Bankwest Car Loan

Is a Bankwest secured car loan right for you? Read about its key features before you commence the car finance application process with Savvy.

Written by 
Thomas Perrotta
Thomas Perrotta is the managing editor of Savvy. Throughout his time at the company, Thomas has specialised in personal finance, namely car, personal and small loans, although he has also written on topics ranging from mortgages to business loans to banking and more. Thomas graduated from the University of Adelaide with a Bachelor of Media, majoring in journalism, and has previously had his work published in The Advertiser.
Our authors
, updated on April 9th, 2024       

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Bankwest is a financial institution based in Perth and owned by Commonwealth Bank since 2008, offering a range of products from banking to home loans to business finance and everything in between.

Crucially, one of the products they offer is a car loan, which is important to understand the broad strokes of before diving into the application process.

Fortunately, that’s where we come in. Savvy breaks down car loan offers so you can easily see and compare different offers from a wide variety of lenders before you start applying, which you can do through us and gain access to unrivalled consultant support and more than 25 lenders nationwide.

*Please note that Savvy does not represent Bankwest for its car loan product. All information in this article is correct as of 9 April 2024.

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Bankwest car loan features and benefits

Fixed Bankwest car loan rates from 8.99% p.a.

With a starting interest rate of 8.99% p.a. (9.33% p.a. comparison rate), your payments will be locked in from the outset of your loan, making budgeting more accurate and reliable.

Repay over as many as seven years

Being comfortable in your repayments is perhaps the most important aspect of a car loan, so you can select the term over which you wish to repay up to a maximum of seven years.

No application fee charged

While application fees can often set you back hundreds of dollars, you won’t have to pay a cent towards any such cost when you apply with Bankwest.

Additional repayments allowed

Extra repayments are permitted on Bankwest car loans, meaning you could potentially save on interest and fees across your loan (and not pay a fee to do so if you take more than two years).

Borrow up to 120% of the vehicle’s value

You’ll be able to borrow 20% more than the value of your car (up to a maximum of $100,000), meaning you can incorporate other costs, such as rego and stamp duty, into your loan.

Redraws available

You can also redraw any additional funds you’ve paid towards your car loan down the track should you need them, saving you from having to apply for another loan to do so.

The pros and cons of Bankwest car loans


Buy new or used vehicles

You’ll be able to purchase any brand-new car or a used one up to seven years of age or are valued at a minimum of $10,000, giving you more options to choose from.

Online applications available

You can complete your car loan application online, saving you from having to make your way to a branch which may not be convenient for you if you live rurally.

Low fees

With no establishment costs and a $5 monthly maintenance fee, the charges included on a Bankwest car loan are relatively low (albeit with a higher rate).


Minimum three-year term

While you can take up to seven years to repay the loan, you’ll have to settle for a minimum of at least three years, which may not suit all borrowers looking for a short term.

Less competitive interest than other lenders

Bankwest car loan rates are higher than many lenders currently operating in the market, meaning you can find more affordable loans by continuing your search elsewhere (such as with Savvy).

$100,000 maximum

While some lenders won't enforce a maximum borrowing limit for their car loans, Bankwest's is set at $100,000.

More about Bankwest car finance

What will I need to apply for a car loan with Bankwest?

It’s important to be across the documents and other information you’ll need as part of your car loan application, as not having all of these will hold up your application and lead to delays. The information you’ll need to supply will be:

Proof of identity

You’ll be required to submit one of the following when applying for your car loan in-branch:

  • One form of primary photo ID (such as a driver’s licence)
  • Two forms of non-photo primary ID (such as a birth certificate)
  • One form of non-photo primary ID and one form of secondary ID (such as a utility bill)

If applying online, you’ll be able to use Bankwest’s electronic ID check.

Proof of income

The income documents you’ll need will depend on how you earn your money. If you’re…

  • a PAYG employee: two consecutive recent payslips (if not paid into a Bankwest account)
  • self-employed: two recent Notices of Assessment from the ATO and tax and financial reports, all from within the past 18 months
  • a pensioner: your most recent pension statement
  • an investment property owner: a current, signed rental agreement, three months’ worth of rental income deposits in your account, a rental statement from your agent within the past two months or two most recent tax returns (if you’ve owned the property over that period)
  • receiving superannuation income: your most recent super balance statement showing consistent payments or three months’ worth of bank statements showing payments in your account if balance statements don’t show this
  • receiving SMSF income: your most recent SMSF benefit statement and a letter confirming your payments and balance from your accountant or financial planner

Vehicle information

Information on the vehicle you’re using as security for the loan will also depend on how you’re acquiring it. You’ll need to supply your current motor vehicle insurance certificate as part of this, but the other factors are:

  • Dealership purchase: signed contract of sale or tax invoice which display its VIN, engine and registration numbers
  • Private purchase: the seller’s current registration papers and payout letter (if it’s still under finance), which will have to include VIN, engine and registration numbers
  • Already owned vehicle: current vehicle registration paper for the state you’re living in, including its VIN, engine and registration numbers

Who’s eligible to take out a Bankwest car loan?

The application eligibility criteria set in place by Bankwest is fairly broad and standard. The criteria to qualify for a car loan are:

  • You must be at least 18 years of age or older
  • You must be an Australian citizen or permanent resident
  • You must be earning a consistent income of more than $20,000 each year

Of course, applying directly to a lender doesn’t always give you the best deal, especially if you haven’t thoroughly considered your options spanning the market. By applying with Savvy, you can maximise your chances of signing up for the best loan deal available to you.

With lending partners spanning the country and experienced consultants making use of our state-of-the-art technology, we’re best placed to help you secure the best financing available. You can use Savvy’s car loan repayment calculator for Bankwest loans or any other to give you an idea of what you might pay.

Further queries about car loans with Bankwest

Do I have to be living in Western Australia to apply with Bankwest?

No – Bankwest services customers all across the country, meaning you don’t have to be applying for a car loan in Perth or wider Western Australia (or even a car lease) to work with Bankwest.

Is there a difference between bank and credit union car loans?

Yes – in general, car loans with credit unions tend to come with lower interest rates than banks due to their different ownership models. While banks are owned by shareholders, who receive a portion of the profits made, credit unions are owned by their members, with all profits going back into the institution to allow for decreased rates and fees. However, you may find that you’re better off applying with an online lender, as they can offer some of the lowest rates on the market thanks to lower overheads.

How long will it take for my car loan to be approved and settled?

This depends on the nature of your profile and several other factors in the process, but it generally won’t take more than a few days. When you apply with Savvy, you can receive a quick car loan approval within one business day and have the funds released within 48 hours of your initial application.

What are my finance options for cars older than seven years?

Unfortunately, you won’t be able to take out a Bankwest secured car loan to purchase a vehicle older than seven years at the point of sale, as that’s the cap they implement. You can use an unsecured personal loan to remedy this, but you’ll attract a much higher interest rate if you do so. However, if you submit your car loan application through Savvy, we can connect you with lenders who can approve you for financing for cars up to 20 years of age secured.  We can even help you access secured financing for a classic car.

Can I refinance my car loan with Bankwest?

Yes – Bankwest offers car loan refinancing in the same way as most other lenders do. If you’re refinancing your loan debt from another lender to a loan with Bankwest, you’ll need to supply consecutive bank statements from the past three months, which must include:

  • The name of the account holder (you)
  • The name of the financial institution
  • The account’s number and BSB
  • The account’s transaction history


It’s important to determine whether a refinance is right for you, so you should use our car loan repayment calculator for Bankwest and other lenders.

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