Bankwest Personal Loans

Bankwest provides personal loans as well as car loans, home loans, savings accounts, credit cards, travel insurance and investment products.

Compare Bankwest personal loans and rates

The table below displays a snapshot of Bankwest’s secured Compare Bankwest banking products at Canstarpersonal loan products and rates on Canstar’s database, sorted by Star Rating (highest to lowest). Please note the products and Star Ratings displayed are based on a loan amount of $20,000 for a three-year loan in NSW.

Compare Personal Loans

What personal loans does Bankwest offer?

Bankwest currently offers 2 different types of personal loans at the time of writing. These personal loans can be both secured and unsecured with the option of both variable and fixed interest available.

  1. Unsecured personal loan
  2. Flexible personal loan

Bankwest unsecured personal loan

This loan has the following features:

  • Rate of 11.99% with a comparison rate of 12.80% p.a.
  • Loan term of 3-7 years
  • Borrow between $5,000 and $50,000
  • Flexible repayments of either weekly, fortnightly or monthly

Bankwest flexible personal loan

This loan has the following features:

  • Rate of 14.49% with a comparison rate of 15.50% p.a.
  • Loan term of 1-7 years
  • No early repayment fees
  • Borrow between $5,000 and $50,000
  • Redraw facility
  • Flexible repayments of either weekly, fortnightly or monthly

Compare Personal Loans

What can you use Bankwest’s personal loans for?

A personal loan with Bankwest can be used for many important life events, such as:

  • Buying a car
  • Debt consolidation
  • Holidays
  • Home renovations
  • Weddings

Personal loans are a relatively straightforward way of borrowing money with a structured repayment program. A personal loan with Bankwest could give you access to more money to pay for these major life events.

Check the product disclosure statement (PDS) from Bankwest to see what you can and can’t take out a personal loan for.

Compare Personal Loans

Bankwest FAQs

The unsecured personal loan option from Bankwest has a loan term of 3-7 years depending on the loan amount, and the flexible option has a loan term of 1-7 years.

There are a number of fees to be aware of when taking out a personal loan with Bankwest:

  • Establishment fee – $195 for unsecured and $249 for flexible
  • Administration fee – $8 per month for unsecured and $10 per month for flexible
  • Fees on early repayment of a unsecured loan ranging from $100 for paying the loan off in 13-24 months to $250 for paying the loan off in 12 months
  • Late payment fee – $25 for both types of loans

See this article for look at the average fees currently charged by personal loan providers on the market (based on Canstar’s Personal Loans Star Ratings for November 2017) to see if Bankwest’s fees are more or less what the average customer is paying.

Applying for a Bankwest personal loan is straightforward; you can do it online after visiting Canstar’s comparison tables. When applying for a personal loan with Bankwest (or most providers in Australia for that matter), you generally need to meet the following criteria:

  • You must be 18 years or old
  • You must live in Australia
  • You must be an Australian or New Zealand citizen or a non-resident holding a Temporary Residency VISA
  • Hold a regular income and good credit rating (see here for more info on how to get a good credit rating)
  • Show an ability to afford your loan repayments
  • Take out a loan of at least $5,000

If done online, the application process can take as little as 10 minutes, provided you have everything on hand. You may need to provide documents and ID such as:

  • A current driver’s license
  • Details of your current and previous (if applicable) employer
  • Details of your income, assets, expenses and liabilities
  • Previous tax returns if you are self-employed

You may also require your current account number for Bankwest if you’re an existing member.

In addition to personal loans, Bankwest also offers a secured car loan. The table below displays a snapshot of Bankwest’s car loan products, sorted by Star Rating (highest to lowest). The results shown are based on a 5-year loan for $20,000 in NSW.

Compare Car Loans

Bankwest was founded in 1895 by the state government to provide for farmers, under the name Agricultural Bank of Western Australia. In a mission to serve customers across the wide and relatively empty state of WA, Bankwest staff would hit the road and travel for miles between farms, sleeping on the side of the road. In 2008, Bankwest joined the Commonwealth Bank Group.

Bankwest was responsible for a number of banking “firsts” in Australia – they launched blue light signature verification units, drive-through bank branches, WA’s first after-hours cash dispenser (the pre-cursor to the ATM), and were Australia’s first bank to fully implement electronic data processing. They were also the first bank in WA to give women jobs as bank tellers.

Source: Bankwest

Bankwest demonstrate a strong level of commitment to supporting the Australian community. In 2013, they established the Bankwest Foundation to improve the well-being of WA communities and Australians around the country, providing grants of $1 million per year. So far Bankwest has provided Easy Grants to over 1,300 community groups.

Bankwest is proud to sponsor worthy causes such as Telethon fundraising for children, the West Australian Ballet, Teen Challenge WA, the Committee for Economic Development of Australia (CEDA), and the West Coast Eagles AFL Club. They also support the arts through the Bankwest Art Prize and the Bankwest Art Collection, among other initiatives. Bankwest also gives employees time to volunteering for the charitable causes they care about.

As for protecting the environment, Bankwest has done well. Parent company the Commonwealth Bank’s 2015 sustainability report shows that Bankwest has reduced their emissions by far more than their targets (63% over 45% target for scope 1, 39% over 30% target for scope 2).

Bankwest Flexible Personal Loan

Canstar Research
Rating:
Award: Personal Loans 3-Star Rating

Written by: Regina Collins | Last updated: