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 | Car Loan | Interest Rate | Comparison Rate* | Monthly Repayment | Interest Type | Secured Type | Early Exit Fee | Ongoing Fee | Upfront Fee | Total Repayment | Early Repayment | Instant Approval | Online Application | Tags | Features | Link | Compare | Promoted Product | Disclosure |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
6.56% p.a. | 6.56% p.a. | $392 | Fixed | Unsecured | – | $594 | $0 | $23,513 |
| Promoted | Disclosure | ||||||||
6.57% p.a. | 7.19% p.a. | $392 | Fixed | Unsecured | $150 | $0 | $250 | $23,519 |
| Promoted | Disclosure | ||||||||
16.95% p.a. | 32.99% p.a. | $497 | Fixed | Secured | – | $26 | $125 | $29,791 | Interest rates subject to change based on your personal circumstances |
| Promoted | Disclosure | |||||||
6.49% p.a. | 7.61% p.a. | $391 | Fixed | Secured | $150 | $12 | $250 | $23,474 | |||||||||||
6.49% p.a. | 7.69% p.a. | $391 | Fixed | Secured | $100 | $12 | $250 | $23,474 | |||||||||||
8.50% p.a. | 9.53% p.a. | $410 | Fixed | Unsecured | $0 | $15 | $0 | $24,620 |
Photo by Bahnfrend on Wikimedia Commons
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