Rates and fees verified as correct at 21 April, 2021. Other information correct at the time of writing. Advertiser disclosure.
If knowing exactly what your loan repayments will be is important to you, Bankwest’s Fixed Rate Loan is definitely something to consider. You have a choice of loan terms ranging from 1 to 5 years, available on amounts starting from $20,000, and you can borrow up to 90% of the property’s value whether you're an investor or an owner occupier. With the Fixed Rate Loan you can make extra repayments up to $10,000 a year and there is a redraw facility should you need to free up funds at a later date. While there is a monthly service fee, you’ll also be able to save on interest payments with the loan’s partial offset account which allows you to offset up to 40% of the loan amount.
| Product | Fixed 3 year rate | Comparison Rate | Service fee | Upfront fee | Monthly repayments |
|---|---|---|---|---|---|
| 2.27% p.a. | 4.28% p.a. | $12.00 monthly | $545 | ||
| 3.59% p.a. | 4.88% p.a. | $12.00 monthly | $545 | ||
| 2.53% p.a. | 4.24% p.a. | $12.00 monthly | $545 | ||
| 3.19% p.a. | 5.08% p.a. | $12.00 monthly | $545 | ||
| 2.69% p.a. | 4.75% p.a. | $12.00 monthly | $545 |
A variable rate home loan from Bankwest is a perfect fit if you are looking for home loan flexibility. You get a range of money saving features like an offset account (monthly fee applies,) and the ability to make free extra repayments, and a choice of weekly, fortnightly or monthly repayments. Plus there are no application or ongoing service fees, and you'll be able to borrow up to 90-95% of the property value depending on whether you go with the Mortgage Shredder or Premium Select.
| Product | Rate | Comparison Rate | Service fee | Upfront fee | Monthly repayments |
|---|---|---|---|---|---|
| 5.10% p.a. | 5.12% p.a. | $0.00 | $250 | ||
| 4.75% p.a. | 4.77% p.a. | $0.00 | $250 | ||
| 3.42% p.a. | 3.69% p.a. | $0.00 | $250 | ||
| 3.77% p.a. | 3.79% p.a. | $0.00 | $250 | ||
| 3.42% p.a. | 3.69% p.a. | $0.00 | $250 | ||
| 5.53% p.a. | 5.55% p.a. | $0.00 | $250 | ||
| 5.40% p.a. | 5.42% p.a. | $0.00 | $250 | ||
| 4.02% p.a. | 4.04% p.a. | $0.00 | $250 | ||
| 4.15% p.a. | 4.17% p.a. | $0.00 | $250 | ||
| 4.02% p.a. | 4.04% p.a. | $0.00 | $250 |
The Complete Home Loan Package from Bankwest is a great choice if your loan is $200,000 or more and you love the idea of saving money by combining your accounts. With Bankwest’s package you’ll receive a discounted home loan interest rate, plus several fees on your home loan (i.e. application, property valuation) and the annual fee on your rewards credit card will be automatically waived. There is an annual package fee on the fixed rate option, but you’ll have a complete range of money savvy features at your fingertips including additional repayment flexibility up to $10,000 p.a., a 40% offset account and the ability to match your repayments to your pay cycle.
| Product | Fixed 3 year rate | Comparison Rate | Service fee | Upfront fee | Monthly repayments |
|---|---|---|---|---|---|
| 2.07% p.a. | 3.44% p.a. | $395.00 yearly | $250 | ||
| 3.39% p.a. | 3.77% p.a. | $395.00 yearly | $250 | ||
| 2.33% p.a. | 3.50% p.a. | $395.00 yearly | $250 | ||
| 2.99% p.a. | 4.10% p.a. | $395.00 yearly | $250 | ||
| 2.49% p.a. | 3.97% p.a. | $395.00 yearly | $250 |
You might also opt for a variable rate Complete Home Loan Package from Bankwest if you’re borrowing more than $200,000 and want to combine your accounts to save some cash. The variable option comes with all the benefits of the fixed, plus a fee free redraw facility and an optional 100% offset account, which means any money in the account will be offset daily against your home loan principal to reduce the amount of interest you are charged.
| Product | Rate | Comparison Rate | Service fee | Upfront fee | Monthly repayments |
|---|---|---|---|---|---|
| 3.86% p.a. | 4.28% p.a. | $395.00 yearly | $250 | ||
| 3.67% p.a. | 4.09% p.a. | $395.00 yearly | $250 | ||
| 3.32% p.a. | 4.00% p.a. | $395.00 yearly | $250 | ||
| 4.05% p.a. | 4.47% p.a. | $395.00 yearly | $250 | ||
| 3.92% p.a. | 4.34% p.a. | $395.00 yearly | $250 | ||
| 4.05% p.a. | 4.47% p.a. | $395.00 yearly | $250 | ||
| 3.92% p.a. | 4.34% p.a. | $395.00 yearly | $250 |
Saving on your interest repayments is easy with an optional 100% offset facility that is available with Bankwest’s variable standard and package home loans, but there may be a monthly fee charged. The Fixed Rate home loan has an optional 40% offset facility.
