Bankwest home loans

3.6
Based on 1,180 Bankwest home loan product review.
Fact Checked
Last updated

About Bankwest home loans

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Bankwest Simple Home Loan review

Bankwest Simple Home Loan

  • LVR 60-80%
  • Owner Occupier
  • Principal & Interest
Interest rate
6.34 % p.a.
Variable
Comparison rate
6.37 % p.a.
Link not supplied
  • 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%).

Our verdict

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. 

Mozo may receive payment if you click products on our site. We don’t compare the entire market, but you can compare more home loans here.
Last updated 5 November 2024 Important disclosures and comparison rate warning*

Bankwest home loans

  • Complete Fixed Home Loan

    • LVR<80%
    • Owner Occupier
    • Principal & Interest
    Interest rate
    5.89 % p.a.
    Fixed 3 years
    Comparison rate
    7.04 % p.a.
    Initial monthly repayment
    $2,962
    Link not supplied

  • Fixed Rate Home Loan

    • LVR <80%
    • Owner Occupier
    • Principal & Interest
    Interest rate
    6.09 % p.a.
    Fixed 3 years
    Comparison rate
    8.20 % p.a.
    Initial monthly repayment
    $3,027
    Link not supplied

  • Complete Fixed Home Loan

    • LVR<90%
    • Investment
    • Principal & Interest
    Interest rate
    6.19 % p.a.
    Fixed 3 years
    Comparison rate
    7.74 % p.a.
    Initial monthly repayment
    $3,059
    Link not supplied

  • Bankwest Simple Home Loa

    • LVR<60%
    • Owner Occupier
    • Principal & Interest
    Interest rate
    6.29 % p.a.
    Variable
    Comparison rate
    6.32 % p.a.
    Initial monthly repayment
    $3,092
    Link not supplied

  • Fixed Rate Home Loan

    • Investment
    • Principal & Interest
    • LVR <90%
    Interest rate
    6.39 % p.a.
    Fixed 3 years
    Comparison rate
    8.72 % p.a.
    Initial monthly repayment
    $3,124
    Link not supplied

  • Bankwest Simple Home Loan

    • LVR<60%
    • Investment
    • Principal & Interest
    Interest rate
    6.44 % p.a.
    Variable
    Comparison rate
    6.46 % p.a.
    Initial monthly repayment
    $3,141
    Link not supplied

  • Complete Variable Home Loan

    • LVR<=90%
    • Owner Occupier
    • Principal & Interest
    Interest rate
    6.99 % p.a.
    Variable
    Comparison rate
    7.35 % p.a.
    Initial monthly repayment
    $3,323
    Link not supplied

  • Complete Variable Home Loan

    • LVR 80-90%
    • Investment
    • Principal & Interest
    Interest rate
    7.89 % p.a.
    Variable
    Comparison rate
    8.24 % p.a.
    Initial monthly repayment
    $3,631
    Link not supplied

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Bankwest home loan ratings

Overall customer rating for Bankwest home loans

3.6
Based on 1,180 product review.

Customer reviews

Important disclosures

Bankwest products

FAQs about Bankwest home loans

How much deposit do I need to take out a Bankwest home loan?

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.

How long does Bankwest take to approve a home loan?

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. 

What do you need to apply for a Bankwest home loan?

To apply for a Bankwest home loan, you’ll need these details handy:

  • Personal details
  • Employment details
  • Financial details including income, assets and liabilities (i.e. loans with another financial institution)

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:

  • Recent payslips displaying your employer’s name if you’re a PAYG employee and financial statements with tax returns for the last 18 months if you’re self employed
  • If you’re receiving any additional income such as rental income, government benefits or trust income, you’ll need to provide supporting documentation
  • Copy of your fully signed offer and acceptance/contract of sale (if you're buying a property) 
  • Copy of the fully signed building contract and our plans and specifications (if you're building) 
  • Six months' of your recent home loan statements from your other financial institution (if you’re refinancing).

Home loan quick links


* 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.

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