Bankwest Personal Loan Review

Find out more about Bankwest personal loans and see whether they’re right for you by comparing with Savvy.

Last updated on April 19th, 2022 at 04:37 pm by Thomas Perrotta

Bankwest is a bank based in Perth which operates as a subsidiary of Commonwealth Bank and has expanded its service across Australia with offices in a further five capital cities.

They offer products relating to banking, both personal and business, as well as home loans, personal finance, credit cards and a variety of other services which fulfil different needs.

However, for personal loans specifically, it’s important to know what each option offers you in terms of features, which you can quickly and easily find out by comparing offers right here with Savvy today. Consider different lenders and loans before applying today and save.

*Please note that Savvy does not represent Bankwest for their personal loan product.

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The features and benefits of personal loans with Bankwest

Interest rates starting from 8.99% p.a.

These personal loans come with fixed interest as low as 8.99% p.a. (9.33% p.a. comparison), meaning you won’t have to worry about your repayments increasing in cost.

Borrow from $3,000 to $50,000

You’ll be able to borrow as much as $50,000 to help you cover larger purchases, but you can also take out a small loan of just $3,000 if you don’t need a large cash injection.

No security required

Bankwest offers unsecured personal loans, making them more accessible to a wider range of borrowers by not requiring you to put forward a valuable asset as collateral.

Redraw extra repayments

If you’ve been paying above the minimum required amount each month, you can access those funds down the track by redrawing them, sidestepping the need for additional finance.

Take up to seven years to repay

You can take as much time as you need to repay your loan, with terms available as long as seven years so you can space out your instalments to ensure that they’re manageable.

Apply online or in-branch

Because Bankwest has physical locations around Australia, you may have the choice to apply in a local branch if you’d prefer to do so with the help of an employee along the way.

The pros and cons of Bankwest personal loans

PROS

Designed for flexible usage

Personal loans are intended to be able to be used for just about anything you need, from building a pool at your home to funding your dream wedding.

No application fee

Application fees can often cost as much as $250 to $600 on personal loans, but you won’t be required to pay anything upfront when taking out your Bankwest loan.

Fast online applications

You’ll be able to complete the entire application process from the comfort of your home and do so with a relatively fast approval time inside just a few days.

CONS

Minimum three-year term

Even if you’re only looking to take out a small personal loan, you’ll still be required to space out your repayments over a minimum of three years, potentially costing you in interest and fees.

Early repayment fees inside two years

Although extra payments are accepted on these loans, you won’t be able to pay off your loan in less than two years without having to fork out $250 for an early repayment fee.

Ongoing fees charged

On top of this, you’ll need to pay $5 each month on top of your loan’s interest, which can add up to hundreds of dollars overall if you’ve taken out a long-term loan.

Bankwest personal loans explained

How do I apply for a Bankwest personal loan?

Applying for an unsecured personal loan with Bankwest isn’t a complicated process or one which is difficult to follow. This can all be completed online and only comes with a few simple steps. The key steps to follow are:

Fill out an application form

Once you’ve settled on Bankwest for your personal loan, you can go ahead and start the process by completing their application form. This tells them information about you, your financial situation and the type of loan you’re after and why you need it. This information is used to help inform a decision on whether your profile is suitable to take on the loan you’re looking for.

Receive an outcome

You’ll receive a response after submitting this and, if they’re happy with it, you’ll be conditionally approved for your loan. While this isn’t a guarantee of formal approval, it’s a positive indication of what you’re likely to be approved for should you continue with the process.

Supply the required documentation

If you’re conditionally approved, you’ll be asked to supply a set of documents to verify the information provided in your application form. You should have these on hand before starting the process to save on delays. Having these prepared in advance can improve your approval time.

Be formally approved and sign your contract

Once they’ve received your documents and are happy with them and the information in your application, you can be formally approved for your loan. From here, you’ll be sent a final loan contract which confirms all of the key details of the agreement, such as your interest rate, approved amount and repayment term. You’ll be able to sign this and return it, after which your funds can be released.

It’s important to bear in mind, though, that many lenders are operating in the market right now offering highly impressive deals on personal finance. For this reason, it’s crucial to compare personal loans with Savvy before you apply. Doing so can boost your chances of securing a great deal by simply putting you in a better position to make an educated decision on which is the ideal offer for you.

Which documents will I need for my personal loan with Bankwest?

The main documents you’ll need as part of your online personal loan application with Bankwest are:

Identification

You’ll need at least two of the following pieces of identification when verifying your ID online:

  1. Your Australian driver’s licence

  2. Your passport (Australian passports current or no more than two years expired or current foreign passports)

  3. Your Medicare card

Income

This will depend on the nature of your income. Different documents can include:

  • PAYG: two most recent consecutive payslips
  • Self-employed: two most recent Notices of Assessment and potentially taxation and financial reports from within the last 18 months
  • Rental income: valid and signed tenancy agreement, three months of bank statements showing rental income, rental statement from within the last two months from your managing agent or two most recent tax returns where your property is already owned
  • Pension: most recent pension statement which shows your payments
  • Super: most recent statement showing super balance which also shows proof of ongoing consistent payments. If no payments are shown, three months of bank statements showing them reaching your account

Employment

You’ll need to show evidence of your employment and explain how long you’ve been employed at your current place of work. This will also include contact details of your employers.

Assets and liabilities

Assets can include property, vehicles, shares, savings or any other valuable possessions you own. Liabilities encompass things like outstanding loan and credit card debts.

Expenses

You’ll have to provide a breakdown of your regular ongoing expenses, such as utility bills, rent, school fees and general shopping costs month-to-month.

Frequently asked personal loan questions

What are the eligibility criteria for Bankwest personal loans?

The general eligibility criteria which apply to Bankwest personal loans are:

  • You must be at least 18 years old
  • You must be a citizen or permanent resident
  • You must be earning a consistent income of more than $20,000 annually
How can I work out the amount I’m able to borrow?

You can use our personal loan borrowing power calculator to help you determine the amount you’re likely to be able to borrow. In reality, this calculation is based on factors such as your income, expenses, credit score, past borrowing record and more, so this calculator won’t give you the exact figure, instead just an indication of what it’s more likely to be.

What other personal loan types can I choose from?

There are many types of personal loans which are important to consider before applying for finance, as one or more of these may be better for your situation than the standard unsecured personal loan. These include:

  • Secured personal loans
  • Lines of credit
  • Overdrafts
  • Personal loans with a guarantor
  • Small loans
What does a personal loan’s comparison rate mean?

Your loan’s comparison rate is a figure which incorporates its interest and fees into one percentage to give you a more accurate indication of what it’ll cost overall. This includes costs such as application and ongoing fees, but not early or late payment charges which may not apply. To ensure these are able to be accurately compared between lenders, they’re generally calculated based on a $30,000 loan repaid over five years.

Will I be able to apply jointly with my partner?

Yes – applying for a joint personal loan with your partner is a great way to improve the likelihood of approval, as the loan is backed by two incomes instead of one in most cases. This can lead to increased borrowing power and lower interest rates in some cases.

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