Bankwest slashes personal loan rate by 2 percentage points

author-avatar By on September 06, 2021
Bankwest slashes personal loan rate by 2 percentage points

On Monday Bankwest cut its unsecured personal loan rate by two percentage points.

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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In the market for a personal loan? The table below features unsecured personal loans with some of the lowest interest rates on the market.

Lender
Advertised rate Comparison rate Monthly repayment Interest TypeSecured TypeEarly Withdrawal FeeOngoing FeeApplication FeeTotal RepaymentEarly RepaymentInstant ApprovalOnline Application
FixedUnsecuredN/AN/AGo to site
NO ESTABLISHMENT, ACCOUNT OR EARLY REPAYMENT FEES

No Fee Personal Loan

  • No security required
  • Can apply online
  • Fast time to funding
NO ESTABLISHMENT, ACCOUNT OR EARLY REPAYMENT FEES

No Fee Personal Loan

  • No security required
  • Can apply online
  • Fast time to funding
FixedUnsecuredN/AN/AGo to site
FAST APPROVAL TIME

Unsecured Personal Loan (Excellent Credit) (Amount > $5000)

  • No ongoing fees
  • Flexible repayment options
  • No security required
FAST APPROVAL TIME

Unsecured Personal Loan (Excellent Credit) (Amount > $5000)

  • No ongoing fees
  • Flexible repayment options
  • No security required
FixedUnsecuredN/AGo to site
CHECK YOUR RATE IN 2 MINUTES
  • No ongoing fees
  • No application fees
  • Apply online
CHECK YOUR RATE IN 2 MINUTES
FixedUnsecuredN/AMore details

Liberty Personal Loan (Very Good Credit History)

Rates based on a loan of $30,000 for a five-year loan term. *Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate, Rates correct as of September 27, 2021. View disclaimer.


Photo by Bahnfrend on Wikimedia Commons

Disclaimers

The entire market was not considered in selecting the above products. Rather, a cut-down portion of the market has been considered which includes retail products from at least the big four banks, the top 10 customer-owned institutions and Australia’s larger non-banks:
  • The big four banks are: ANZ, CBA, NAB and Westpac
  • The top 10 customer-owned Institutions are the ten largest mutual banks, credit unions and building societies in Australia, ranked by assets under management in November 2019. They are (in descending order): Great Southern Bank, Newcastle Permanent, Heritage Bank, Peoples’ Choice Credit Union, Teachers Mutual Bank, Greater Bank, IMB Bank, Beyond Bank, Bank Australia and P&N Bank.
  • The larger non-bank lenders are those who (in 2020) has more than $9 billion in Australian funded loans and advances. These groups are: Resimac, Pepper, Liberty and Firstmac.
  • If you click on a product link and you are referred to a Product or Service Provider’s web page, it is highly likely that a commercial relationship exists between that Product or Service Provider and Savings.com.au

Some providers' products may not be available in all states.

In the interests of full disclosure, Savings.com.au, Performance Drive and Loans.com.au are part of the Firstmac Group. To read about how Savings.com.au manages potential conflicts of interest, along with how we get paid, please click through onto the web site links.

*The Comparison rate is based on a $30,000 loan over 5 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

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author-avatar
Harrison is Savings.com.au's Assistant Editor. Prior to joining Savings in January 2020, he worked for some of Australia's largest comparison sites and media organisations. With a keen interest in the economy, housing policy, and personal finance, Harrison is passionate about breaking down complex financial topics for the everyday consumer.

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