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    • Bankwest Online Home Loan

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    • 5.97%variable

    • 5.97%

    • $0.00

    • $0

    Bankwest Online Home Loan Review

    Review published: 23 January 2012
    Review updated: 14 May 2012

    What's hot:

    • Low 5.97% variable rate
    • No application fee
    • No ongoing maintenance fees

    What's not:

    • Only available for new borrowings

    Mozo snapshot:

    Bankwest is the latest home loan provider to bring out an online only home loan. And keeping with its 'happy banking' mantra, the Bankwest Online Home Loan gives home loan seekers lots to smile about - no application fee, no ongoing maintenance fees, no offset or redraw facility fee. And the refreshingly low 5.97% variable rate should be very tempting money saving incentive for any house hunter or home owner.

    Key features: The Online Home Loan is available for loans between $100,000 to $1,000,000 (sorry multi millionaires!) and borrowing can't exceed 80% of the property price. The Online Home Loan is only also available to new borrowings so if you already have a Bankwest home loan you won't be able to transfer to the lower rate.

    And what could be more convenient than applying for a home loan in your PJs? The Bankwest Online Home Loan is exclusively available online so you can apply anywhere anytime. This doesn't mean you'll miss out on top notch customer service. Within one business day of applying you'll get the support of a online home loan representative from Bankwest who'll talk you through the home loan application process.

    Plus there's lots of payment flexibility. You can save on your repayments by choosing your repayment options (weekly, fortnightly or monthly) that suit you and the online redraw facility lets you withdraw funds (for free) when you need.

    Who it's good for: The Bankwest Online Home Loan is perfect for the savvy homeowner or property investor who wants to switch loans or refinance and loves the convenience of the net.

    Any catches? The Bankwest Online Home Loan is only available if you have at least a 20% deposit or equity in your home, and isn't available to existing Bankwest home loan customers.

    There are some sneaky fees attached to the loan if a few years down the track you decide buy a new property and need to increase your loan amount and transfer the loan. You'll have to increase the loan amount first and pay an 'increase fee' ($495 up to 50K or $595 over 50K) and then also pay a $350 transfer fee. But when you take into account the savings you'll make with the low rate and the fact that you won't be paying other account fees, this fee shouldn't be a deal breaker.

    How are Bankwest home loans rated by the Mozo community?

    Product Type Overall Price Features Service Convenience Trust
    Bankwest home loans 6.9 Based on 170
    Bankwest home loan reviews     		7.0 6.3 6.7 7.0 6.5

    Read Bankwest home loan reviews by the Mozo community

    Rates

    Variable rate
    5.97%
    Intro rate
    none
    Intro rate term
    none
    Intro rate type
    Variable
    Comparison Rate*
    5.97%
    Fixed 1 year rate
    none
    Fixed 2 year rate
    none
    Fixed 3 year rate
    none
    Fixed 4 year rate
    none
    Fixed 5 year rate
    none
    Fixed 7 year rate
    none
    Fixed 10 year rate
    none
    Fixed loan revert rate
    none

    Fees

    Application fee
    $0.00
    Legal fee
    $
    Valuation fee
    $
    Settlement fee
    $
    Other upfront fee (% of loan)
    none
    Service fee
    $0.00
    Discharge fee
    $0.00
    Early Exit Fee after 1 year assuming $300,000 loan
    $0

    Features

    Repayment Frequency
    Weekly, Fortnightly, Monthly
    Extra repayments
    yes - free
    Repayment holidays
    none
    Redraw facility
    yes, free
    Minimum redraw amount
    $1.00
    Split account
    no
    Offset account
    no
    Other restrictions
    Exclusively available by applying online and loans new to Bankwest only. Up to 80% LVR.
    Other benefits
    none

    Other financial bits

    Minimum loan amount
    $100,000.00
    Maximum loan amount
    $1,000,000.00

    About Bankwest

    BankWest is the bank best known for its Happy Banking initiative, which aims to make banking a more positive experience. Originally from Western Australia, BankWest has attracted thousands of customers around the country with its competitively priced products such as the TeleNet Saveraccount. In late 2008 the bank was bought by the Commonwealth Bank, who have promised to retain the BankWest brand. So if you like the sound of Happy Banking, check out BankWest's range of personal banking products including savings accounts, bank accounts, credit cards, home loans and more.

    *The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a home loan, based on the loan amount and loan term you entered. Fixed rate loans assume a 3 year fixed term. Different amounts and terms will result in different comparison rates. Full comparison rate schedules are available from lenders. Costs such as redraw fees or early repayment fees, and savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

    Compare other home loans

    Other home loans from Bankwest

    loans.com.au
    Variable Rate 5.85% p.a.

    Online Home Loan

    • $0 loan application fee. For refinance or purchase
    • 100% redraw offset facility with linked Visa debit card
    • Comparison rate 6.23%
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