With Bankwest’s Complete Home Loan Package, you can split your loan between a fixed and variable rate. Not only will you have the certainty of a fixed rate, but you'll also be able to access all the flexibility of a variable home loan.
Want to pay your home loan off sooner and reduce the interest you’re charged over the life of the loan? Bankwest’s home loans allow borrowers to do just through additional repayments. If you have the Fixed Rate home loan you won’t miss out either because you can make up to $10,000 in extra repayments every year without penalty.
Saved up only a small deposit? Both owner occupiers and investors can borrow up to 90-95% of their property value with Bankwest, although bear in mind you may need to pay Lenders Mortgage Insurance if you do so.
Mozo users have rated Bankwest home loans on price, features, convenience, trust and customer service so you can see what real Aussies have to say about their experiences.
1144 Reviews
This was the worst customer experience I’ve ever received in my life. Like someone said before "if you care about your mental health do not come to Bankwest!" I applied for a home loan with Bankwest and they rejected it. The guy that was handling our application was terrible! When I first went to meet him he provided us with information, we gave him all our details and lodged the application. The application took a long time and he was near impossible to get a hold of. He was always busy and never picked up his phone. The only way to reach him is if he reached out to you and wanted a document. He never gave us updates on our application, I was the one always calling Bankwest and finding out updates about our application. The night before the application was due he sent us an email! He didn’t even have the decency to call to say that more documents were needed. Why would you wait to tell us this the night before finance due date? When the due date came for our finance he said more time was needed... lies! When I called the next business day they told me that the application was denied on finance due date! To make it worse, he went on annual leave without telling us anything on the day our finance was due so we could not get a hold of him. He never communicated to us he was going on annual leave, he never told us our file would be handled by someone else. He just went away. Our file was handed over to someone and when I called the person to get updates on our application he didn’t even know anything about our application, he said to call him back in about 3 hours. So when I did call back he said the application was in fact denied but he couldn’t give me a reason as to why the application was denied. No one ever reached out to me to follow up. I’ve gone with Commonwealth now, best experience ever. Stay away from Bankwest.
Read full reviewThis was the worst customer experience I’ve ever received in my life. Like someone said before "if you care about your mental health do not come to Bankwest!" I applied for a home loan with Bankwest and they rejected it. The guy that was handling our application was terrible! When I first went to meet him he provided us with information, we gave him all our details and lodged the application. The application took a long time and he was near impossible to get a hold of. He was always busy and never picked up his phone. The only way to reach him is if he reached out to you and wanted a document. He never gave us updates on our application, I was the one always calling Bankwest and finding out updates about our application. The night before the application was due he sent us an email! He didn’t even have the decency to call to say that more documents were needed. Why would you wait to tell us this the night before finance due date? When the due date came for our finance he said more time was needed... lies! When I called the next business day they told me that the application was denied on finance due date! To make it worse, he went on annual leave without telling us anything on the day our finance was due so we could not get a hold of him. He never communicated to us he was going on annual leave, he never told us our file would be handled by someone else. He just went away. Our file was handed over to someone and when I called the person to get updates on our application he didn’t even know anything about our application, he said to call him back in about 3 hours. So when I did call back he said the application was in fact denied but he couldn’t give me a reason as to why the application was denied. No one ever reached out to me to follow up. I’ve gone with Commonwealth now, best experience ever. Stay away from Bankwest.
We were already customers but were suggested by a broker that the Bankwest Home Loan was the best one for us and what we needed. We were happy with the rate, service all of the benefits we were offered.
Read full reviewWe were already customers but were suggested by a broker that the Bankwest Home Loan was the best one for us and what we needed. We were happy with the rate, service all of the benefits we were offered.
I have been banking with Bankwest for many many years now and I just cant fault them anywhere!
Read full reviewI have been banking with Bankwest for many many years now and I just cant fault them anywhere!
Bankwest isn’t a bad bank, however the closest branch to me is an hour away and online and over the phone service is average.
Read full reviewBankwest isn’t a bad bank, however the closest branch to me is an hour away and online and over the phone service is average.
Great products and service always. Have negotiated with our financial advisor to drop our interest rates as soon as there’s been a change in them. Bit disappointed that we can’t take advantage of the latest changes - apparently we don’t have enough equity in our house to warrant the rate cut. I would have thought we’re very good candidates for this as it would mean we’d free up some money and be able to pay extra off mortgage!
Read full reviewGreat products and service always. Have negotiated with our financial advisor to drop our interest rates as soon as there’s been a change in them. Bit disappointed that we can’t take advantage of the latest changes - apparently we don’t have enough equity in our house to warrant the rate cut. I would have thought we’re very good candidates for this as it would mean we’d free up some money and be able to pay extra off mortgage!
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:
