| Westpac | NAB | |
|---|---|---|
| Advertised rates | 6.49% - 12.99% p.a. fixed (secured car loan); EV 5.74% - 8.49%, hybrid 6.49% - 10.29%; unsecured personal loan 7.29% - 22.19% p.a. All personalised to the borrower's profile | Secured NAB Car Loan 6.74% - 13.54% p.a. fixed (existing NAB customers only); unsecured personal loans 7.50% - 22.00% p.a. fixed or variable; EV discount takes car rates to 5.99% - 12.79% p.a. |
| Comparison rate | 7.90% - 14.34% (car); 7.16% - 9.88% (EV); 8.69% - 23.48% (unsecured) | 7.80% - 14.50% secured car / 8.54% - 22.88% unsecured |
| Approval speed | Response in 60 seconds; existing Westpac transaction account holders can access funds within an hour of contract acceptance, up to 3 business days to other banks | 60-second decision on online unsecured applications; car-loan rate quote in about a minute; funds within one business day of accepting the offer |
| Best suited for | buyers who want a major-bank fixed-rate car loan, especially EV or hybrid buyers chasing the discounted green tiers, or existing Westpac customers who value a 60-second response and same-day funding | existing NAB customers after a secured fixed-rate car loan, or sole applicants wanting a fast unsecured bank-loan decision |
| Fees | $250 lending establishment fee (added to the loan); $15 monthly loan account fee; $175 prepayment fee if a loan with a term over 2 years is fully paid out within 2 years (extra repayments themselves are free); $15 missed payment fee; Establishment fee waived on debt consolidation loans over $20,000 until 30 September 2026 (reduced to $100 for $10,001 - $20,000) | Unsecured: $250 application fee (waived for applications started 5 May - 30 July 2026), $15 monthly fee, $0 exit and late payment fees; Car loan: $350 establishment fee (waived under the EOFY offer current at review), $15 monthly service fee, $7 weekly late payment fee, $0 exit fee |
| Credit profile fit | Rates are personalised within the advertised ranges, so strong profiles land near the floor. Published eligibility: 18+, citizen, permanent resident or acceptable visa holder with 12+ months validity, fixed verifiable Australian address, and regular taxable income with a recommended minimum of $25,000 before tax. Car loans require the vehicle to be 7 years old or less, never written off, with comprehensive insurance noting Westpac as financier. | Rate offer based on NAB banking history, application details and credit report. Secured car loans are limited to existing NAB customers; all products are sole-applicant only. |
Rates and fees current as at 13 Aug 2026. Rates and fees are subject to change by the lender at any time.
*The comparison rate is based on the lender's published example and is true only for that example. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.
Westpac: strengths and trade-offs
- + EV loan from 5.74% p.a., among the bank's lowest advertised consumer rates
- + 60-second response and funds within an hour for existing customers
- + No balloon structure and free extra repayments
- - $250 establishment plus $15 monthly account fee, reflected in comparison rates up to 23.48%
- - $175 prepayment fee if you pay out a longer loan within the first 2 years
NAB: strengths and trade-offs
- + 60-second decision on online applications
- + Secured car rates from 6.74% p.a., 5.99% p.a. with the EV discount
- + Rate quote with no credit score impact
- - Secured car loan only for existing NAB customers
- - Sole applicants only, no joint applications
Neither lender is ranked or recommended over the other. Rates are personalised, so the better lender for you depends on your profile; a Loanseekers enquiry compares both, and the rest of our 70+ lender panel, without affecting your credit score.
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