The rate change applies to Bankwest's unsecured personal loan, with fixed terms anywhere from three to seven years, borrowing a minimum amount of $3,000 and a maximum of $50,000.

The rate is now 8.99% p.a. (9.33% p.a. comparison rate*).

There is a monthly loan maintenance fee of $5, and an early repayment fee of $250 if the loan is closed within 24 months.


See Also: Compare Peer to Peer Lenders

Elsewhere, it's been a fairly consistent month for cutting personal loan rates.

In August, Plenti cut rates on its unsecured personal loan for borrowers with an 'excellent' credit rating.

Both fixed and variable rates are the same: Now 5.44% p.a. (5.44% p.a. comparison rate*).

The minimum loan amount is $5,000, while the maximum is $50,000. 

Earlier last month, Easy Street Financial Services cut its unsecured fixed personal loan by one percentage point, down to 7.99% p.a. (8.26% p.a. comparison rate*).

Customers can borrow a minimum $3,000, over one to five years, and the loan attracts an application fee of $195.

IMB made a few changes to a few of its personal loans - both secured and unsecured:

  • Secured: Cut by 47 basis points to 5.98% p.a. (6.33% p.a. comparison rate*)
  • Unsecured: Cut by 56 basis points to 8.98% p.a. (10.72% p.a. comparison rate*)

Both have repayment terms of anywhere from one to five years, with a minimum loan amount of $2,000 - however, the unsecured's maximum loan amount is $30,000, compared to the secured's $60,000. 

See Also: Secured vs Unsecured Personal Loans

Community First Credit Union also cut a variety of unsecured personal loans for the purpose of home improvements by up to four percentage points.

For example, the home improvement loan for up to fixed years was cut to 3.99% p.a. (4.99% p.a. comparison rate*). 

This loan attracts a $10 monthly account keeping fee.

The credit union also cut rates on its 'Green Loan' for the purpose of making eco-friendly additions to the home, such as solar panels. 


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Important Information and Comparison Rate Warning

All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here.

The comparison rates in this table are based on a loan of $30,000 and a term of 5 years unless indicated otherwise. The comparison rates are for unsecured personal loans only for the relevant amounts and terms. The comparison rates for car loans and secured personal loans are for secured loans unless indicated otherwise. WARNING: This 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. Comparison rates are not calculated for revolving credit products.

Monthly repayment figures are estimates only, exclude fees and are based on the advertised rate for the term and for the loan amount entered. Actual repayments will depend on your individual circumstances and interest rate changes. Rates correct as of . View disclaimer.

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