travel loan westpac

• Westpac Personal Loans

Westpac offers a complete suite of personal and car loans. Interest rates depend on the product you choose and fees apply.

In this guide

Compare Westpac products below

Features and benefits of a westpac personal loan, westpac personal loan repayment calculator: how much will a westpac personal loan cost, what other products does westpac offer, how you can apply for a personal loan from westpac.

Read our reviews of other brands

• Westpac Car Loans
• Flexi Loan. This loan allows you to withdraw funds up to an agreed-upon limit without reapplying, working like a line of credit rather than a traditional personal loan. This is an option for borrowers looking for flexibility. The Flexi Loan has a credit limit of between $4,000 and $50,000 so it is useful for a variety of purposes. Westpac charges no fee for additional withdrawals and there is no early repayment fee.
• Personal Loan. This is designed for individuals who want to have a fixed interest rate loan. It is an unsecured loan that can be used for a variety of reasons such as home renovations, education expenses or a car purchase. Terms of between 1 year and 7 years are available, and you can apply for between $4,000 and $50,000. It's also possible to repay your loan faster, but if you have loan terms of longer than two years and pay back the loan within those two years, a $175 fee applies. This fee is waived if you refinance to another personal loan from Westpac.
• Car Loan. Looking to buy a new or used car? This loan features fixed interest rates and repayment terms of between 1 year and 7 years. You can borrow between $10,000 and $100,000 to buy a car which will be used as the security for the loan. Keep in mind there's a set-up fee of $250 and a monthly service fee of $12.
• Flexible repayment terms. You have the choice of paying weekly, fortnightly or monthly to suit your budget.
• Revolving credit. This Flexi Loan feature essentially acts as a line of credit, allowing you to borrow up to the and including credit limit.
• Competitive rates. Westpac's personal loan products feature competitive rates to help customers save money on interest.

Westpac offers a personal loan calculator on its website to help you determine the cost of using its personal loan. You start by selecting whether you want to calculate the costs of a car loan or an unsecured personal loan, and then you input the following information:

• How much you want to borrow
• Your preferred loan term
• The interest rate and comparison rate of Westpac's personal loan will be entered for you
• Select the state you live in

After you enter the required information you will be shown the estimated repayments for your loan. You can select weekly, fortnightly or monthly repayments. The loan amount, estimated interest cost and estimated total cost of your loan will be displayed. To adjust these, simply scroll back up and select a different loan amount or terms.

You can also use a personal loan calculator to get an estimate of your loan repayments.

Loan Repayment Calculator

Your personal loan details, overview of your loan.

*Whilst every effort has been made to ensure the accuracy of this calculator, the results should only be used as an indication. They are neither a recommendation nor an eligibility test for any product and should not be construed as financial advice, investment advice or any other sort of advice.

• Bank accounts. Westpac offers a comprehensive range of bank accounts which includes transaction accounts, savings accounts and term deposits.
• Credit cards. Whether you want a low rate credit card, a low annual fee credit card or a rewards card, Westpac has cards to suit a range of customers.
• Home loans. The bank has loans for first-time homeowners, investors and people who want to move up the property ladder. You are able to choose from fixed rate, variable rate or combination loans.

Applying for a personal loan from Westpac is a straightforward process, and you can get started by clicking "Go to Site" on any of the loans above. The eligibility criteria is as follows:

• Be over the age of 18
• Have a regular, permanent income
• Be a permanent resident of Australia or;
• Hold an acceptable Visa and have confirmed employment in Australia
• Have a regular, permanent pre-tax income that is over $35,000 p.a.

If you meet the above criteria, the following details will be required to complete your application:

• Personal details such as your name, proof of your identity and your contact information
• Details about your finances and your employment
• A list of your assets and liabilities, if you're self-employed

You need to meet set eligibility requirements which include being a permanent Australian resident, being at least 18 years old and earning a regular income. Some of the documents that should be included with your application are details of your finances, contact details including your residential address, and proof of identity. If you are a Westpac customer, the bank will ask you to verify your records.

These Westpac loans are worthwhile options for prospective borrowers to consider, but make sure to compare your options before deciding on one particular loan.

Richard Fairbairn

Richard Fairbairn is Finder’s associate publisher for personal loans. He has been helping people make better financial decisions for over five years. Away from his desk, Richard enjoys all things musical and camping, preferably both at once. See full profile

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26 Responses

Can I get this money soon as possible?

Hi Amilagi, We’re a review site and not directly affiliated with Westpac, so we can’t provide an indication of turnaround times. Your best bet is to contact Westpac directly: 132 032.

Hi , I have a bad credit history and I want to borrow 5,000 so I have a family member with good credit history as a guarantor what are my chances.

Every bank has their own set of criteria and your chances of getting loan approval depend on a number of factors, including your credit score, income, current debts and employment history. It may be worth contacting Westpac to discuss your situation and see what your options are.

You could also review this page for several options of lenders who specialise in working with those who have a poor credit history: https://www.finder.com.au/bad-credit-personal-loans

Hope this helps!

Hi. I’m on a pension and have just finished paying out a high interest loan and have one default which was only $100 and was paid out as soon as I realised that I had it there. Now I’m finding it hard to get a loan of $10,000 over 4 years with the repayments less then what I have been paying for the last two years so I’m at a lost why I can’t get a loan as I’m getting $1,335 p/f do you know why I’m having trouble getting finance. Thanking you in advance

Thank you for visiting Finder.

First, check your current credit score as it is one of the eligibility requirements that most lenders look into when they are making their decision in regards to your loan application. You may also request for your credit report to see if there are any wrong listings regarding your credit history or if you have any other default payments that you are not aware of.

In case that you have a poor credit score, it may be difficult to get approved for a personal loan. In most cases, lenders require good to excellent credit but do not lose hope. There are quite a few that will accept applications from people with bad credit, however, this can cost higher interest rates and poorer terms. Please refer to our list of bad credit personal loans to compare your options. Kindly take note that the lender’s approval will still depend on their assessment of your financial situation.

Lastly, you may use our personal loan calculator to know if the loan that you are applying for is the right one for you when it comes to repayments.

Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. You can also contact the provider if you have specific questions.

I hope this helps.

Let us know if there is anything else that we may assist you with.

Cheers, Ash

Hello.is it possible to get loan if i have 1 year working holiday visa?i came to Australia in 11th of January 2018 but i haven’t worked here yet.if its possible then what kind of amount of money i could get

Hi Andrei, thanks for your inquiry.

Can you confirm the code of your working holiday visa, so we can assist you further please?

I wish to apply for a $100,000 loan.

Thanks for your inquiry.

If you are referring to Westpac’s personal loans, you may select your preferred loan to see more details, then you may select the ‘Go to site’ button to submit an online application through Westpac’s official site.

You can also have a look and compare your options on our $1000 loans page .

Cheers, Rench

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Westpac Personal Loans

Westpac has been operating in New Zealand since 1861. Starting out in Otago, today Westpac has over 1.3 million Kiwi customers and thousands of employees.

What personal loan options does Westpac offer?

Here’s an overview of the loans offered by Westpac:

• Unsecured personal loans of up to $50,000, from six months to five years
• Westpac’s special EV Loan rate is 7.99% (for use towards purchasing a new or used electric/hybrid car, e-moped or e-bike
• Westpac’s standard interest rate for all other personal loans is 13.9% p.a.
• No establishment fee
• Change your repayment amount, or pay it off early, with no additional charges or fees in internet banking

How do I apply for a Westpac personal loan?

To apply for a loan, simply visit Westpac’s website to apply online. You can also call on 0800 177 277 . Typical pieces of information you may need to include in your application include:

• Valid proof of identification, such as your passport or drivers licence
• Proof of income
• Your typical expenses such as rent/mortgage payments, household costs, insurance, etc
• Any current outstanding debts

You’ll also need to meet the following requirements:

• Be at least 18 years old
• Receiving a regular income
• Be an NZ citizen, permanent resident or, if you’re a non-resident, have more than one year left on your work visa

Before taking out a personal loan, make sure you read up on what to think about before you apply . To find out how much you could afford to borrow, check out Canstar’s personal loan repayment  calculator .

