Bankwest cuts personal loan rate by 2 percentage points
Bankwest cut its unsecured personal loan rate by two percentage points on Monday.
The rate change applies to Bankwest’s unsecured personal loan, with fixed terms ranging from three to seven years, borrowing a minimum amount of $ 3,000 and a maximum of $ 50,000.
The rate is now 8.99% per year (comparison rate of 9.33% per year *).
There is a monthly loan maintenance fee of $ 5 and a prepayment charge of $ 250 if the loan is closed within 24 months.
See also: Compare peer-to-peer lenders
Elsewhere, the month has been fairly consistent to reduce personal loan rates.
In August, Plenti reduce unsecured personal loan rates for borrowers with “excellent” credit ratings.
The fixed and variable rates are the same: now 5.44% per year (comparison rate of 5.44% per year *).
The minimum loan amount is $ 5,000, while the maximum is $ 50,000.
At the beginning of last month, Easy Street Financial Services reduced his unsecured fixed personal loan by one percentage point, to 7.99% pa (8.26% pa comparison rate *).
Clients can borrow a minimum of $ 3,000, over one to five years, and the loan carries an application fee of $ 195.
IMB made a few changes to a few of his personal loans – secured and unsecured:
- Secure: Reduction of 47 basis points to 5.98% pa (comparison rate of 6.33% pa *)
- Unsecured: Reduction of 56 basis points to 8.98% pa (comparison rate of 10.72% pa *)
Both have repayment terms ranging from one to five years, with a minimum loan amount of $ 2,000 – however, the maximum unsecured loan amount is $ 30,000, compared to $ 60,000 for the secured.
See also: Personal loans secured or unsecured
Community First Credit Union also reduced a variety of unsecured personal loans for home improvement purposes by up to four percentage points.
For example, the home improvement loan up to fixed years has been reduced to 3.99% pa (comparison rate of 4.99% pa *).
This loan incurs a monthly account maintenance fee of $ 10.
The credit union also cut rates on its “green loan” in an effort to make green additions to the home, such as solar panels.
Looking for a personal loan? The table below shows unsecured personal loans with some of the lowest interest rates in the market.
Photo by Bahnfrend on Wikimedia Commons
The entire market was not taken into account in the selection of the above products. Instead, a smaller part of the market has been envisioned, which includes the retail products of at least the Big Four Banks, the Top 10 Customer-Owned Institutions and Australia’s largest non-banks:
- The big four banks are: ANZ, CBA, NAB and Westpac
- The top 10 institutions owned by clients are the ten largest mutual banks, credit unions and building societies in Australia, ranked by assets under management as of 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 largest non-bank lenders are those who (as of 2020) have more than $ 9 billion in loans and advances funded by Australia. These groups are: Resimac, Pepper, Liberty and Firstmac.
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*The Comparison rate is based on a loan of $ 30,000 over 5 years. Please note: this comparison rate is only true for this example and may not include all fees and charges. Different terms, fees, or other loan amounts may result in a different comparison rate.