Compare Bankwest Home Loans

author-avatar By
on April 06, 2022 Fact Checked
Compare Bankwest Home Loans

From drive-in branches to being the first bank in the west to appoint women to permanent telling positions, for 127 years Bankwest has been home to plenty of firsts.

Formerly the Bank of Western Australia, the Bankwest name was adopted in the mid-1990’s following its move to branch out and support customers across the entire nation. Bankwest joined the Commonwealth Bank Group in 2008, becoming part of Australia's largest bank.

What home loans does Bankwest offer?

Bankwest offers principal and interest (P&I) and interest-only (IO) home loans for both owner-occupiers and investors.

These home loans are available in variable and fixed interest rates under the options of:

  • Complete Fixed Package

  • Complete Variable Package

  • Fixed

  • Variable


Check out some of Bankwest’s home loan offerings for owner occupiers in the table below.

Lender

Fixed
More details

Fixed Home Loan (Principal and Interest) 1 Year (LVR < 80%)

    Fixed
    More details

    Fixed Home Loan (Principal and Interest) 4 Years (LVR < 80%)

      Fixed
      More details

      Complete Fixed Investment Loan (Principal and Interest) 3 Years

        Fixed
        More details

        Complete Fixed Investment Loan (Principal and Interest) 5 Years

          Fixed
          More details

          Complete Fixed Home Loan (Principal and Interest) 1 Year (LVR < 80%)

            Fixed
            More details

            Fixed Home Loan (Principal and Interest) 2 Years (LVR 80%-90%)

              Fixed
              More details

              Complete Fixed Home Loan (Principal and Interest) 5 Years (LVR < 80%)

                Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. All products will list the LVR with the product and rate which are clearly published on the Product Provider’s web site. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 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. Rates correct as of August 11, 2022. View disclaimer.


                Features of Bankwest home loans

                Bankwest Chief Customer Officer Paul Vivian said Bankwest has a range of features to support current and aspiring homeowners in finding the home of their dreams, with a flexible product suite – from basic loans, through to complete packages – while offering flexibility on credit policy.

                “We support customers in making their money work for them,” Mr Vivian told Savings.com.au.

                “Our Complete Home Loan Package allows customers to utilise up to nine offset accounts on their variable home loan, and we're also one of the only lenders in Australia to offer a 40% offset product on fixed rate home loans.”

                Complete Home Loan Package

                For an annual package fee of $395, Bankwest customers can add a Complete Package to either fixed or variable rate home loans which offers:

                • Discounted variable interest rates.

                • The ability to split your money into up to nine offset accounts to help manage your money while saving on home loan interest.

                • Option to add an eligible credit card with no annual credit card fee.

                Fee-free

                Selected home loan products across Bankwest’s portfolio are free from application fees, plus monthly and establishment fees.

                Redraw facility

                If you have a variable rate home loan that only needs one person to authorise changes or payments, Bankwest’s redraw facility allows you to redraw your additional repayments through the Bankwest App or Bankwest Online Banking, and there's no minimum withdrawal amount.

                Bankwest also allows other methods of redraw including over the counter with variable rate and fixed rate home loans, and there's no minimum withdrawal amount.

                Payment schedule flexibility

                Bankwest offers the flexibility across its home loan portfolio to make either, weekly, fortnightly or monthly mortgage repayments.

                Additional repayments

                Bankwest offers the ability to make unlimited extra repayments on variable rate home loans. For fixed home loans, you can make extra repayments of up to $10,000 per year.

                Repayment holiday

                Bankwest offers the ability to take a break from making your regular scheduled home loan repayments for a period of time. This could be useful if, say, you’re going on parental leave, taking a career break or changing jobs.

                How is Bankwest different from the big four banks?

                “Bankwest takes a personal, hands-on approach to ensure customers feel supported through one of the biggest financial decisions of their lives, particularly first home buyers, and those looking to build through our higher loan-to-value ratio (LVR) lending,” Mr Vivian said.

                “We offer specialised pricing – right up to 98% LVR – and do our best to make the home loan process as stress-free and simple as possible for customers, with an end-to-end digital home loan application process for all aspects we control.”

                Mr Vivian says Bankwest’s digital support extends beyond the home loan application process, through online banking and Bankwest’s mobile app.

                Bankwest’s mobile app is available for both Apple and Android devices, offering the ability to set up savings goals, nickname and reorder accounts and bucket your money besides typical banking features such as cardless payments and PayID.

                “We’re also proud of our strong relationship with brokers and we’ve worked hard to deliver tools and services that make their jobs as efficient as possible, ensuring customers have a great experience, no matter how they come to Bankwest,” Mr Vivian said.

                Applying with Bankwest

                “Bankwest supports those who own, or aspire to own, their own home, offering competitive rates for owner-occupier and investment loans, with flexible policies and fast loan approvals, with a personalised service through our case managers,” Mr Vivian said.

                “We also support the communities in which we live and work, with our 24/7 contact centre and loan processing teams all based in Australia, putting us on the same timezone as customers and minimising delays due to international impacts.”

                Eligibility

                If you’re looking into applying for a Bankwest home loan, eligibility requirements that must be met include:

                • Applicants must be over the age of 18.

                • Applicants must be an Australian citizen or permanent resident.

                • Applicants must have a regular source of income.

                • Applicants must have a minimum loan amount of $200,000.

                • Good credit history.

                • Demonstrate your ability to service a loan.

                Documents required

                • At least two forms of either driver's licence, Medicare card or passport.

                • One month’s worth of statements for your everyday bank account.

                • Debt statements - credit cards, store cards, car loans. The statements must be from the last 45 days and show your name, account number and transaction history.

                • If you are an employee, they will typically require two recent payslips, and the most recent payment summary or tax return.

                • If you are self-employed, they will typically require the last two years’ company tax returns.

                • Proof of ongoing rent or board.




                Disclaimers

                The entire market was not considered in selecting the above products. Rather, a cut-down portion of the market has been considered. Some providers' products may not be available in all states. To be considered, the product and rate must be clearly published on the product provider's web site. Savings.com.au, yourmortgage.com.au, yourinvestmentpropertymag.com.au, and Performance Drive are part of the Savings Media group. In the interests of full disclosure, the Savings Media Group are associated with the Firstmac Group. To read about how Savings Media Group manages potential conflicts of interest, along with how we get paid, please visit the web site links at the bottom of this page.

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                author-avatar
                Jacob Cocciolone joined the Savings team in 2021 as a Finance Journalist. Driven by a passion for keeping Australians up to date with the latest financial news and trends, his areas of interest include financial technology, investing, property and motoring.

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