Compare Personal Loans with Canstar

Electric Vehicle Loan

Written by: Bruce Pitchers | Last updated: December 8, 2023

Other Westpac Products

• Westpac Car Insurance
• Westpac Home & Contents Insurance
• Westpac Credit Cards
• Westpac KiwiSaver
• Westpac Home Loans

Other Personal Loans from

Lending Crowd

The Co-operative Bank

Compare Personal Loans

Canstar awards nz's best value personal loans.

Best Loans for Bad Credit

Cheap Loans NZ

Click here to view the Canstar Personal Loans Star Ratings Methodology . The Star Ratings in this table were awarded in December 2022. The current features, rates and fees are displayed and may be different to what was rated. The Star Rating shown is only one factor to take into account when considering a product.

The initial table display is sorted by Star Rating and then alphabetically by company.

Consider whether this general financial advice is right for your personal circumstances. You may need financial advice from a qualified adviser. Read our detailed disclosure  here . The table above may not include all providers and may not compare all features relevant to you. Canstar is not providing a recommendation for your individual circumstances.

If you decide to apply for a credit product or loan, you will deal directly with a credit provider, and not with Canstar. Rates and product information should be confirmed with the relevant credit provider.

Before you elect to terminate or modify existing lending arrangements, we recommend that you consider all associated fees and application costs, as well as the timing and impact these changes could have on your wider financial arrangements and personal circumstances.

Canstar may earn a fee for referrals from its website tables, and from sponsorship (advertising) of certain products. Payment of sponsorship fees does not influence the star rating that Canstar awards to a sponsored product. Fees payable by product providers for referrals and sponsorship may vary between providers, website position, and revenue model. Sponsorship fees may be higher than referral fees. Sponsored products are clearly disclosed as such on website pages. They may appear in a number of areas of the website such as in comparison tables, on hub pages and in articles. Sponsored products may be displayed in a fixed position in a table, regardless of the product's rating, price or other attributes. The table position of a sponsored product does not indicate any ranking, rating or endorsement by Canstar. See  How We Get Paid  for further information.

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Personal loans.

A Westpac personal loan can let you borrow money to help you pay for the things you need or want, which could be almost anything.

Personal loan for debt consolidation.

Simplify your debts with a Westpac Debt Consolidation Loan​. Special rate of ^ 11.95% p.a. for a limited time. 

• Flexible repayment options include fortnightly and monthly repayments.
• Apply to borrow up to $50,000, or maybe more based on your circumstances .  
• Standard loan terms from 6 months to 5 years .
• No fees for additional or lump sum repayments.
• Apply for additional funds at any time.  

What is a personal loan?

A Westpac personal loan can let you borrow money to help you pay for the things you need or want, which is almost anything.

With a personal loan you’ll be charged interest on the amount you borrow over the term of your loan. More information can be found below .

If you want to pay your personal loan off sooner, you can. There are no early payment fees, so you can make repayments above the minimum required, to help you pay your loan off faster and save money on interest.

Interest rates.

If you do not pay amounts when they are due and this causes your loan account to exceed your limit, the rate of interest that applies to that overlimit amount will be the interest rate + 5% p.a.

Fees are subject to change.

See what your repayments could be.

Use a westpac personal loan for almost anything., things you should know..

1 Interest rate is subject to change. If you do not pay amounts when they are due and this causes your loan account to exceed your limit, the rate of interest that applies to that overlimit amount will be the interest rate + 5% p.a. 

Eligibility criteria, lending criteria, terms and conditions apply. You'll need to be 18 or older and a New Zealand citizen or permanent resident with a Westpac transaction account. If you’re not a New Zealand citizen or permanent resident but you’re working in New Zealand, or you don’t meet the other criteria, we still may be able to help.

The Westpac personal loan interest rate (also known as the annual interest rate) is a combination of a personal loan rate/personal lending rate and a margin. The Westpac standard personal loan interest rate of 13.90% p.a. is currently based on a personal loan rate/personal lending rate of 14% p.a. less a margin of 0.10% p.a. Westpac may change the personal loan rate/personal lending rate, or replace it with a new personal loan rate/personal lending rate and/or change the margin from time to time.

Electric and hybrid cars, e-mopeds and e-bikes are eligible for the EV loan.

The EV loan is subject to withdrawal at Westpac’s discretion without notice. All applications are subject to Westpac approval.

*The EV loan interest rate of 7.99% p.a. is a combination of Westpac’s personal loan base rate of 14%p.a. less a margin of 6.01% p.a. Westpac may change and/or replace its personal loan base rate or the margin from time to time.

^The special interest rate for the Debt Consolidation Loan of 11.95% p.a. is a combination of Westpac’s personal loan base rate of 14% p.a. less a margin of 2.05% p.a. and applies to loans applied for and approved between 5th March to 5th June 2024 and settled by 12th June 2024. Westpac reserves the right to withdraw the offer at any time. For any applications received and approved after 5th June 2024 or settled after the 12th June 2024, an interest rate of 13.90% p.a. will apply which is a combination of Westpac’s personal loan base rate of 14% p.a. less a margin of 0.10% p.a. Westpac may change and/or replace its personal loan base rate or margins from time to time. All applications are subject to Westpac approval.

Documents and fees.

Personal loan Terms and Conditions sample for customers whose terms and conditions are dated 27 April 2023 and now

Personal loan Terms and Conditions sample for customers whose terms and conditions are dated 15 September 2022 and 26 April 2023

Personal Loan Terms and Conditions sample  for customers whose terms and conditions are dated between 26 May 2022 and 14 September 2022

Personal Loan Terms and Conditions sample  for customers whose terms and conditions are dated between 6 June 2015 to 25 May 2022

Personal Loan Summary sample for customers whose agreement is dated between 15 September 2022 and now

Personal Loan Summary sample for customers whose agreement is dated between 26 May 2022 and 14 September 2022 

Personal Loan Summary sample for customers whose summary is dated between 19 October 2016 and 25 May 2022

Personal Loan Summary sample sample for customers whose summary is dated between 6 June 2015 and 18 October 2016

Transaction and Service Fees

General Terms and Conditions  

Travel Loan Rates and Fees

Travel loan, interest rates.

Looking to travel soon? Need money ? Then getting a travel loan is your best option. There are plenty of finance companies that offer travel loans in New Zealand . Finding the right lender with the best rates and lowest fees is the key. We have sourced out some of the best companies that allows  kiwi’s to borrow money for travel . Check them out and compare rates and fees and see which one is right for you. 

DTR : Travel Loans

Loan Type : Personal Loan to pay for travel Loan

Interest rates : Interest rates range from 9.95% pa through to 29.95% pa variable determined by credit risk. Their APR (which includes interest rates and mandatory fees) ranges from 15.04% to 35.28%

Loan Fees : Each loan carries an establishment fee up to $210, which is added to your approved loan amount

Loan terms : Minimum term 12 months. Maximum term 60 months. Security and contents/vehicle insurance may also be required. 

ANZ : Travel Loans

Interest rates : The current personal loan interest rate is 12.99% p.a. (comparison rate 14.24% p.a.), however this rate is subject to change without notice.

Loan Fees : ANZ does not charge any upfront or ongoing fees on personal loans. However, other fees and charges may apply, such as late payment fees.

Loan terms : Minimum loan amount $5,000. Maximum loan amount $50,000. Loan terms from 1 to 7 years.

Westpac : Travel Loans

Loan Fees : WESTPAC does not charge any upfront or ongoing fees on personal loans. However, other fees and charges may apply, such as late payment fees.

