Our COVID-19 support for personal loan customers

If you’re a personal loan customer who’s in need of support due to COVID-19, you can ask us to defer your personal loan repayments for two months.

Deferring your personal loan repayments

You can register online to defer your personal loan repayments for two months. This means that you won’t need to make any personal loan repayments during the two month period.

It’s important to note that, by deferring your repayments, the interest will be capitalised. This means that the interest you’d have normally paid during the deferred period continues to accrue and is added to your outstanding personal loan balance, to be paid after the deferred period. In turn, it means your outstanding balance will increase, and you’ll pay more interest over the life of the loan.

After the deferral period, to help keep your repayments as similar as possible to what you’re currently paying, we’ll extend your loan term as required.

For more information about deferring your repayments, please see our FAQs.

If you need additional support and are experiencing further financial hardship, please contact us to discuss the support options available and what they mean for individual circumstances.

In Bankwest Online Banking:

  • Go to ‘Self service’ > ‘COVID-19 support’
  • Before you start the process, make sure your contact and address details are up to date under ‘My details & security’.

If you need help setting up online banking, take a look at our set up guide.

In the Bankwest App:

  • Go to ‘Products & offers’ > ‘COVID-19 support’
  • Before you start the process, make sure your contact and address details are up to date by going to ‘Settings’ in the main menu and selecting ‘Contact info’.

Other ways to help you keep on track with your personal loan

Redrawing extra personal loan repayments you’ve made

If you’ve made any extra repayments towards your personal loan, that money has built up in surplus – and you could redraw those extra repayments for free in Bankwest Online Banking and the Bankwest App.

Keep in mind that redrawing your extra repayments will mean those surplus funds will no longer be reducing the interest on your personal loan.

Reducing your personal loan repayments to the minimum amount

If you’re currently paying more than the minimum amount, you can reduce your repayments to the minimum. You can change your scheduled payments in Online Banking. However, if you have a periodical payment set up, you’ll need to contact us on 13 17 19.

Frequently asked questions

Answers at your fingertips

1

What is interest capitalisation?

If you defer your personal loan repayments, the interest will be capitalised. This means that the interest you’d have normally paid during the deferred period continues to accrue and is added to your outstanding personal loan balance, to be paid after the deferred period. In turn, it means your outstanding balance will increase, and you’ll pay more interest over the life of the loan.

For example, if you borrowed $30,000 for a personal loan with five years remaining at an interest rate of 11.99%, and you deferred the repayments for two months, you would pay an extra $930 in interest and your loan would be extended by four months. The actual cost to you will depend on your own individual circumstances.

2

What happens to my repayments at the end of my deferral period?

Your personal loan repayments will start again after the two-month deferral period, and your repayments will be adjusted accordingly.

We’ll extend your loan term by the months required to make sure repayments will remain similar to ones you’re currently paying.

If, at the end of your deferral period, you continue to have difficulty making your repayments, you can talk through your options with us.

How can we help?

You can message us in the Bankwest App or online banking or call us – were here 24/7.