Personal loans

Our personal loans can help make big things happen – like buying a car, consolidating your debt, renovating, taking a holiday or paying for a wedding. Plus, there’s no application fee. 1 Other fees and charges apply.

Why choose a personal loan with us?

Fixed rate certainty

Have peace of mind knowing exactly what your repayments will be.

Repayment options to suit you

Choose the loan term – from three to seven years – and repayment frequency.

Access surplus funds for free 24/7

You can access your extra repayments on the go in the Bankwest App.

There are two loan types to choose from

Rates are subject to change. Other fees and charges may apply. A full list of fees will be included in your personal loan contract.

How to put a personal loan to good use

Frequently asked questions

Info at your fingertips

A personal loan is a way to help you finance something big – like a car, home improvements, a wedding, a holiday and much more. It could also help you take control of your finances and streamline your debt – also known as consolidating your debt. Find out more about the common ways to use a personal loan.

However, there are some things you can’t use a personal loan for. They include things like:

  • Business uses – such as buying equipment, paying staff or suppliers, or making BAS payments. If you need funds for your business, we have a range of business loans that might suit you
  • A deposit for a home loan or covering stamp duty – although you might be able to use a personal loan to cover a shortfall after the sale of a property you bought with a Bankwest home loan, or to pay some building costs if your Bankwest construction loan doesn’t cover all the work
  • Overseas property costs, including renovations and selling costs
  • Everyday bills and living expenses, like utilities and rent
  • Gambling
  • Cryptocurrency
  • Consolidating overseas debt

A secured loan lets you use an asset (like a car or motorcycle) as security for the loan. This means that if you don’t make the agreed repayments, the lender can take the asset and sell it to help cover the cost of the unpaid loan. These loans often have a lower interest rate than an unsecured loan.

With an unsecured personal loan, you don’t need to use an asset as security for the loan, and the minimum and maximum loan amounts are usually lower than a secured personal loan. They can also often be a bit quicker and easier to set up.

Our personal loans have a fixed interest rate, meaning your minimum monthly repayments won’t change – so you can schedule your regular payments or arrange direct debits with confidence.

A personal loan that comes with a variable interest rate, on the other hand, means that the interest rate can go up and down over time and your repayments can change.

There are a few things we take into account when we review your application, including your eligibility, current monthly living expenses, financial situation and credit rating.

It’s a good idea to ask yourself some questions before you apply for a personal loan – they could help put you in a stronger position to get your application approved – see some helpful questions to ask yourself.

Redraw means accessing any extra repayments you’ve made towards your loan.

With our personal loans, you can make extra repayments – and that comes with benefits for you. It helps you to:

  • Reduce the interest you pay on your loan and pay your loan off sooner (keep in mind that there’s an early repayment fee if you close your loan within the first two years)
  • Build up a surplus that you can access (or redraw) for free if you need to – like when there’s a rainy day or emergency (although it’s important to be aware that, by redrawing your extra repayments, that surplus will no longer be reducing the interest on your loan).

Manage your personal loan in the app

  • See your loan balance, transactions and statements
  • Make repayments
  • Redraw your extra repayments.

Need help choosing a personal loan?

Speak with someone from the team today.

What’s the comparison rate?
It’s a tool that can help you identify the truer cost of a loan. It’s calculated using a standard formula that includes the interest rate, as well as certain fees and charges relating to a loan (not all fees and charges are included).

Comparison rate warning:
Comparison rates for secured and unsecured personal loans are based on a loan amount of $30,000 over 5 years. WARNING: The comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

Representative example of total loan cost: For a Secured Car Loan of $30,000 borrowed over a 5-year term at 8.99% p.a. (9.33% p.a. comparison rate) the total amount payable is $37,656.60 including interest and fees. For an Unsecured Personal Loan of $30,000 borrowed over a 5-year term at 10.99% p.a. (11.32% p.a. comparison rate) the total amount payable is $39,427.20 including interest and fees. These examples are estimates only and assume all repayments are made on time.

For our Secured Car Loan and Unsecured Personal Loan, an early repayment fee applies if you close the loan within the first two years.

  1. Other fees and charges apply.
  2. Cars and motorcycles used as security must be valued at least $10,000 or be less than seven years old.