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.
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Pros and cons
- Flexible repayment options
- Flexible loan terms
- Apply online
- Minimum loan amount of $5000 required
- Upfront fees
- Ongoing fees
Bankwest personal loans rates
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based on $30,000 loan amount for 5 years
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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
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.
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Can I repay a $3000 personal loan early?
If you receive a financial windfall (e.g. tax refund, inheritance, bonus), using some of this money to make extra repayments onto your personal loan or medium amount loan could help reduce the total interest you’re charged on your loan, or help clear your debt ahead of schedule.
Check your loan’s terms and conditions before paying extra onto your loan, as some lenders charge fees for making extra repayments, or early exit fees for clearing your debt ahead of the agreed term.
What is the average interest rate on personal loans for single parents?
Like other types of personal loans, the average interest rate for personal loans for single parents changes regularly, as lenders add, remove, and vary their loan offers. The interest rate you’ll receive may depend on a range of different factors, including your loan amount, loan term, security, income, and credit score.
Can single mothers get personal loans online?
Many lenders offer online applications for personal loans, which can be convenient for borrowers who have busy lives. If you’re not confident your personal loan application will be approved, you may want to consider contacting the lender by email, live chat, phone, or by visiting a branch, to discuss your situation before applying.
Do student personal loans require security?
While some personal loans can be secured by the value of an asset, such as a car or equity in a property, student personal loans are often unsecured, which typically have higher interest rates.
Some lenders also offer guarantor personal loans to students. These loans have lower interest rates, as a guarantor (usually a relative of the borrower with good credit) will fully or partially guarantee the loan, taking on the financial responsibility if the borrower defaults.
Can I get a self-employed personal loan with bad credit?
It may be much more difficult for a self-employed borrower to successfully apply for a personal loan if they also have bad credit. Many lenders already consider self-employed borrowers to be riskier than those in full-time employment, so some self-employed personal loans require borrowers to have excellent credit.
If you’re a self-employed borrower with a bad credit history, there may still be personal loan options available to you, such as securing your personal loan against a vehicle of equity in a property, though your interest rates may be higher than those of other borrowers. Consider contacting a lender before applying to discuss your options.
What's a credit report?
A credit report is a record of your credit history, which covers your credit enquiries, borrowings and your repayments. The report will include information about any bankruptcies or other relevant legal judgements. It will also include biographical information such as your address, date of birth, driver's licence number and employment history.
How long are $3000 loans?
Medium amount loans can be repaid between 16 days and 2 years. Many personal loans have terms between 1 year and 5 years, though some are as short as 6 months while others last for 10 years.
Generally, the shorter a loan’s term, the more expensive your regular repayments may be, but the less total interest you’ll pay. Loans with longer terms mean more affordable repayments, but more interest charges over the full term.
How are credit ratings/scores calculated?
Different credit reporting bodies may use different formulas to calculate credit scores. However, they use the same type of information: credit history and demographic profile.
They’re likely to look at how many credit applications you’ve made, which lender the applications were for, what purpose they were for, how much they were for and your repayment record. They’ll also look at your age and postcode. They’ll also look to see if you’ve had any bankruptcies or other relevant legal judgements against you.
Your score can change if your demographic profile changes or new information is added to your file (such as a new loan application) or existing information is removed from your file (i.e. because it has reached its expiry date).
How long does it take to get a student personal loan?
Completing an online personal loan application can often take anywhere from 10 minutes to 1 hour. Depending on your lender, processing your personal loan application may take anywhere between 1 and 24 hours. If your personal loan application is approved, you may receive the money in your bank account the following business day, or, in some cases, the same day.
What is a credit rating/score?
Your credit rating or credit score is a number that summarises how credit-worthy you are based on your credit history.
The lower your score, the more likely you are to be denied a loan or forced to pay a higher interest rate.
Are there $2000 emergency loans?
If you’re having trouble being approved for a loan of less than $2000 and urgently need to purchase household essentials, there may be emergency loan options available to you.
For example, the No Interest Loans Scheme (NILS) allows low-income borrowers to take out interest-free loans of up to $1500 for essential goods and services.
For further assistance, consider contacting a financial counsellor, or calling the National Debt Helpline on 1300 007 007
How long will I have bad credit?
Most negative events that appear on a person’s credit file will stay in their credit history for up to seven years.
You may be able to improve your credit score by correcting errors in your credit report, clearing outstanding debts, and maintaining good financial habits over time.
What do single parents need for a personal loan application?
Much like applying for other personal loans, applying for personal loans for single parents will likely require the following:
- Proof of identity
- Proof of residence
- Proof of income
- Details of assets (e.g. car, home)
- Details of liabilities (e.g. credit cards, other loans)
- Loan amount
- Loan term
What is an unsecured bad credit personal loan?
A bad credit personal loan is ‘unsecured’ when the borrower doesn’t offer up an asset, such as a car or jewellery, as collateral or security. Lenders generally charge higher interest rates on unsecured loans than secured loans.
What is a secured bad credit personal loan?
A bad credit personal loan is 'secured' when the borrower offers up an asset, such as a car or jewellery, as collateral or security. If the borrower fails to repay the loan, the lender can then seize the asset to recoup its losses.