YES Finance : Travel Loans

Interest rates : Interest rates range from 9.95% p.a. to 29.95% p.a. (9.95% p.a. comparison rate*) Loan

Fees : $250 Establishment Fee and $8 Monthly Account Keeping Fee

Loan terms : Minimum loan amount $2,000. Maximum loan amount $30,000. Loan terms from 12 to 60 months.

Harmoney : Travel Loans

Interest rates : Interest rates start at 9.95% p.a. (9.95% p.a. comparison rate*)

Loan Fees : Harmoney does not charge any upfront or ongoing fees on personal loans. However, other fees and charges may apply, such as late payment fees.

GEM Finance : Travel Loans

Interest rates : Interest rates start at 10.95% p.a. (10.95% p.a. comparison rate*)

Loan Fees : $250 Establishment Fee and $8 Monthly Account Keeping Fee

Loan terms : Minimum loan amount $2,000. Maximum loan amount $50,000. Loan terms from 12 to 60 months.

Instant Finance : Travel Loans

Loan Interest rates : Interest rates start at 10.95% p.a. (10.95% p.a. comparison rate*)

My Finance : Travel Loans

Nectar : travel loans.

Loan Interest rates : Interest rates start at 8.95% p.a. (8.95% p.a. comparison rate*)

MaxLoans : Travel Loans

Loan Fees : $295 Establishment Fee and $8.95 Monthly Account Keeping Fee

Loan terms : Minimum loan amount $2,000. Maximum loan amount $40,000. Loan terms from 12 to 60 months.

The Lending People : Travel Loans

Tsb : travel loans.

• Loan Interest rates : The current personal loan interest rate is 13.95% p.a. (comparison rate 15.24% p.a.), however this rate is subject to change without notice.
• Loan Fees : TSB does not charge any upfront or ongoing fees on personal loans. However, other fees and charges may apply, such as late payment fees.

AA Money : Travel Loans

Loan Interest rates : The current personal loan interest rate is 14.95% p.a. (comparison rate 16.24% p.a.), however this rate is subject to change without notice.

Loan Fees : AA does not charge any upfront or ongoing fees on personal loans. However, other fees and charges may apply, such as late payment fees.

Loans One : Travel Loans

Note : Loan rates and fees are subjected to change without notice, so please check the loan rates and fees from the lenders before you apply. 

Need Help With Travel Loans ?

Let us help you get travel loans in New Zealand. Be our next success story !

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Should you use vacation loans to cover travel expenses?

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A vacation is a fun and exciting way to relax, spend time with family and friends and let off some steam. It can also be expensive, depending on the trip you have in mind. 7.99 The average cost for one person to go on a week-long vacation in the U.S. is $1,982 . If you’re traveling with family or plan to leave the country, prices could be much higher. With inflation continuing to be a challenge, many Americans are struggling to pay for vacations this summer, with many scaling back and looking for ways to travel cheaper.

If you are planning a trip and are unsure if you will be able to pay for it, you do have the option to finance the trip with a vacation loan. While a vacation loan should be treated as a last resort and should only be applied for if you are certain you will be able to pay it back on time, it could be a decent option to help you pay for a once-in-a-lifetime trip or urgent travels. You should always try budgeting and saving before taking out a loan. If you think that taking out a vacation loan is the right move for you, there are plenty of reputable lenders out there to help.

Key statistics

• The National Travel and Tourism Office projects that inbound travel will return to pre-pandemic levels by 2025.
• Atlanta, Boston, Las Vegas, Los Angeles and Miami are the top destinations for U.S. domestic travelers in 2023.
• The average domestic traveler in the U.S. spends $1,982 per person on a week-long vacation, which translates to about $283 per day.
• Most Americans ( 20% ) plan to spend between $1,500 and $3,000 on travel in 2023, with 26% saying they’ll be spending more this year due to inflation.
• Despite having the lowest traveling budget, more than half of Gen Z adults and millennials ( 52% ) travel three times or more per year, compared to 41% of Gen Xers and 35% of baby boomers.
• When it comes to planning trips, roughly 62% of consumers think cost is the most important factor.
• Over 82% of U.S. travelers plan on financing at least a portion of their trip.
• More than a quarter of travelers say that traveling is worth going into debt for.

How has inflation affected travel costs?

The U.S. economy has been experiencing a difficult time in the last several months, as rising inflation and a looming recession have affected nearly every industry with travel as no exception. Airfare prices have risen by roughly 18 percent between last March to March 2023, according to the U.S. Bureau of Labor Statistics Consumer Price Index . Nevertheless, Americans are still traveling.

If you are planning a vacation this summer but are unsure of how inflation will factor into the overall cost, consider all the individual elements of the trip before making any decisions. This could include flights, hotels, car rentals and food costs.

Here is a breakdown of some of the common travel expenses and how rising inflation has impacted pricing:

Hotel and air travel prices dropped significantly during the peak of the COVID-19 pandemic a couple of years back, but prices have risen significantly in the face of inflation over the last year. Hotel prices have risen due to the increased demand for travel after a two-year period of reduced activity. The increase in price for car rentals, flights and food costs can be attributed to high fuel costs increasing overall transportation costs.

Average amount people spend on vacation by age

Despite having the smallest average travel budget , Gen Zers along with millennials travel more frequently than other generations. According to Morning Consult , 52 percent of Gen Z adults and millennials travel at least three or more times per year, compared to 41 percent of Gen Xers and 35 percent of boomers.

What is a vacation loan?

Vacation loans can be used to cover any and all travel expenses, including transportation, lodging, food and entertainment. You can get a vacation loan from any lender that offers personal loans, which include banks, credit unions and online lenders. That said, vacation loans should only be used for once-in-a-lifetime trips, special occasion trips like a honeymoon or emergency trips because of the effect they can have on your credit score and finances. Only take out a vacation loan if you are sure you will be able to pay it back on time.

What are the pros and cons of a vacation loan?

While vacation loans can help you take the trip of your dreams sooner rather than later, they should be considered a last resort unless the trip is an unavoidable emergency. Before considering a vacation loan, you should try to save up and budget for a trip so that you can afford it on your own. If you are considering taking out a vacation loan, consider the pros and cons first.

• Fixed monthly payments. Because payments are fixed, you will pay the same amount each month, making it easy to plan ahead.
• Potential for lower interest rate. Depending on your credit, personal loans often have lower interest rates than alternatives like credit cards. If you were planning to use a credit card to pay for your trip, a vacation loan could be a lower interest alternative.
• Help fund emergency travel (or higher cost travel). If you are taking a trip out of necessity rather than pleasure and it is time-sensitive, a vacation loan could be a great option to enable you to travel more quickly.
• Interest increases the cost of the trip. If you take out a loan, you will have to pay interest on top of the expenses of the trip itself.
• Fees can increase the cost of borrowing. Many lenders charge a variety of fees. Always look into the fees a lender charges before applying.
• Monthly payments. If you take out a vacation loan, you will be on the hook for monthly payments until it is paid off. This means that you could be paying off your trip months after the fact. Taking out a loan is a long term investment.,
• Can negatively impact your credit score if you don’t make the payments. If you are late making payments or end up having to defer them, your credit could take a serious hit.

How do you get a vacation loan?

If you decide to take out a vacation loan, there are several steps you will take.

Check your credit score

First, you should check your credit score. Different lenders have different minimum credit score requirements, but you generally need good to excellent credit to qualify for a lender’s lowest rates. Here’s a breakdown of FICO scores and their meanings:

Knowing your credit score is important because it informs what lenders you may qualify with and the terms you might be eligible to receive. If your credit is less than stellar, you may want to consider a lender that works with bad credit borrowers.

If you aren’t sure where your credit stands, you can always visit AnnualCreditReport.com to get a free copy of your report from all three major bureaus once every 12 months. Although these reports won’t show you your score, they will give you an idea of what needs to be improved. However, you can also visit the websites from each individual bureau (Experian, TransUnion and Equifax) to get a copy of your report, although some may charge a nominal fee in exchange for this.

