Bankwest was launched 120 years ago by the WA Government to provide financial services to farmers within the state. Originally dubbed the Agricultural Bank of Western Australia, Bankwest didn’t receive its name until 1994. In 2008, Bankwest merged under the umbrella of big four bank the Commonwealth Bank and the rest is history.
Fun fact: Bankwest is an abbreviation for Bank of Western Australia.
Bankwest has a range of personal loans on offer to suit everyone from borrowers looking for a loan to fund their new car purchase to those wanting to consolidate debt or pay for a home renovation. Read our Bankwest personal loans guide below to see if this major player is the right borrowing match for you:
Rates and fees verified as correct at 21 October, 2017. Other information correct at the time of writing.
|Product||Interest rate from||Comparison rate from*||Upfront fee|
Car Loan (Fixed)
8.76% p.a.based on $30,000
15.50% p.a.based on $30,000
Unsecured Personal Loan (Fixed)
12.80% p.a.based on $30,000
† Mozo may receive a payment from financial providers listed on the site. Customer reviews are in no way affected by any commercial relationships Mozo has with providers.
With Bankwest’s unsecured loan you can borrow between $5,000 and $50,000 and choose a term that falls between 3-7 years. The interest rate attached to the loan is fixed, meaning your rate won’t change over the life of the loan. While this is Bankwest’s no frills option it does come with a bit of flexibility allowing you to choose whether you will repay your loan weekly, fortnightly or monthly and you’ll also get an extra repayments facility meaning you can put spare cash to good use by paying off the loan early. But keep in mind repaying the loan before 24 months has passed will result in an early repayment penalty of a few hundred dollars.
As the name suggests, this personal loan comes with plenty of flexibility. You’ll have the ability to deposit additional payments into your loan thanks to the fee free extra repayments feature, without the slap of an early repayment fee if you try to pay it out early and the redraw facility means you’ll have the option of drawing upon those extra repayments. On top of these great features, the flexible personal loan from Bankwest also allows you to set up your repayments on a cycle that suits you (e.g weekly, fortnightly or monthly). But you’ll pay for all this flexibility in the form of a higher interest rate and application fee. Just like the unsecured option, the flexible personal loan from Bankwest lets you borrow an amount from $5k-$50k, however the minimum term is lower at 1 year (maximum 7 years).
If you’re a borrower looking for a means to fund your upcoming car purchase, there’s also a car loan available from Bankwest. While you can choose a term that sits between 3 to 7 years, one of the biggest drawcards of Bankwest’s car loan is the high maximum limit, allowing you to borrow up to a whopping $100,000 (minimum $10,000). Generous when you consider many providers put caps on their car loans of up to $50,000. Like the personal loan options from Bankwest, the car loan comes with a fixed interest rate providing repayment certainty and you can set your repayments up weekly, fortnightly or monthly.
Fixed interest rate: All of Bankwest’s personal loans come with a fixed interest rate, which means the loan’s rate will stay the same over the life of the loan keeping you safe from fluctuations in the market.
Extra repayments facility: When you come into extra cash you can put it towards paying off your Bankwest personal loan sooner, through the helpful feature of an extra repayments facility. Just keep in mind, some Bankwest personal loans come with an early repayment penalty if you try to pay off your loan in the first 24 months.
Like the sound of taking out a personal loan through Bankwest? Before you apply, make sure it also ticks the boxes when it comes to customer service and convenience by reading reviews from customers just like you.
Once you’ve decided Bankwest is your borrowing match, you can apply for one of its loans online. Here are some of the details you’ll need to provide: