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Bankwest Personal Loans

Bankwest is an Australian bank based in Perth, Western Australia, with branches around the country. Customers can also contact the bank by phone, through their online chat service, or through the app.

Bankwest offers secured and unsecured personal loans at different interest rates depending on the level of flexibility the loan provides. Bankwest personal loans can be used to cover costs for anything from renovations to weddings and medical bills.

Bankwest personal loan repayment calculator

Thinking about taking out a personal loan with Bankwest? Use our personal loan calculator to see how much you’d have to repay under different borrowing scenarios. You can also see how Bankwest personal loan compare with various products.

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About Bankwest

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.

Features of a Bankwest personal loan

Bankwest offers a secured car loan at a moderately low rate, an unsecured personal loan with a moderate rate but not many features, and another unsecured personal loan with a moderately high interest rate but more flexibility. While these products have some features in common, they are quite different when it comes to paying out the loan early.

The Bankwest secured car loan can be used to purchase cars and motorcycles less than seven years old, or worth more than $10,000. You can make extra repayments on this fixed loan, but you'll be charged an early exit fee if you pay it off within 24 months. 

The unsecured Bankwest personal loan has a moderately low interest rate, but you’ll 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 and the minimum loan term for this product is three years.

If you prefer flexibility, you can opt for the Flexible Bankwest personal loan, which lets you to take out a loan term of as little as 12 months. There is no penalty for paying off your loan early and a redraw facility if you want to re-access funds. Both unsecured loans have a minimum loan amount of $5,000 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. Borrowers looking for flexibility can choose between weekly, fortnightly or monthly repayments.

Bankwest personal loans can be used for a range of different purposes including:

  • Debt consolidation
  • Buying a car
  • Medical bills
  • Renovations and home improvement
  • Travel and holidays
  • Weddings and other occasions

Bankwest personal loans – customer service

Customers looking to contact Bankwest customer service can call the personal banking hotline 7 days a week between 8:00am – 8:00pm.

Other ways to contact Bankwest include:

  • Online banking
  • Online live chat
  • Instant messaging through mobile app
  • Email
  • Phone
  • Online chat forum

Who is eligible for a Bankwest personal loan?

To be eligible for a Bankwest personal loan, you’ll need to meet the following criteria:

  • Be at least 18 years old  
  • Be an Australian citizen, permanent resident or have a valid visa
  • Be an Australian citizen or permanent resident
  • Have a regular source of income

How to apply for a Bankwest personal loan?

Applications for a Bankwest personal loan can be made online or in store. The process is simple and involves the following steps:

  • Once you’ve compared personal loans and calculated your repayments, click the ‘apply’ button on the Bankwest website
  • Existing Bankwest customers can login using their existing details. New customers will need to register.
  • Once your application is completed, Bankwest will review your application
  • Upon final approval, the funds will be credited to your loan account

At the time of application, you’ll need to provide the following documentation:

  • Proof of identity
  • Proof of income and employment
  • Details of any other financial commitments
  • Contact details for a reference

Bankwest personal loans review

The Bankwest personal loans are not the most competitive products on the market but they could suit borrowers who are looking to borrow from an established bank. Bankwest personal loans come with a range of fees including a sizeable application fee and a monthly account keeping fee.

These loans have a minimum borrowing amount of $5,000, which may be too much for borrowers looking to use the loan to cover a small expense. Also, be aware that the lower rate unsecured personal loan has a minimum loan term of three years.

While Bankwest loans aren’t the most competitive on the market in terms of price, customers will enjoy a 24/7 phone banking hotline and branch access if they live close to a branch.

FAQs

Opening a savings account is a relatively simple process. If you’ve found an account with a suitable interest rate, you’ll just need to get in contact with your chosen lender via a branch, phone call or hop online to begin the process. 

You may be required to provide:

  • Personal details, including identification (driver’s license, passport etc.)
  • Tax file number
  • Employment details
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