Bankwest, a part of the CommBank Group, offers a range of financial products and services. In addition to savings accounts, home loans and credit cards, the bank also offers a range of personal and car loans. For their unsecured loan, the interest rate is fixed at 10.99% p.a. Their Flexible Personal Loan comes with features such as redraw facilities and free additional repayments but with a higher interest rate of 14.49% p.a. Their car loan is secured and comes with a fixed rate of 8.99% p.a. All loans come with an establishment fee between $0 and $0 and monthly fee of $5 to $10.
How do Bankwest Personal Loans compare?
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We currently don't have a partnership for that product, but we have other similar offers to choose from (how we picked these ):
- Unsecured Personal Loan. Borrow between $3,000 and $50,000 for a range of financing needs. You can repay the loan over 3 to 7 years. The funds can be used for debt consolidation, home renovation or even taking a holiday.
- Flexible Personal Loan. Borrow between $5,000 and $50,000 and enjoy flexible features including unlimited additional repayments and 24/7 access to your funds. You can also redraw your additional payments for no charge.
- Car Loan. This loan offers comes as a fixed rate option and you can borrow between $10,000 and $100,000, while being able to repay the loan over 3 years to 7 years. You can make weekly, fortnightly or monthly repayments, and additional repayments are allowed, though a fee will apply if you pay off your loan within the first 24 months.
Features of Bankwest personal loans
- Fixed rate. All three of Bankwest's personal loans are available with fixed interest rates. This offers the security of knowing exactly what your repayments will be.
- Flexible repayment options. You can choose to make repayments when they suit your budget – weekly, fortnightly or monthly.
- Loan terms. Terms across the Bankwest personal loan range are between 1 and 7 years.
- Loan amounts. Depending on the loan you choose, you'll be able to borrow between $3,000 and $100,000.
- Fees. The Flexible Personal Loan attracts an application fee of $249 and a monthly fee of $10. The application fee for the Unsecured Personal Loan is $0 while the monthly fee is $5. It costs $0 to apply for the Car Loan and there is a monthly fee of $5.
- Online banking loan repayment. You can make your loan repayments using Bankwest Online Banking (BOB). You can easily make an internal transfer of funds between your own accounts and make additional repayments
What other products does Bankwest offer?
- Personal. Bankwest offers Everyday Accounts, Savings and Term Deposits, Credit Cards, Home Loans, Personal Loans and Insurance.
- Small Business. This includes Business Accounts, Business Loans and assistance for those starting a new business.
- Business. This consists of Business Loans, Business Accounts, Business Deposits, International Trade and Private Banking.
How to apply for a Bankwest personal loan
You're able to apply for any of Bankwest's loans online by clicking "Go to Site". First, make sure you meet the minimum eligibility criteria:
- Over the age of 18
- An Australian citizen or permanent Australian resident
- Have a regular permanent income
- Don't have an active personal loan application that has already been conditionally approved
If you meet these criteria you can start your online application. You'll need the following information on hand:
- Your contact information including email and residential address
- If you're not a Bankwest customer, two forms of ID such as your driver's licence, Medicare card, passport or birth certificate
- Details of your finances, including your income, expenses and assets
Bankwest offers a range of personal loans with competitive and flexible features for borrowers. In order to determine whether a Bankwest personal loan is right for you, compare loans above.
Compare other products from Bankwest
- Bankwest credit cards
- Bankwest home loans
- Bankwest savings accounts
- Bankwest car loans
- Bankwest home insurance
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Ask a question
Hi,
I am in need of a small loan 5-7k to purchase a vehicle. I am currently a stay at home mother with government benefits being my only source of income at this time. Prior to the last 2 years (before becoming a mother) my employment history was very strong with constant employment. My credit score is also good with ‘a good’ rating (above 600). Would I have any options in obtaining a loan for a necessity such as a car? I have no other debts/loans/credit cards.
Regards.
Hi Lisa,
Thanks for your question.
Just in case, you can check the list of loans for people on Centrelink payments on our website.
Kindly take time to read the eligibility criteria of the loan product you are interested in before submitting your application.
Cheers,
Anndy
I wish to borrow personal loan to purchase home furniture
for $7000.00 and what would you like from me.
Thank you
Hi Samana,
Thanks for your question.
The general requirements of Bankwest were listed above. Usually, most banks and lenders would need your IDs, financial and employment documents, and good credit history. Just in case you may like to check other lenders who offer $7000 loan and above, please feel free to check our list of low-interest personal loans.
Hope this helps.
Cheers,
May
Hey,
I am looking for a low interest personal loan for $25000 for 7 years to purchase a second hand motor vehicle. I have a constant minimum income of $1720 a month (after tax) with 25 hours per week. Have been employed with the same employer for 18 months, and have $6000 worth of assets, but no savings record… Who do you recommend?
Hi Ben,
I can’t recommend a specific lender to you but you can find a guide on our website about borrowing while you’re employed casually or part-time. Please feel free to read our guide about personal loans for casual employees. It also lists all the criteria you need to meet with each lender to be approved.
I hope this helps,
Elizabeth
Hi,
I am seeking a low interest personal loan to consolidate 4 credit cards to the value of $40000. who do you recommend/?
Hi Mary,
Thanks for your question.
The best personal loan will depend on your financial situation and needs. You can compare the various options available, as well as learn more about consolidating debt on our guide.
I hope this has helped.
Thanks,
Elizabeth
I’m on center link payments and in need of $6000 for medical reasons can afford $100 a week payments back.
Thanks
Hi Donna,
Thanks for your question.
Bankwest is able to use certain Centrelink payments as a form of income, but has guidelines around which payments they can and cannot consider. You may want to get in contact with Bankwest to discuss your eligibility before applying.
I hope this has helped.
Thanks,
Elizabeth