What is the difference between a secured vs unsecured loan?

A secured loan is one that is protected by an asset that is used as security to get the loan. This means that if you do default on the loan, your asset that has been used as security such as your house or car can be taken by the lender.

An unsecured loan doesn't require any asset as security, and if you do miss payments there is no risk of your property being repossessed. Though some fees and charges may apply if you miss payments.

Westpac provides unsecured personal loans so there is no need for your assets to be used as security.