Rates and fees verified as correct at 26 January, 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 terms to choose from 1 year to a period of 5 years. It is available for loans starting from $20,000 and if you’re an owner occupier you can borrow up to 90% of the property’s value (up to 80% LVR for investors). 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 but you’ll be charged an access fee. While there is a monthly service fee, you’ll also be able to save a bit on interest repayments with the loan’s optional offset facility 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 |
Bankwest caters to all borrowing needs with its variable home loan options from first time buyers with the SuperStart home loan, the internet savvy with the Online Home Loan through to investors with the Premium Select option. A variable rate home loan from Bankwest is a perfect fit if you are looking for home loan flexibility. You get competitive interest rates, 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.
| 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, a 40% offset account and the choice of interest based repayments.
| 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 |
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.
‡ Results from this calculation are estimates only as individual lenders apply different formulas. Actual repayments will depend on your individual circumstances and interest rate changes.
Saving on your interest repayments is easy with an optional 100% offset facility that is available with Bankwest’s variable 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, you’ll 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 have the handy feature of additional repayment flexibility. 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.
You can apply and manage your home loan exclusively online with Bankwest’s Online Home Loan. There are no ongoing fees and you’ll get all the flexible features of the other variable home loans, but it is only available on loan amounts from $100,000 to $1,000,000.
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.
1142 Reviews
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!
They gave us a home loan when no other bank would. I work part-time plus have a casual job on top of that, and my partner works part time. They are a good bank to go with if you don't have two full-time contracts, and lets face it, the work force is becoming ever more casualized these days.
Read full reviewThey gave us a home loan when no other bank would. I work part-time plus have a casual job on top of that, and my partner works part time. They are a good bank to go with if you don't have two full-time contracts, and lets face it, the work force is becoming ever more casualized these days.
Very happy with Bankwest great interest loans, very informative of ways to save.
Read full reviewVery happy with Bankwest great interest loans, very informative of ways to save.
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 form of identification such as a passport or driver’s licence.
Once you’re ready for full approval, you may need to provide these documents depending on your situation:
