Enjoy borrowing the amount you want, the way you want, with the Flexible Personal Loan from Bankwest.
If you want a loan that gives you the freedom and flexibility to manage it and make it work the way you want, Bankwest’s Flexible Personal Loan is designed with you in mind. The Flexible Personal Loan allows unlimited additional repayments, the ability to redraw as much and as often as you want without penalty and a competitive fixed interest rate.
You can use the loan for whatever you need: a dream holiday, home improvements, investing or even paying off existing debt. The account is available to you online 24/7 so you can access your funds at any time for any purpose.
Things to consider about the Bankwest Flexible Personal Loan
|Product Name||Bankwest Flexible Personal Loan|
|Interest Rate (p.a.)||From 14.49% (fixed)|
|Comparison Rate (p.a.)||15.5%|
|Interest Rate Type||Fixed|
|Minimum Loan Term||1 year|
|Maximum Loan Term||7 years|
|Min Loan Amount||$5,000|
|Max. Loan Amount||$50,000|
|Monthly Service Fee||$10|
- No early repayment fees
- Flexible repayment options
- Minimum loan amount of $5000
- There is an application fee $249
- There is a monthly fee of $
The Flexible Personal Loan can be used for a wide range of expenses. The loan has a fixed rate to ensure that you know what your repayments will be, plus it offers the ability to make repayments whenever you want to. There is no fee for these additional repayments and no penalty for redrawing the money if needed.
This loan is unsecured, meaning it does not require you to put any of your personal assets up against it in case you are unable to make your payments.
Features of the Bankwest Flexible Personal Loan
- Competitive rate. This loan offers a fixed interest rate of 14.49% p.a. and a comparison rate of 15.5% p.a. on $10,000 over three years. The fixed rate ensures that you know what your repayment amounts will be.
- Loan amounts. You can select to borrow any amount from a minimum of $5,000 to a maximum of $50,000.
- Loan terms. Flexible loan terms of 1 year(s) to 7 year(s) can be chosen to fit with your financial schedule and payment capabilities.
- Fees. The Flexible Personal Loan requires a one-time application fee of $249 and a monthly $10 account-keeping fee.
- Redraw ability. You are able to redraw funds from your account at any time without paying any extra fees or penalties.
- Additional repayments. You can make additional repayments whenever you have the extra cash to put towards your loan, without incurring any fees or penalties. You will not be subject to an early repayment fee if you pay off your loan quickly.
- Quick approval. You will get conditional approval within 24 hours of your application and you may be able to receive your funds within a week.
- 24/7 access. You are able to access your loan account at any time online or via Bankwest’s telephone banking service. You can also call the customer support line during regular business hours or visit a branch location.
How to apply for the Bankwest Flexible Personal Loan
The application will only take you 10 to 15 minutes to fill out and you can receive conditional approval within 24 hours. If you are an existing Bankwest customer, you may be able to qualify for same-day funding approval and receive your finances within 24-48 hours of submitting your application.
Click "Go to Site" to start your application and ensure that you meet the following eligibility requirements:
- Be 18 years or older
- Be a permanent Australian resident or citizen
- Have a regular source of income
Be prepared to have at least two of the following documents on hand when completing the application:
- Passport or driver’s licence. You will be asked for your driver’s licence or passport number to verify your identity. You may also want to have your Australian birth certificate or immigration papers handy in case you need to prove your residency or citizenship.
- Personal details. You will be asked to provide your address, phone number, email address and other contact information for identification and communication purposes.
- Employment details. Provide your employer’s name, contact information and details about the length and nature of your employment. You may also be asked to provide your last two payslips to verify your salary.
- Financial details. In addition to your payslips you will need to provide information about your current income and net worth, including assets and expenses.
The Flexible Personal Loan from Bankwest offers the ability to manage the money that you’ve borrowed in the way that works best* for you. To ensure that you are getting the best* loan for you, weigh the pros and cons of various loans by comparing interest rates, fees, repayment options and other features.