeting other credit commitments, the sooner you take action to manage the problem, the easier it is to start fixing it. Letting debts mount up, or juggling your finances to make minimum payments, will only make the situation more difficult in the future.

Taking control
If you find yourself having trouble managing credit, you should contact us immediately to alert us of the problem. We can outline options to help you pay off the debt. In addition, you may wish to seek the advice of an independent financial counsellor.

Who to contact
There are many benefits in contacting a non-profit independent financial counselling service. Financial counsellors do not charge a fee and will carry out private interviews to assist you in looking at options for improvement and change. A financial counsellor may negotiate on your behalf and provide advocacy and information on a variety of issues from budgeting, to debt recovery.

New South Wales	Credit Helpline Online directory of NSW Financial Counsellors	1800 808 488
Victoria	Credit Helpline	03 9602 3800 or 1800 803 800 (Country callers)
ACT	Care Financial Counselling Service	02 6257 1788
Western Australia	Financial Counsellors Resource Project	08 9221 9411
Tasmania	Anglicare Financial Counselling Service	03 6334 6060

Interest rates & fees

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General advice on this website has been prepared without taking into account your objectives, financial situation or needs. Before acting on the advice, consider its appropriateness. Consider our disclosure documents, which include Product Disclosure Statements (PDS) for some products. The PDS is relevant when deciding whether to acquire or hold a product. View our ABN & RSE Numbers for Superannuation entities.

By accessing and viewing this website you agree to be bound by the Terms and Conditions of this website.

Personal Loan Protection insurance is issued by Westpac General Insurance Limited ABN 99 003 719 319 (WGIL) and Westpac Life Insurance Services Limited ABN 31 003 149 157 (WLIS) each of which is liable for separate risks under the terms of the policy. This insurance product is distributed by Westpac Banking Corporation ABN 33 007 457 141(the Bank). The policy is subject to conditions, limits and exclusions on cover, which are explained in the policy wording. No Westpac Group company (other than the Bank as policy distributor and WGIL and WLIS) has any liability in connection with the policy or this information.

A premium is payable if you decide to take out this insurance. The insurance is optional and is not a condition of the loan. You can arrange insurance with the insurer of your choice, or not arrange any insurance.

The organisations listed above are independent of Westpac. These organisations are listed for the purposes of referral and Westpac neither guarantees nor warrants the services provided by these organisations. * Initial telephone consultations with Financial Counselling Services Queensland are at no cost, however, subsequent face-to-face counselling may incur a fee.