Previously known as the Bank of Western Australia, Bank west is a full-service bank based in Perth, Western Australia. The bank also has branches in other parts of Australia and also offers online banking services to its customers. When it comes to BankWest Personal Loan, Bank West provides both secured and unsecured loans. Personal loans from this bank are unsecured, but customers can choose to secure their loan with the purchased new or used car if they intended to buy a car with the money. Both loans also come with varying interest rates depending on the level of flexibility that the customer enjoys.
A personal loan is a loan with a short repayment period. Most people view personal loans as a straight forward way to borrow money from a bank. Borrowers should repay the loan amount within a specified time, mainly from one to three years from the day they receive the money. Customers can use Bankwest personal loan for any of their individual needs.
Bankwest personal loans are in two types: A secured car loan and an unsecured loan. Customers interested in the secured car loan can borrow from AUD 10,000 to AUD 100,000 at a fixed rate of 7.99% per annum and a comparison rate of 8.76% per annum. Unsecured personal loans, on the other hand, has a minimum borrowing amount of AUD3, 000 to AUD50, 000 at a fixed rate of 11.99% per annum and a comparison rate of 12.80% per annum.
It is simple to apply for loan at Bankwest as borrowers only have to fill in a simple application form with their details. Bankwest will assess applicant’s creditability using the information provided and other factors such as their credit score. People with a good credit score are more likely to qualify for high loan amounts at lower interest rates.
BankWest Personal Loan Loan Requirement
For a person to qualify for a Bankwest personal loan, they must be above 18 years, must be permanent Australian residents and must have a regular income of over AUD 20,000 a year. The things required by people who wish to apply for loan are photo identification such as a driver’s licence or passport and employment details like employer’s contacts. Borrowers are also supposed to provide information about their income, assets, expenses, credit cards and loans with other banks.
BankWest Personal Loan Interest Rates
The interest rates for loans at Bankwest depend on loan amount borrowed, the repayment time and other circumstances like the credit score. Customers can choose the repayment installments period depending on their budget. The fixed interest rates for a Secured car loan are 7.99 per annum. Borrowers who go for the unsecured personal loan repay at an interest rate of % per annum.
For example, a person who borrows a secured car loan of AUD40000 to repay in three years term at 7.99% per annum (8.76% p.a. comparison rate) will repay a total interest of AUD 5,117.72 and a monthly repayment of AUD 1,258.27. An unsecured loan of the same amount and repayment period has an interest rate of 11.99% p. a (12.80 p.a comparison rate), and the total interest payable is AUD7, 821.73 with a monthly repayment of AUD 2,336.38.