Find out more about Bankwest personal loans and see whether they’re right for you by comparing with Savvy.
Fact checked
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.
These personal loans come with fixed interest from 10.99% p.a. (11.32% p.a. comparison), meaning you won’t have to worry about your repayments increasing in cost.
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.
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.
If you’ve been paying above the minimum required amount each month, you can access those funds down the track by redrawing them, avoiding the need for additional finance.
You can take between three and seven years to repay your loan, so you can space out your instalments to ensure that they’re manageable.
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.
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.
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.
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.
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.
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.
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.
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.
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:
Your Australian driver’s licence
Your passport (Australian passports current or no more than two years expired or current foreign passports)
Your Medicare card
Income
This will depend on the nature of your income. Different documents can include:
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.
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