Research lenders

Once you have reviewed your credit score and overall financial picture, start researching top lenders . When comparing lenders, consider the interest rates offered, fees charged, minimum and maximum loan amounts, repayment terms and any additional features offered by individual lenders.

Many lenders allow you to pre-qualify without hurting your credit. This lets you see the rates you will be eligible for without officially applying.

Submit your application

Once you have chosen a lender, you will submit a formal application, including identifying documents like your ID, W2s and pay stubs. If you are accepted, the next step is to sign off on the agreement, receive the funds and begin paying back the loan in monthly installments.

Should I apply for a vacation loan?

While taking out a vacation loan could be the right decision in certain circumstances, you should generally try to save up and budget for expenses that are not necessities rather than taking out a loan.

Because a vacation is a luxury, not a necessity, you should think carefully about taking out a vacation loan. If the trip is an emergency, a vacation loan may be a good idea. Other circumstances that warrant taking out a vacation loan include special occasion trips like a honeymoon or once-in-a-lifetime trips.

Essentially, if there is a sense of urgency and you don’t think you have time to save up, taking out a vacation loan could be the way to go. However, you should budget and save instead of taking on debt if it is at all possible. If you do decide to take out a vacation loan, make sure to search for the best rates and make sure that the loan fits your budget.

5 best vacation loan lenders

Discover: Discover vacation loans are available for as much as $40,000 with rates ranging from 7.99 percent to 24.99 percent. Funds can be acquired as quickly as the next business day after approval.

SoFi: SoFi offers as much as $100,000 for vacation loans with rates that start at 8.99 percent and go up to 29.49 percent. Loan funds can be dispersed as quickly as the same day of approval, and origination fees are not required.

Prosper: Prosper loans can be used for practically anything and offer rates as low as 8.99 percent. Loans are available from $2,000 to as much as $50,000. There are no prepayment penalties and you can get funds in as little as one business day.

Avant: You can borrow from $2,000 to $35,000 from Avant for vacations. APR rates range from 9.95 percent to 35.99 percent with loan terms from 12 to 60 months. There are fees with Avant loans to be aware of including late payment fees, administration fees, and dishonored payment fees.

LightStream: Rates on LightStream personal loans range from 7.49 percent to 25.49 percent, and there are no fees. Loans are available for as much as $100,000 and you can get your rate reduced as much as 0.50 percent by signing up for automatic payments. But prequalification isn’t an option with LightStream, so check your rates with other lenders first.

What are some alternatives to vacation loans?

Before taking out a vacation loan, consider the following alternatives.

• Budget. If you plan accordingly, there are many ways to save money on a trip. Spend time researching the cheapest travel and lodging options, as well as looking up tips and tricks for cheap travel in a certain area. Creating a budget and finding options that fit into that budget is the best way to save money while traveling.
• Travel cards and reward cards. Many credit card companies offer perks and reward programs for traveling. Find a credit card that lets you build up travel points as you spend. This could help you cut travel costs, with some cards even awarding airline miles as you spend and pay off the card.
• Saving. If you know you want to take a trip, it is always a good idea to start saving early. Set aside a predetermined amount from each paycheck to go toward a travel fund. Figuring out a travel budget will make it easier to figure out how much and for how long you will need to save.
• Traveling with a bigger group and splitting costs. Traveling with a group and sharing accommodations can help with travel costs significantly.
• Find discounts. There are often discounts available if you search for them. Do your research to find the cheapest flights, hotel rooms, etc. There are almost always deals to be found online.
• Choose a less costly vacation. If the vacation you’re planning is turning out to be too expensive, you might want to consider a smaller-scale trip, or changing your destination to a less costly area.
• Wait until the offseason. Prices are higher in certain areas during certain times. For example, it is more expensive to go to the Bahamas during the summer than it would be to go during the fall or winter. Consider visiting your chosen location during the offseason to take advantage of lower prices and less crowded destinations.

The bottom line

Despite rising costs, Americans are ready to travel after the pandemic. While rising inflation does make travel more difficult, there are still plenty of ways to reduce costs and keep your travel budget on track.

If you can’t wait to save up but are confident you will be able to pay back the loan, a vacation loan could be a great way to finance your upcoming trip. However, you should do your research and compare financing options before making that decision. Saving up and finding deals is always a better option than taking on debt.

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Personal loans for holidays and travel

Looking to plan your next big holiday? A personal loan can help with your getaway.

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Benefits of a NAB Personal Loan

Our unsecured personal loans can provide flexibility and certainty when you start planning your trip.

No penalties or exit fees

No penalties when you make early repayments or exit fees when you pay off your loan sooner.

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Redraw available on a variable rate loan if you’re ahead on repayments, giving you flexibility if you want to extend your holiday.

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From 6.99% p.a. to 20.49% p.a. *  (comparison rate 8.05% p.a. to 21.49% p.a. * ).

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Borrow from $5,000

You can borrow from $5,000 and up to $55,000 with a loan term to suit your needs.

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Spread the cost of your holiday across your chosen loan term, from one to seven years, with weekly, fortnightly or monthly repayment options.

Reasons for a personal loan for travel

Want a holiday, but don’t have the spare cash? A NAB Personal Loan gives you the freedom to explore without money on your mind. Borrow from $5,000 to cover your flights, accommodation, tour costs and transportation.

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We offer a range of rates on our personal loans. The interest rate you are offered is based on your personal circumstances. We decide your rate based on:

• your banking history with NAB
• information you provide in your application, including income, assets, debts and expenses
• your credit history report including your credit score.

Find out more about  credit-worthiness  and how to improve your credit score.

After you submit your application, we’ll give you an indicative interest rate if you’re conditionally approved. This is subject to verification of the information you give us in your application.

Once we’ve verified your information, we’ll give you the loan documentation setting out your interest rate and other important information. Keep in mind that the rate shown in the loan documentation is subject to change and may be different on the day of settlement.

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Our interest rates explained

Understanding the different types of interest rates will help you make an informed choice.

Fixed rate vs. variable rate

A  fixed rate  stays the same for the life of the loan, so your loan repayments will also stay the same.

A  variable rate  can go either up or down over the life of the loan – this means your minimum repayment may change. A variable rate loan also gives you access to a redraw facility, so if you need money unexpectedly you can redraw extra funds you’ve paid.

Comparison rate

A  comparison rate  is used to help you identify the true cost of the loan, including the interest and some fees and charges. This makes it easier to compare the overall cost of different loans.

When you read comparison rates, take note of the loan amount and term that they are based on. These affect the comparison rate and you want to be comparing apples with apples.

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Not sure if a personal loan to finance your holiday is right for you? Check out our other finance options or travel saving tips .

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Consider the NAB Internet Banking Terms and Conditions  which apply when using NAB Internet Banking.

Terms and conditions and fees and charges apply. Approval and loan amount are subject to our credit assessment criteria. Information, including fees are subject to change. See our  general terms for personal loans , personal banking fees and charges and indicator rates for other personal lending .

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Vacation Loans to Finance Traveling

Make your dream vacation a reality with a travel loan.

Let us help you finance your vacation with a personal loan up to x .

Explore all the world has to offer with a Discover personal loan

Set sail in the Caribbean or view picturesque mountains on an Alaskan cruise.

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Save time planning and experience a new place on a guided tour.

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Vacation financing lets you see the world and make your bucket list a reality.

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Plan a trip they'll never forget — from Orlando vacation to holiday travel to visiting family.

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Estimate monthly payments for your dream vacation

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Westpac Complimentary Credit Card Insurance and COVID-19 (Coronavirus) FAQ

Information for westpac eligible cardholders regarding covid-19.

Information on this page is correct as of  30 June 2022 .

Stay up to date on Travel Information for COVID-19 from the Department of Foreign Affairs and Trade (DFAT)  Smartraveller  website and  World Health Organisation  (WHO) and  Department of Home Affairs .

