Bankwest offers a secured car loan at a moderately low rate, an unsecured personal loan with a moderate rate but not many features, and another unsecured personal loan with a moderately high interest rate but more flexibility. While these products have some features in common, they are quite different when it comes to paying out the loan early.
The Bankwest secured car loan can be used to purchase cars and motorcycles less than seven years old, or worth more than $10,000. You can make extra repayments on this fixed loan, but you'll be charged an early exit fee if you pay it off within 24 months.
The unsecured Bankwest personal loan has a moderately low interest rate, but you’ll be charged a penalty if you pay out the loan in full before 24 months. There is also no redraw facility available on this loan and the minimum loan term for this product is three years.
If you prefer flexibility, you can opt for the Flexible Bankwest personal loan, which lets you to take out a loan term of as little as 12 months. There is no penalty for paying off your loan early and a redraw facility if you want to re-access funds. Both unsecured loans have a minimum loan amount of $5,000 and a maximum amount of $50,000.
Bankwest personal loans charge an above average application fee and ongoing monthly fees during the life of the loan. There is a small fee charged for missing payments. Borrowers looking for flexibility can choose between weekly, fortnightly or monthly repayments.
Bankwest personal loans can be used for a range of different purposes including:
- Debt consolidation
- Buying a car
- Medical bills
- Renovations and home improvement
- Travel and holidays
- Weddings and other occasions