Bankwest is an Australian bank based in Perth, Western Australia. They offer unsecured personal loans at different interest rates depending on the level of flexibility the loan provides. To find out how much a Bankwest personal loan would cost you can use a personal loan calculator. These personal loans are available to cover costs for anything from renovations to weddings and medical bills.
Bankwest offers a personal loan with a lower rate but not many features and another personal loan with a higher rate but more flexibility. Bankwest has a number of branches but for customers who would prefer they can contact the bank by phone or online. This includes an online chat service and a 24/7 phone banking service.
Features of a Bankwest personal loan
Both Bankwest personal loans have some features in common but are quite different when it comes to paying out the loan early. The Unsecured Bankwest personal loan has a lower interest rate but you will be charged a penalty if you pay out the loan in full before 24 months. There is also no redraw facility available on this loan. If you prefer flexibility, you can opt for the Flexible Bankwest personal loan that allows penalty free early payouts and has a redraw facility. Both loans have a minimum loan amount of $5000 and a maximum amount of $50,000.
Bankwest personal loans charge an above average application fee and ongoing monthly fees during the life of the loan. There is a small fee charged for missing payments. The personal loans permit repayments on a weekly, fortnightly or monthly basis as the borrower prefers. There is also flexibility to the loan term with a maximum of seven years across both loans.
What RateCity says
The Bankwest personal loans are not the most competitive products on the market but could suit borrowers who are looking for to borrower from an established bank. There are also a number of fees to consider with the Bankwest personal loans including the sizeable application fee and an ongoing fee charged monthly.
These loans have a minimum borrowing amount of $5000, which may be too much for borrowers looking to use the loan to cover a small expense. This should be taken into account early on in the loan consideration process.
While there is a loan tailored to borrowers who are looking for some flexibility in their personal loan, they will pay an above average amount in interest for the privilege. Bankwest customers will, however, enjoy a 24/7 phone banking hotline and branch access if they live close to a branch.