Always consult the smartraveller.gov.au website prior to any travel. In addition to visas, COVID-19 testing, and proof of vaccination requirements, many countries now have compulsory insurance and medical cover proof conditions. Check with the nearest embassy, consulate or immigration department of the destination you are entering. If you require additional documentation regarding the complimentary international travel insurance policy due to international entry requirements, please contact us on 1800 091 710.

From 30 June 2022, if during the period of your cover, you (and your spouse/dependents, if they’re eligible for cover) are positively diagnosed as suffering a sickness recognised as an epidemic or pandemic (such as COVID-19), cover may be available under the following sections:

• 1.1 Overseas Emergency Assistance
• 1.2 Overseas Emergency Medical
• 1.4 Medical Evacuation & Repatriation
• 2.1 Cancellation
• 3.1 Additional Expenses

If your travel companion is positively diagnosed as suffering a sickness recognised as an epidemic or pandemic, such as COVID-19, which impacts your journey, cover may be available to you under the following sections: 

Note, you won’t be covered while travelling against advice or warnings issued by the Australian government and you did not take reasonable care to avoid contracting the sickness, for example by delaying travel to the country listed in a warning.

The above is a summary only, please refer to  Westpac Credit Cards Complimentary Insurance Policy Information Booklet   and  Westpac Business Credit Cards Complimentary Insurance Policy Information Booklet  for eligibility criteria, full terms, conditions, limits and exclusions.

A General Exclusion for epidemic/pandemic applies for all claims relating to any epidemic/pandemic outside of the select benefits in the applicable policy information booklet  Westpac Credit Cards Complimentary Insurance Policy Information Booklet   and  Westpac Business Credit Cards Complimentary Insurance Policy Information Booklet . Please note, terms, conditions, limits and exclusions apply.

To receive a formal outcome, Eligible Westpac Cardholders must submit a claim.

Eligible Westpac travellers who meet the eligibility criteria should be aware that other General Exclusions have the potential to apply.

What is a General Exclusion?

A General Exclusion is an exclusion which will be applied across all sections of an insurance policy, and applies regardless of when eligibility for cover was gained. Should a General Exclusion apply, this means that your complimentary credit card travel insurance excludes cover for the event, activities or circumstances (specified in the exclusion) that causes your claim.

To understand what is excluded from the Westpac Complimentary Insurance covers, please refer to Part D – Excesses & General Exclusions section and the section specific exclusions of the relevant Westpac Policy Information Booklet for which your eligible Westpac card is applicable under:  Westpac Credit Cards Complimentary Insurance Policy Information Booklet    and  Westpac Business Credit Cards Complimentary Insurance Policy Information Booklet .

Other exclusions may apply depending upon the circumstances of an individual claim. General Exclusions include but are not limited to:

• by the Australian government (when a ‘Reconsider your need to travel’ or ‘Do not travel’ alert is in place), which can be found on  www.smartraveller.gov.au ; or
• which was published in a reliable mass media source.
• any interference with your travel plans by any government, government regulation or prohibition or intervention or official authority. For example, if  Smartraveller  has a warning, ‘Do not travel’ or ‘Reconsider your need to travel’ due to the risk of COVID-19 infection for a destination, and a cardholder chooses to ignore the warning and is infected with COVID-19, cover may be excluded. Or if a government closes its borders to inbound travellers due to COVID-19 and you are unable to enter and follow your planned travel across the closed border, cover may be excluded.

What if a Westpac Eligible Cardholder has booked travel and needs to cancel due to contracting COVID-19?

If you are unable to travel as a result of contracting COVID-19, Cancellation cover may be provided to eligible travellers, if you or your travel companion are positively diagnosed as suffering a sickness recognised as an epidemic or pandemic such as COVID-19, and cover is expressly included under the Cancellation section of the relevant Westpac Policy Information Booklet for which your eligible Westpac card is applicable under:  Westpac Credit Cards Complimentary Insurance Policy Information Booklet   and  Westpac Business Credit Cards Complimentary Insurance Policy Information Booklet . If you are unable to travel as a result of an Epidemic or Pandemic related event which does not include you or your travel companion being positively diagnosed as suffering a sickness recognised as an epidemic or pandemic, for example a border closure, there may be no provision to claim as a general exclusion for epidemic and pandemic applies. A General Exclusion for epidemic/pandemic applies for all claims relating to any epidemic/pandemic outside of the cancellation benefits in the applicable policy information booklet. Please note, terms, conditions, limits and exclusions apply.

You therefore need to consider your own personal circumstances. We are not able to provide you with a cover decision before submitting a claim. To receive a formal outcome, Westpac Eligible Cardholders must submit a claim.

You should also contact your travel agent or travel service provider (airline, cruise line or Tour Company, etc) as they may be able to support you in obtaining refunds, credits or travel re-scheduling.

Can Westpac Eligible Cardholders make a claim for consideration?

Every Westpac Eligible Cardholder can submit a claim and have their individual circumstances considered in accordance with the eligibility criteria which includes the terms, conditions, limits and exclusions that apply as set out in the  Westpac Credit Cards Complimentary Insurance Policy Information Booklet    and  Westpac Business Credit Cards Complimentary Insurance Policy Information Booklet .

If you would like to claim, we encourage you to claim online via  insurance.agaassistance.com.au/westpac

Call the Allianz Global Assistance Claims team

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Your 2024 Credit Card Checklist for Summer Travel

Many or all of the products featured here are from our partners who compensate us. This influences which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money .

Checklists are a key step in travel preparation for many people. Passport — check. Phone charger — check. But have you checked to make sure you’re fully utilizing the travel perks offered by your credit card?

Whether you’re a seasoned jetsetter or a novice traveler seeing the world for the first time, benefits from the right credit card can make a trip more convenient and more comfortable. That’s good news for the 50% of Americans who plan to travel more in 2024 than 2023, according to a survey by IPX1031, a Fidelity National Financial Company.

Here’s a credit card checklist to review before you hit the road this summer.

1. Bring a card

First things first — be sure to bring a credit card! Many airlines, and even entire airports, are now cash-free. That means you’ll need a card to pay for that pre-departure drink or in-flight snack. You might even earn bonus rewards.

For example, if restaurants are a bonus category for your card, sit-down establishments within the airport will usually still earn that higher rewards rate. If your card earns a bonus on travel purchases, you'll usually earn that bonus for in-flight purchases.

2. Register for TSA PreCheck, Global Entry or Clear

Airports are more crowded than ever, with air passenger growth up 6% and foreign travel up 24% year over year, according to a study conducted by the U.S. Travel Association and Tourism Economics.

To ease the burden of long lines, check if your card offers a credit that covers the cost of TSA PreCheck , Global Entry or Clear . These programs allow you to speed through the line at security or customs, but since they all require a background check and an in-person interview, you'll need to register well before your trip. Even if you haven’t been verified for this trip, register today to prepare for your next trip.

3. Register for lounge access

Airport lounges offer a reprieve from the hustle and bustle of the airport terminal, with most offering free food and drinks. If your card offers access to Priority Pass lounges, you’ll need to register for that benefit before you hit the road.

Don’t forget your physical membership card, or even easier, download the Priority Pass app and use your phone to access the lounge.

4. Notify your issuer of your travel plans

Few things can create issues like having your card unexpectedly stop working when you’re away from home, especially internationally. With rates of credit card fraud increasing, it’s possible your card could stop working if you’re spending outside of your normal patterns or locations. To preempt this, notify your issuer before you travel. Often you can do this online or through the app, but just in case, be sure to travel with at least two cards .

5. Avoid paying foreign transaction fees

If you’re traveling abroad, make sure you have a card that doesn’t charge foreign transaction fees . If your card does levy those fees, try to get a different card before you leave the country.

