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Bankwest |
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Bankwest, or the Bank of Western Australia, is a regional bank that is based in Perth, Western Australia and is owned by the Commonwealth Bank of Australia, although since 1995 to 2008 it had been owned by the Bank of Scotland which had aggressively expanded its market presence. It was originally established in 1895 by the government of Western Australia as an agricultural bank. In Western Australia it has a market share of around a quarter of all transactions.
Bankwest offers three types of personal loans, a car loan, an unsecured personal loan and a flexible loan. Bankwest operates a policy of giving a fast approval or rejection and a quick transfer of funds once the approval is made for all three types of loans. All loans can be applied for over the internet, in a branch or by phone, and there are no special rates for using a particular option.
The Bankwest car loan advertises itself as being a cheaper option than other providers, particularly the big four banks. It is a fixed payment loan, with no flexible payment options. The minimum loan is for $5,000. The loan has repayment periods of between three and seven years. The repayments are made on a weekly basis.
The Bankwest unsecured personal loan is an all purpose loan, and unlike most other lenders there is no restriction on what the loan can be used for. As with the car loan the repayment terms are between three and seven years. The interest rate is set at the start of the loan and does not change, and neither do the payments. There is a penalty for early repayments and there is no option to lower payments, although extra payments can be made and are credited with interest during the term of the loan. The arrangement fee is $195 and the monthly charge is $8, neither of which are included in the advertised interest rate.
The Bankwest flexible personal loan offers both flexible payment options and the ability to pay back the loan at any time with no repayment fee. There is also an option to redraw amounts that are overpaid, which has no further arrangement fee. This can be done through Bankwest’s online banking service which means that it is available out of business hours. Unlike many other flexible loans, Bankwest’s interest rate is fixed at the start of the loan. The loan has to be repaid within seven years. There is a $249 application fee and a $10 monthly charge, neither of which are included in the interest rate. |
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