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Bankwest Personal Loans
Borrow up to $50,000 with an unsecured or flexible personal loan with terms up to 7 years. Application and monthly fees apply.
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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?
- 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.
More guides on Finder
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Bankwest Complete Home Loan Package – Fixed Rate
The Bankwest Complete Home Loan Package - Fixed Rate offers flexibility through an offset account, a credit card with no annual fees and an option to make extra repayments.
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Bankwest Premium Select Home Loan
Save with a Bankwest Premium Select Home Loan and get a generous discount on your home loan.
Ask an Expert
Can disability support pensioners apply for a loan?
Hi Jason, Yes, you can find out more information here: https://www.finder.com.au/pensioner-loans
You may be eligible for a Good Shep no interest loan, of up to $3000 – these are usually available to help with urgent medical bills and housing costs, like rent: https://goodshep.org.au/services/loans/
Hope this helps!
I am an old-age pensioner and recently bought a property that needs to be repaired to make it livable. I will need $40,000 or less. Can I borrow said amount using my pension as my source of income?
Hi Sebastian,
Thank you for getting in touch with Finder.
Yes, Bankwest accepts parenting payments and DSP as income. You can apply for their loan if your minimum income is at $20,000 p.a. and meet the eligibility criteria above.
When you are ready, simply head to Commonwealth Bank’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have.
There are a few more lenders that can grant you Centrelink loan and Pensioner loan. You may refer to our table to each lender’s condition. You can click the name of the lender or the “More info” link to be redirected to our review page and learn more about the lender’s loan offer, rates, and requirements as well as the pros and cons of using their loan service. When you are ready, you may then click on the “Go to site” button and you will be redirected to the lender’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have.
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.
Have a great day!
Cheers,
Jeni
My partner and I own our property outright and are looking to do renovation works and would like to know who/best interest rate/5 years for $100,000
Hi Pamela,
Thanks for getting in touch with Finder.
You may have to compare your options to find which loan will be suitable for you depending on the extent of your home renovation. You may have the following options: a line of credit home loan, construction loan, and personal loans for renovation.
Each link above have a list of lenders you can compare, 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. Also if you can, contact first the issuing bank/lender and discuss your options and chances of approval before you send anything final for your application. Just apply for one loan at a time and ensure your eligibility before submitting your final application.
When you are ready, you may then click on the “Go to site” button and you will be redirected to the lender’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have.
Hope this information helps.
Kind Regards,
Kathy
Hi
I’m enquiry in regards to a personal loan for a family holiday over the Christmas break.
I’ve been in employed for 3 months now and have made some recent applications for s Loan with others banks but my application was declined because I did not meet there lending criteria of being in employment for over 6 months will this decision affect my application.
Hi Nao,
Thanks for reaching out to Finder.
While we cannot surmise how Bankwest will assess your application, generally denied credit applications listed on your credit file will be viewed by lenders as a red flag. You may refer to the eligibility criteria above and check if you meet them. I have also sent to your email Bankwest’s personal loan application checklist for your reference. Meanwhile, you may want to read our guide on how credit enquiries impact your credit score.
If you are to apply for another loan, it’s a good idea to give it some time before applying again. Make sure that you meet all the eligibility criteria and if ever you’re unsure, contact the lender to check if you’ll qualify.
It will also help to have a clear picture of your current credit standing so you’ll know which credit products you’ll qualify for. You can do this by getting your free credit score and a copy of your credit report.
As for your loan options, you can check some loans available to casual employees that you might qualify for as well.
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 has helped. Feel free to message us again if you have any questions.
Cheers,
Liezl
Hi
My mum is 69 and owns her own home and wants to do renovations up to $120k can she borrow money and have a sibling repay the loan?
Thanks.
Hi Louise,
Thanks for getting in touch with Finder. I hope all is well with you. 😃
Whether your mum would be able to borrow money or not would depend on the lender’s eligibility requirements. However, since you mentioned that your sibling would repay the loan, it may be a better idea if he/she would apply directly instead of your mum if your mum can’t provide the requirements of the lender.
I highly recommend that you learn more about renovating your home. Open that page and you’ll read our guide that comes with the following information:
– The benefits of home renovation
– How to prepare for a home renovation
– Estimating your renovation costs
– How to finance your renovation
– How to increase property value from a renovation
– Compare renovation services
After reading through our guide, please be sure to check your options for financing a home renovation to ensure you choose the right one for you.
Don’t forget to read through the terms, conditions, and features of the loan before making a decision.
Should have further questions, please let us know.
Regards,
Harold