6. Pay with your most rewarding card

Be sure to identify opportunities to leverage your trip and earn outsized rewards. For example, if you know you’ll be staying at a Hilton brand hotel, you might consider applying for one of the Hilton credit cards offered by American Express and earn up to 14 Hilton points per dollar you spend at the hotel. Those points can stack up fast and easily defray costs for your future travel.

But you'll need to bring the physical card with you. Many hotels aren't able to accept digital wallet payments, so if you can't swipe your card, you'll miss out on those heightened rewards.

7. Check your card’s money-saving offers

Many issuers have programs, such as AmEx Offers, Chase Offers and BankAmeriDeals from Bank of America, that let you add rotating promotional offers to your card and earn additional points or cash back for making purchases at specific merchants. Be sure to review these offers for any merchants where you might spend during your travels. Just be aware of the fine print — often these offers exclude, or only include, international merchants.

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To enjoy the benefits of eStatements you’ll need to have an eligible business account, a valid email address registered to your business, and be registered for Online Banking. If you’re an Administrator or Sole Trader, you can manage your business statements online .

Yes. If you have an eligible bank account in Online Banking, you can send and receive near real-time Osko® and PayID payments anytime day and night, even on weekends and public holidays. You can also make a same day payment using RTGS .

You can search a transaction by description, date, or amount. You can also filter your search by credit or debit transactions.  

To search your transactions:

In the Westpac App

1. Tap the Smart Search   bar

2. Select the Transactions filter

In Online Banking

1. Go to Overview

2. Select Transaction search  

If you don’t want some of your accounts to appear in your Online Banking profile, you can hide them, so they don’t appear in your list. Your list of accounts in Online Banking and the Westpac App are not linked, so you could hide some accounts from your Online Banking view and choose to show them in the Westpac App, or vice versa. To hide your accounts:

1. Search Hide account in the Smart Search bar

2. Under Self-serve , tap Hide, reorder and group accounts

3. Tap the check-box next to the accounts you wish to hide to remove the tick, then tap Done

1. Go to Service > Preferences > Accounts

2. Select Hide on the account(s) you want to hide in your Online Banking profile.

You can choose to show your hidden accounts at any time.

You can personalise your accounts by giving them a nickname in Online Banking or the Westpac App. You’ll be the only person who can see the nickname for your account. Any other User will see the account name or a nickname they have chosen. To give your account a nickname on desktop, simply select the account you would like to rename, then go to Account settings > Accounts > Nickname . Personalising accounts on your mobile? Learn how to rename an account in the Westpac App .

There are no establishment or ongoing fees for accessing Online Banking, however fees and charges apply for the processing of some payments and a fee will be charged at the time of processing a transaction. Read more in section B of the Online Banking Terms & Conditions (PDF 417KB) .

For help with closing your business account, please contact your Relationship Manager or go to your local branch. You can also call us on 132 142 (8am-8pm, Monday to Friday) to discuss how to close your account. Closing a personal account? Learn how to close your personal account .

You can cancel a Business Debit Mastercard in Online Banking or the Westpac App, as long as you’re an authorised User. If you don’t have access to the cancel card feature, your Administrator can give you access by following the ‘Give a User permission’ steps below.

Any problems with cancelling a card? Please call  132 142 .

Before trying these instructions make sure you update to the latest version of the app .  

•  Tap Business at the bottom of the screen, then Card services > Cancel card
• Select the account linked to the card you want to cancel and follow the prompts
• Your request will then go to an approver for authorisation.
• Select the account on your dashboard
• In Account activity  go to  More  >  Cancel cards and follow the prompts
• From your dashboard go to  Service  >  Services  >  Other card services  ​​> Cancel card

Give a User permission to cancel a card in Online Banking

• Go to  Administration  >  Features and approvals > Service requests
• Select Business card servicing and set the number of approvals you need for this feature
• Go to  Administration  > User administration , then select the User you want to give access to
• Navigate to Service requests and select Business card servicing .

You don’t need to notify us if you are travelling within Australia. If you’re traveling overseas and have a Personal Banking profile, you can notify us in Online Banking or the Westpac App. 

1. Search Notify for overseas travel in the Smart Search bar

1. Go to Services > Card services > Notify going overseas

Daily Payment Limits

A Business Daily Payment Limit is the cumulative total value of payments that can be made within a business profile in a single day, using Online Banking and the Westpac App.

If you’re an Administrator, you can change your Business Daily Payment Limit online.

1. Search Business payment limit in the Smart Search bar

2. Enter new amount, then select Change limit

1. Go to Administration > Payment limits

2. Under Business Daily Limit , select Update limit

3. Enter the new amount, then select Save

A User Daily Payment Limit is the cumulative total value of payments any individual user can make in a day, excluding trusted biller BPAY® payments.

If you’re an administrator and have a registered security device , you can update a User’s Daily Payment Limit in Online Banking. You’ll have to login to Online Banking from a desktop as this feature is not available in the Westpac App.  Simply go to Administration > Payment limits > View limit for > Update limit . 

When a User's Daily Payment Limit is set to zero, payments are limited to making transfers between linked accounts, the Australian Taxation Office (ATO) and some BPAY® billers. If other payments such as Pay Anyone payments are needed, the User’s Daily Payment Limit can be changed by an Administrator.

Mobile Banking

When you update to the new Westpac App experience, you will notice we’ve changed the way you switch between Personal, Business, and shared banking profiles.

1. Tap Profile

2. Tap your profile name

3. Select the profile you want to sign into

With Mobile Banking, you can manage your accounts, do your banking on the go, manage user access (Administrators only) and make payments and transfers. You can also deposit cheques on your mobile and check the available balance of up to 3 accounts* without needing to sign in. Check out more great features of the Westpac App .

A security device generates a single use security code which provides an additional safeguard against fraud. To approve payments or access some features in Online Banking, you’ll need a security device.

There are two security devices available to use in Online Banking:

• Westpac Protect™ SMS Code uses your mobile phone to confirm certain actions via text message when banking online
• SecurID® token is a small, portable device that generates a security code, which you use to authorise certain transactions.

Westpac Protect™ SMS Code helps to protect you by sending a unique code to your mobile phone to confirm certain transactions and other features when you bank online. This means increased security, ability to instantly reset your Online Banking password, and if you’re an Administrator, you will be required to have an active security device. Learn more about security .

A SecurID® token is a small, portable device that generates a single use security code that is used to securely authorise online transactions. This means increased security, ability to instantly reset your Online Banking password, and if you’re an Administrator, you will be required to have an active security device. Learn more about security .

If your token is about to expire or has expired, or you wish to reassign an active security token, read our simple step by step guide to obtaining a replacement token.

You can choose either a SMS Code or token. Both devices offer additional security when banking online. 

If you or your staff have a Daily Payment Limit of $200k or less, then you can use an SMS Code. If you’re approving transactions over $200k, you will need to use a token. You may also wish to use a token if you or any of your staff are regularly in a mobile blackspot. 

Please note, SMS Code is not available on Corporate Online accounts.

If your session is inactive for 10 minutes, you’ll be prompted to enter your password to continue. For your security, Westpac Online Banking sessions have a time limit of 4 hours. If you’ve reached the 4-hour limit, you will see a message that your session is about to end. Press Continue banking to continue.

Simply closing your browser does not end your Online Banking session and can cause an error when you try to sign in next time. It’s important to sign out of Online Banking once you have finished your banking by using the Sign out button.

To change your password online, simply go to our Forgot customer ID or password page , provide your 8-digit customer ID and date of birth, then follow the prompts.

Foreign Tax Residency

Tax residency refers to the country in which a business typically submits an income tax return or a country where you may be liable to pay tax. This applies to individuals, entities, and any of their associated parties, for example, beneficial owners and controlling persons of organisations.

A Tax Identification Number or TIN is an identifying number or equivalent number (for example, a social security number, personal identification number or national identification number) issued by a country of tax residency that is used for tax purposes. This is like a Tax File Number or an Employer Identification Number.

