Your selected home loans
Competitive variable rate for borrowers with 60-80% LVR
Borrow up to 98% of the property value (with LMI)
No application or annual fees
Free extra repayments and redraws
Has an optional offset account, but it costs $10/month
High interest rates for borrowers with low deposits or equity (<20%).
The Simple Home Loan from Bankwest is, as the name suggests, a straightforward option that caters to a wide range of borrowers. However, its competitive interest rate, unlimited extra repayments, free redraw facility, and the option to pay a monthly fee for an offset account gives it an edge over your standard variable rate loan.
Bankwest’s Simple Home Loan comes with a 6.34% p.a. (6.37% p.a. comparison rate*) interest rate for owner occupiers with a 60-80% loan-to-value ratio (LVR), but borrowers with up to 98% LVRs can also apply.
Just note, borrowers who have a deposit (or equity) of less than 20% will probably have to pay for Lenders Mortgage Insurance (LMI), which is standard practice in Australia. Interest rates for borrowers with high LVRs are also relatively expensive – 8.77% p.a. (8.80% p.a. comparison rate*) for owner occupiers with 95-98% LVR.
Some of the home loan’s standout features include no application fee, no ongoing fees (unless you opt to use an offset account), unlimited free extra repayments, and fee-free redraws with no minimum redraw requirements.
As mentioned above, if you’d like to add an offset account to your home loan you’ll need to opt-in for it and pay a monthly fee of $10 per account.
Your selected home loans
Been long-term customers, had very helpful loan specialist advise, don't like no physical stores, they need to maintain prime online/phone access.
We like the bank due to our mortgage rate However one issue is no longer having branches
Every contact I have had with BankWest has been easy. I would recommend
BankWest have been great to deal with in terms of customer service. The downside to using them is their lack of physical branches, meaning it can be tricky to deposit money free of charge. The wait time on phone lines is quite average (usually around 20-30 mins) but the customer care team are very friendly and happy to help.
Bankwest offers user-friendly digital services, competitive rates, and helpful customer support, making banking convenient. However, some may find limited branch locations a drawback. Be aware of potential fees and ensure their product offerings match your financial needs before committing. Overall, it's a solid choice for tech-savvy users.
All deal my with staff at BankWest are smooth, comprehensive, clear and trustworthy. Staff are extremely friendly, understanding and show compassion.
I have a basic home loan, it's a decent rate and no thrills. I'm happy with the product and the bank. All dealings are online and the user interface is dated but functions.
They have just announced they are closing all branches
Interest rates are not as competetive but the staff are always willing to go above any beyond to try, App features are great especially loan tracker and easy alerts.
BankWest are easy to contact. Happy to assist with annual review of mortgage rate and even suggested this as a thing to do. Everything is online, so don’t expect a branch you can walk in to. You can have multiple offset accounts and there is one annual fee to have this and other services. Of all the banks I have held an account. or a mortgage, I have found BankWest, responsive, open in their communications and easy to deal with.
Technically you can apply for a Bankwest home loan with a deposit as low as 2% of the property value. However, lower deposits usually translate to higher interest rates, which can present a bigger barrier to entry for some.
It can take one to two weeks for Bankwest to assess your application and conduct a property valuation before giving you unconditional approval for a home loan.
To apply for a Bankwest home loan, you’ll need these details handy:
If you are new to Bankwest and applying for a home loan in person, you’ll need to bring along a few forms of identification such as a passport, driver’s licence and birth certificate. You'll also be able to apply online with Bankwest's electronic ID check.
Once you’re ready for full approval, you may need to provide these documents depending on your situation:
* WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.
** Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.
^See information about the Mozo Experts Choice Home Loan Awards
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