Bankwest Unsecured Personal Loan

Rates and Fees verified correct on December 5th, 2016

Enjoy a competitive fixed rate with the Bankwest Unsecured Personal Loan.

Planning for that dream holiday can be easier with the Unsecured Personal Loan from Bankwest, which offers a competitive fixed interest rate for loans of $5,000 or more. As this is an unsecured loan, you will not be required to put any of your assets up as security.

This loan is suitable to get work done around your home, buy a new boat, pay off existing debt or simply pay for a holiday getaway. This loan offers a fixed repayment schedule, so you can choose how often your repayments are and how much you can afford to pay.

Things to consider about the Bankwest Unsecured Personal Loan

Product NameBankwest Unsecured Personal Loan
Interest Rate (p.a.)From 11.99% (fixed)
Comparison Rate (p.a.)12.8%
Interest Rate TypeFixed
Minimum Loan Term3 years
Maximum Loan Term7 years
Min Loan Amount$5,000
Max. Loan Amount$50,000
Application Fee$195
Monthly Service Fee$8

Pros

  • Unsecured loan - no risk of asset loss
  • Borrow money for any purpose within reason
  • Ability to make extra repayments

Cons

  • High application fee of $195
  • Ongoing monthly service fee of $8
  • Minimum loan amount of $5000

This loan gives you the option of borrowing any amount from $5,000 to $50,000 over a term of between  and . This lets you choose the payment schedule so you know exactly what you’re paying and how often you’re paying it, with the opportunity to make additional repayments.

Bankwest also offers a Flexible Personal Loan to borrowers, so make sure to weigh the pros and cons of different loans to find the one that will bring you the most benefit.

Features of the Bankwest Unsecured Personal Loan

  • Fixed interest rate. The Bankwest Unsecured Personal Loan offers a fixed interest rate of 11.99% p.a., with a comparison rate of 12.8% p.a. on $10,000 over a period of 3 year(s).
  • Fees. This loan has a one-time application fee of $195 and an $8 monthly account-keeping fee for the life of your loan.
  • Additional repayments. You are able to make additional repayments at any time without penalty. An early repayment fee does apply if the loan is paid off in the first 24 months.
  • Repayment options. You can choose to make repayments on a weekly, fortnightly or monthly basis to suit your budget.
  • Loan amount. Choose an amount anywhere from $5,000 to $50,000.
  • Loan terms. You can borrow funds for a term of up to 7 year(s).
  • Loan insurance. Bankwest also offers loan protection insurance options in case you are unable to make your repayments on time.
  • Same-day approval for existing customers. Some existing Bankwest customers qualify for same-day funding approval.

How to apply for the Bankwest Unsecured Personal Loan

When you apply online with Bankwest you can get conditional approval within minutes. Click ‘Go to Site’ to complete the loan application form.

So that you are approved for the loan that you want, you must:

  • Be over 18 years of age and in full-time employment
  • Be an Australian citizen or permanent resident
  • Have a regular permanent income
  • Not have an active personal loan application that has been conditionally approved.

In order to prove that you meet the requirements, be prepared to provide the following documentation:

  • Personal details. Your name, address and contact details will be needed.
  • Identification. You'll also need at least two documents to identify yourself, your driver's licence, passport, Medicare card or Australian birth certificate
  • Employment details. Ensure that you have your employer’s name, number and other contact details. You will also be asked to provide information about the length of your employment.
  • Financial details. You will be asked to provide evidence regarding your current income, assets and expenses.

An Unsecured Personal Loan from Bankwest can offer you the freedom to get the funding you need. Remember to compare the interest rates, fees, eligibility requirements and other features of various lending options to find the best loan for you.

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This page was last modified on 8 February 2016 at 10:53.

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12 Responses to Bankwest Unsecured Personal Loan

  1. Default Gravatar
    fiona | November 7, 2016

    What are their requirements regarding employment. i have been casusal for 2.5yrs getting 38hrs a week and my partner has been casusal with current employer for 2 months

    • Staff
      Harold | November 8, 2016

      Hello Fiona,

      Thank you for your question.

      Basically, when you apply online with Bankwest you can get conditional approval within minutes. But before that you must meet the following requirements:
      - Be over 18 years of age and in full-time employment
      - Be an Australian citizen or permanent resident
      - Have a regular permanent income
      - Not have an active personal loan application that has been conditionally approved.

      Since you are a casual employee you may find this article helpful.

      I hope that helps.

      Cheers,
      Harold

  2. Default Gravatar
    JLC | August 7, 2016

    Hi I am currently on a single parents pension through centrelink. I have no current defaults or any debts. I wish for 25 thousand to pay off a few bills and the rest to help me relocate interstate where there are more opportunities for employment. What is the criteria and is this at all possible.

    • Staff
      May | August 8, 2016

      Hi JLC,

      Thank you for getting in touch.

      On this page, you can compare the lenders that may accept loan applications from people who receive Centrelink payments. You can review the criteria and contact a lender from the list so you can discuss your loan options.

      I hope this has helped.

      Cheers,
      May
      May

  3. Default Gravatar
    LMR | May 25, 2016

    I am interested in a debt consolidation loan but have a paid default on my credit file. We recently moved to Perth for work and lifestyle opportunity’s and have had some expenses not accounted for. I have tried to do the small short term loans route but this has not worked. I was wondering if this would reflect negatively on an application

    • Staff
      Elizabeth | May 26, 2016

      Hi LMR,

      As long as you meet the minimum eligibility criteria you’re able to apply, but your entire financial circumstances will be assessed when you apply for the loan. Bankwest will look at your recent credit applications, your income, your employment and your credit file and assess your ability to afford the loan you’re applying for. If you are unsure of your eligibility it would be best to ask Bankwest directly but it may not be able to advise without you making a formal application.

      More some more information on how payday loans affect your credit file you can read our guide here.

      Hope this helps,

      Elizabeth

  4. Default Gravatar
    sashia | April 22, 2016

    Hi I’m unemployed and is on centrelink benefits could still apply

    • Staff
      Elizabeth | April 26, 2016

      Hi Sashia,

      Bankwest accepts some forms of Centrelink as income when considering you for a loan. They take into account your personal financial situation and your ability to afford your repayments – it may be best to chat to them directly before submitting your application. If you find you aren’t eligible, you can consider some other options on this page.

      Hope this has helped,

      Elizabeth

  5. Default Gravatar
    John | June 4, 2015

    Would I be 100% guaranteed to get the loan

    • Staff
      Elizabeth | June 4, 2015

      Hi John,

      Thanks for your question.

      To be eligible to apply for this loan you need to be over the age of 18, be a permanent Australian resident, have a regular permanent income and not have an active personal loan application that has been conditionally approved. Bankwest will then judge your application to see if you will be able to manage the loan and your repayments. There is no 100% guarantee with any credit application.

      I hope this has helped.

      Thanks,

      Elizabeth

  6. Default Gravatar
    Kevin | March 28, 2015

    Can I get a loan? I work part time and I am also on centrelink benefits.

    • Staff
      Shirley | March 30, 2015

      Hi Kevin,

      Thanks for your question.

      Please note that finder.com.au is an online comparison and information service and is not a product issuer. We’re also not in a position to assess your eligibility.

      If you would like to discuss your eligibility or options, please get in touch with Bankwest directly by clicking on ‘Go to site’.

      Cheers,
      Shirley

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