You can contact your independent taxation advisor to see whether your business needs to have a Tax Identification Number.

If your business has a tax residency in a country other than Australia, you’ll need to provide a Tax Identification number (TIN). You can provide up to five TINs. If you can’t provide a TIN, you’ll need to tell us why.

Westpac is required by law to provide the Australia Taxation Office (ATO) with information of customers who have a foreign tax residency. We may restrict access to your business networks in Online Banking until you provide the information.

You can update your TIN for your Business Network in Online Banking on desktop. Go to Administration > Tax Residency . If your business has a tax residency in a country other than Australia, select Yes to proceed, then select the country . If you have a TIN, select Yes , and enter your TIN . If you don’t have a TIN, select No and enter a reason .

Online Banking

Online Banking enables you to manage your banking anywhere, anytime. You can check your account balances, make payments, transfer funds, view your statements, update your contact details and more. Online Banking for Business is available on your desktop, tablet, or mobile phone.

With Westpac Online Banking you can manage your account, view transactions and statements, give access to third parties, manage users, open accounts and more. Learn more about what you can do in Online Banking for Business .

If you have both personal and business banking, all your eligible accounts are available through Online Banking. You can easily switch between your business and personal profiles in the Westpac App . You can also set up third-party access , which allows you to see your accounts in the one profile.

We’ll notify you of any updates to our Online Banking Terms and Conditions via email. If you choose to receive eStatements or account notifications, we’ll also send these to your email address. You can add or update your business email address in Online Banking .

Download the Westpac App

Download from the App Store

Download from the Play Store

Contact us through the Westpac App

Things you should know

Read the Online Banking Terms and Conditions (PDF 417KB) before making a decision and consider whether the product is right for you.

* Available on compatible devices with supported operating systems. View the full list of compatible devices and supported operating systems at westpac.com.au/devices .

SecurID® is a registered trademark of RSA Security LLC.

BPAY® is registered to BPAY Pty Ltd ABN 69 079 137 518.

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An ASX dividend giant I'd buy over Westpac shares right now

I'd rather buy this stock for its long-term track record of dividend growth.

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The ASX dividend giant Washington H. Soul Pattinson and Co. Ltd ( ASX: SOL ) appeals to me much more than Westpac Banking Corp ( ASX: WBC ) shares.

Both businesses are more than 120 years old and have provided investors with long-term dividend streams. Soul Patts has paid a dividend annually since it was listed in 1903.

Westpac is one of the largest ASX bank shares , while Soul Patts is a diversified investment conglomerate.

There are three key reasons why I've chosen the investment business for my portfolio over Westpac shares.

Dividend growth

Westpac currently has a higher dividend yield , with a trailing grossed-up yield of 6.6%, compared to the Soul Patts grossed-up dividend yield of 4%.

However, in the long term, Soul Patts has been much more successful at growing its dividend.

The last two dividends (91 cents per share) from Soul Patts are almost double what was paid in 2013 (46 cents per share).

Westpac's last two dividends ($1.62 per share) are 16.5% lower than what the ASX bank share paid in 2013 ($1.94 per share).

I believe Soul Patts' asset base gives it more scope to deliver growth over time.  

Earnings diversification

Westpac largely makes its profit by lending to households and businesses in Australia and New Zealand, which doesn't offer much earnings diversification . So, Westpac shares are very reliant on the bank's loan book.

Soul Patts is invested in numerous industries and ASX shares, it has the flexibility to invest wherever it sees opportunities. Some of its biggest industry exposures include resources, telecommunications, building products, property, financial services, agriculture, electronics, and electrical parts. These investments generate profit and pay dividends for Soul Patts.

Some of the biggest positions in its ASX portfolio include TPG Telecom Ltd ( ASX: TPG ), Brickworks Limited ( ASX: BKW ), New Hope Corporation Ltd ( ASX: NHC ), Tuas Ltd ( ASX: TUA ) and Macquarie Group Ltd ( ASX: MQG ).

Over time, Soul Patts' portfolio can continue to grow and generate further cash flow to fund bigger dividends.

Dividend stability

If I invest in a stock for passive income , I'd like to know that the dividend will likely keep flowing even in a recession. That's likely when I would need the cash flow the most!

Ignoring the one-off year of 2020, which was heavily impacted by the pandemic, Westpac saw its 2021 annual dividend decrease by approximately a third compared to the 2019 annual dividend. The 2023 dividend was 18% lower than 2019.

Meanwhile, Soul Patts has grown its annual ordinary dividend every year since 2000 – it kept rising during the COVID-19 years.

Soul Patts' dividend isn't guaranteed to keep growing, but it's invested in a portfolio of primarily defensive assets, which offers security. The investment house usually retains some of its annual cash flow each year to invest in more opportunities to help grow its dividend in future years.

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Russia to build Central Asia’s first nuclear power plant in Uzbekistan

Russia President Vladimir Putin and Uzbekistan President Shavkat Mirziyoyev pose for a photo before their meeting at the Kuksaroy Presidential Palace in Tashkent, Uzbekistan, on Monday, May 27, 2024. (Sergey Bobylev, Sputnik, Kremlin via Reuters)

TASHKENT, Uzbekistan — Russia will build a small nuclear power plant in Uzbekistan, the first such project in post-Soviet Central Asia, President Shavkat Mirziyoyev said Monday at a meeting with visiting Russian President Vladimir Putin.

The nuclear deal, if implemented, will showcase Russia’s ability to export not only energy, but also high-tech products to new Asian markets, at a time when the West is increasing pressure on it through sanctions.

Putin said Russia would put $400 million into a joint investment fund of $500 million to finance projects in Uzbekistan.

Mirziyoyev also said Tashkent was interested in buying more oil and gas from Russia, a reversal of decades-long practice where Moscow imported hydrocarbons from Central Asia.

The Uzbek president described Putin’s visit as “historic”.

“It heralds the beginning of a new age in the comprehensive strategic partnership and alliance relations between our countries,” he said.

Putin also called Tashkent Moscow’s “strategic partner and reliable ally”.

According to documents published by the Kremlin, Russian state nuclear firm Rosatom will build up to six nuclear reactors with a capacity of 55 megawatts each in Uzbekistan, a much smaller-scale project than the 2.4 gigawatts one agreed in 2018 which remains to be finalised.

There are no nuclear power plants in any of the five ex-Soviet Central Asian republics, although Uzbekistan and its neighbour Kazakhstan, both uranium producers, have long said their growing economies needed them.

The Kazakh project, however, can only move ahead after a national referendum which has not yet been scheduled.

“Nearly all the leading countries of the world ensure their energy security and sustainable development with the help of nuclear energy,” Mirziyoyev said.

Energy supplies

Taking advantage of Russia’s campaign to redirect its gas exports to Asia amid a rift with the West over Ukraine, Uzbekistan last October started importing Russian natural gas via the same pipeline which had previously pumped it in the reverse direction.

Although its own gas production remains substantial at about 50 billion cubic metres a year, Uzbekistan struggles to fully meet domestic demand, and Russian supplies have allowed it to avert an energy crisis.

“(Gas) exports are running well ahead of schedule and we are ready to increase their volume if needed,” Putin said.

According to Mirziyoyev, Tashkent is also keen to increase imports of Russian oil.

The two leaders also said their governments were working on large projects in mining, metals, and chemicals.

Uzbekistan, whose economy depends heavily on remittances from migrant labourers working in Russia, has maintained close ties with Moscow after it invaded Ukraine in 2022.

However, Mirziyoyev and other leaders in the region have never spoken in support of what the Kremlin calls its special military operation in Ukraine, and all countries in the region are also working with the West on projects such as cargo shipping routes designed to bypass Russia.

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Russia’s most modern battle tank hit by ‘disco head’ glitch

Russia’s most modern battle tank has been struck down by a “disco head” glitch that sends its turret spinning out of control.

