Whether you make your repayments weekly, fortnightly or monthly, the main thing is to make sure you’re repaying at least the minimum monthly repayment amount on time (that’s the lowest amount you need to pay each month to meet the terms of your personal loan contract).
Note that if you have automatic direct debits already set up with us to pay your Bankwest personal loan and you want to schedule manual repayments instead, you’ll need to call us on 13 17 19 to cancel your direct debit payments.
Want to pay from a non-Bankwest bank account? Check with that financial institution to see how you could set up your own repayments to your Bankwest personal loan.
You can make repayments over and above the minimum needed as and when you choose in the app or online banking. These extra repayments build up what’s called a surplus, which helps to reduce the interest on your loan and pay it off sooner.
Just keep in mind that there’s an early repayment fee if you close the loan within the first two years. To get more of an idea of what this fee might be for you, give us a call on 13 17 19. You can also see personal loan fees on our comparison table.
You can access any extra repayments you make towards your loan any time you need in the app or online banking.
Keep in mind that redrawing your extra repayments will mean those surplus funds will no longer be reducing the interest on your loan. Also make sure you’re able to make your minimum monthly repayments if you redraw all your surplus.
To redraw your extra repayments, you’ll need to either:
If you’d like to pay off your personal loan sooner, give us a call or visit a branch and we’ll be happy to help. Keep in mind that an early repayment fee applies if you close the loan within the first two years.
If you’d like to borrow additional funds, you’ll need to apply for a new personal loan.