The mysterious fault has hit the T-90 – dubbed the “best tank in the world” by Vladimir Putin – on numerous occasions after it has come under fire from Ukrainian forces.

The worst example of the flaw came during a battle in Ukraine’s eastern Donetsk region , when Ukrainian troops in two US-supplied Bradley fighting vehicles engaged one of the Russian tanks.

The Ukrainians opened fire from close range, peppering the tank’s armour with projectiles from a 25mm Bushmaster chain gun.

Footage of the clash appears to show the T-90 losing control, its turret spinning in a frenzy, before smashing into a tree.

Unable to fight back against the pair of Bradley armoured machines, its crew fled on foot and the tank was destroyed by a Ukrainian first-person view (FPV) attack drone.

A similar malfunction was captured on video when another T-90 came under attack by a strike drone company from Ukraine’s battle-hardened 47th mechanised brigade .

The tank can be seen taking several hits from above as it travels down a road, presumably in eastern Ukraine.

The second blow, which appears to strike the rear of T-90’s hull, sends the turret into a spin, with its operators seemingly unable to regain control.

In a social media post, the 47th Brigade speculated that the strike had damaged one of the tank’s guidance optics.

Unlike older, Soviet-era tanks, the T-90’s 125mm smoothbore cannon has an automatic targeting system. The electrical turret responds to laser warning sensors dotted around the tank and turns its gun towards the target.

Both the US-made Abrams and British Challenger 2 tanks have similar features, known as “hunter-killer systems”.

“It’ll likely be a combination between inexperienced crews and poor electronics,” Hamish de Bretton-Gordon, a former British Army tank commander, said.

He added: “It’s very easy for inexperienced people to become very disoriented in a tank, because a tank’s hull can move in one direction, the turret could be in another direction and the commander’s sight could be in a completely other direction, which is why we get the term ‘disco head’ because people can easily become disoriented and the tank spins out of control.

“It could also be an electronics failure. Western tanks have a quite sophisticated fire control system, and the Russians don’t appear to have got it right.

“I cannot say definitively, but some of the electronics in a T-90 are from Western sources, so sanctions are likely to exacerbate the situation. ”

More and more T-90 tanks, which cost about $4.5 million, appear to be reaching the battlefields of Ukraine as Russia grapples with significant losses to older T-72 and T-80 models, built more than 40 years ago.

Russia has an even more advanced tank, the T-14 Armata, which was first displayed to the world during the 2015 Victory Day Parade in Moscow.

The Armata has made no appearance in Ukraine , prompting speculation that Moscow can ill-afford to lose its flagship tank because its destruction would lead to significant reputational damage.

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Iowa State Police said that multiple people died in Adams County, just outside of Des Moines, and almost flattened the city of Greenfield.

"Ambulances are running north and south like crazy," Rep. Clel Baudler, who left the Legislature in 2018,  told the Des Moines Register , part of the USA TODAY Network. "It’s all rescue and recovery right now."

Another "large and dangerous" tornado touched down near the small city of Fontanelle − also southwest of Des Moines − that raced northeast at 60 mph, according to the National Weather Service.

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2 Yale researchers are pulling back the curtain on Russia's sanctions-stricken economy — and it's landed them on a list of Putin's enemies

• Jeffrey Sonnenfeld and Steven Tian, two Yale researchers, have issued dire predictions for Russia's economy. 
• Their work has landed them on a list of sanctioned individuals in Russia. 
• In their view, the country's economy is in shambles, and Putin could end up losing support of the people. 

Jeffrey Sonnenfeld and Steven Tian, two researchers at the Yale School of Management, have been targeted for their views on Russia's economy since the war in Ukraine began. 

Over the last few years, they've found themselves on Vladimir Putin's watch list for stating what they see as a simple truth: the Russian economy is in trouble, and there's only so much cherry-picking of the data that can obscure that fact. 

Moscow has fiercely defended its vision of a prospering economy, but the evidence speaks for itself, Sonnenfeld and Tian say. Soaring prices and ailing consumer sentiment have hit key sectors in Russia's economy , and Moscow is paying a huge cost to keep its war machine running.

The nation is in such dire straits that citizens could even start turning on Putin later this year, they predicted, assuming the West continues to supply military and financial aid to Ukraine. 

"We can list for you what Putin has concealed – suddenly – the past three years. If his economy was performing at the level he claims, he'd provide the data ad not hide those facts," Sonnenfeld told Business Insider in an interview. "Putin survives only by cannibalizing Russian businesses – throwing the living room furniture into the furnace to keep the fire burning."

The researchers, who met as a professor-student pair at Yale, have received a lot of criticism for their work on Russia, much of it in the form of hate mail and threatening phone calls.

"I've had a lot of threats on the phone, and my home has been vandalized," Sonnenfeld told BI last summer. "Now we have so many security cameras I can't even have my shirt tails untucked, let alone walk around in my shorts at home."

Both are barred from entering Russia and were put on the nation's sanctioned US citizens list in 2022. 

Still, neither of them regrets their work.

"We're pretty excited about it," they said of their research. "Any of the threats only motivate us to work down much harder."

Putin's top critics

Sonnenfeld, 70, and Tian, 25, didn't plan on getting their names added to a list of Putin's critics.

Related stories

Neither are technically economists, but they began researching Russia's economy while compiling a list of companies that exited or scaled back their operations in Russia in the wake of the invasion of Ukraine.

That list went viral online, and was instrumental in getting more than 1,000 companies to scale back their business in the country, the Yale School of Management says on its website.

At that time, Tian and Sonnenfeld began noticing cracks forming in Russia's economy. Putin has claimed Russia is becoming the new " growth hub " of the world, and the IMF says Russia's economy is on track to grow over 3% this year, more than any other OECD economy, including the US. But that doesn't square with data Sonnenfeld and Tian are seeing, with some pockets of the country's economy in dire shape. 

Activity in Russia's car sector is down around 95%-99%, Sonnenfeld and Tian estimate, and activity in most industries is down at least 60%, they said, despite Putin frequently brushing off the impact of sanctions .

The nation, meanwhile, is still suffering from huge capital losses from when it first invaded Ukraine. Russia lost 1 million citizens , 15% of its millionaires , as well as $19 billion in foreign direct investment in 2022 alone, making its future growth prospects dismal, the researchers say. 

Among their biggest predictions is that the situation in Russia is so bad that the country could eventually turn on Putin , with a shift in the domestic temperament coming as soon as the November US presidential election this year.

That's because if Biden is re-elected, the US will likely continue supplying aid to Ukraine, forcing Russia to continue spending money and lives to keep waging war on Ukraine.  

"Putin has no grand strategy other than to hope Trump wins and cuts a favorable deal with Russia," Tian said. "Russia is in for a world of economic pain for a long time to come."

Positive forecasts on Russia's economy are based on a lack of visibility, Sonnenfeld and Tian say.

The pair began working together when Tian was an undergraduate at Yale, chasing Sonnenfeld around lecture halls. Eventually, Sonnenfeld became Tian's advisor and has mentored Tian for over eight years.

The two researchers are still working on ways to urge the West to tighten and enforce sanctions on Russia. They also continue to update their list of companies that have exited the country in the hope that it will encourage more firms to do the same. 

Colleagues describe Sonnenfeld as opinionated but generous and charismatic. Tian, meanwhile, has a near-photographic memory and is a highly analytical thinker, colleagues mentioned.

"Steven does a lot of the analytic heavy lifting, and I do the flamboyant color," Sonnenfeld said of their work together.

People who have worked with them also say the pair is extremely passionate about their work, and both are often known to answer emails at all hours of the night and early morning.

"We don't believe in regular sleep patterns," Sonnenfeld added. "Actually, we know it's very important, but sometimes when there's a sense of urgency, we do seriously dive into the crisis du jour. We just don't like bullies, whether or not it's Putin or some other bravado."

Watch: The rise and fall of Russian oligarchs

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