Rates and fees verified as correct at 26 October, 2020. 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 ‡ |
|---|---|---|---|---|---|
| 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 | $0 | ||
| 3.77% p.a. | 3.78% p.a. | $0.00 | $0 | ||
| 3.42% p.a. | 3.69% p.a. | $0.00 | $0 | ||
| 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. | 4.03% p.a. | $0.00 | $0 | ||
| 4.15% p.a. | 4.16% p.a. | $0.00 | $0 | ||
| 4.02% p.a. | 4.03% p.a. | $0.00 | $0 |
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 ‡ |
|---|---|---|---|---|---|
| 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 |
‡ 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 loan on price, features, convenience, trust and customer service so you can see what real Aussies have to say about their experiences.
I'm shocked and disgusted by the way this bank handles itself. Last year whilst overseas my card was used fraudulently to the tune of 14k all at a venue I was at for a short period of time. I asked them to investigate and send me the dockets which should highlight that the transactions were fraudulent and I was not in the same venue for 19 hours!!!.. which should have been an obvious giveaway something was not right in the first place! After 20 or so calls and emails they admitted they did not access the dockets/receipts and as most of the transactions used a pin it was down to me to pay and that was that, after reading the other reviews on here it seems like they just can't be bothered doing their job properly. I will be chatting to the ombudsman now as I can see I'm not on my own here. Move onto this year, as with most of us COVID has affected us all in some ways, after I put my mortgage on hold for a few months to see how things played out I just called to see what my options were moving forward and wanted to change from interest only to interest and principle which you think would be music to their ears given the current state of the economy and to decrease the interest that has accrued over the past few months but no! By way of background I have 9 months left of a fixed interest only mortgage and was told there is no way of me swapping to principal and interest without paying 11k break fees even though I was willing to keep the mortgage with them and lock in a new 3 or 5 year deal. How short sighted and economically irresponsible they are, they should be trying everything they can to assist long term customers especially with the current COVID financial climate but instead they look to make things harder. Surely someone at a senior level must have the hindsight to see their policies serve nothing but to annoy and drive customers away...? Come July I won't be a customer that's for sure... Shame on you Bankwest & Commbank for letting this happen and hopefully a potential customer reads this and goes with a bank with ethics.
Read full reviewI'm shocked and disgusted by the way this bank handles itself. Last year whilst overseas my card was used fraudulently to the tune of 14k all at a venue I was at for a short period of time. I asked them to investigate and send me the dockets which should highlight that the transactions were fraudulent and I was not in the same venue for 19 hours!!!.. which should have been an obvious giveaway something was not right in the first place! After 20 or so calls and emails they admitted they did not access the dockets/receipts and as most of the transactions used a pin it was down to me to pay and that was that, after reading the other reviews on here it seems like they just can't be bothered doing their job properly. I will be chatting to the ombudsman now as I can see I'm not on my own here. Move onto this year, as with most of us COVID has affected us all in some ways, after I put my mortgage on hold for a few months to see how things played out I just called to see what my options were moving forward and wanted to change from interest only to interest and principle which you think would be music to their ears given the current state of the economy and to decrease the interest that has accrued over the past few months but no! By way of background I have 9 months left of a fixed interest only mortgage and was told there is no way of me swapping to principal and interest without paying 11k break fees even though I was willing to keep the mortgage with them and lock in a new 3 or 5 year deal. How short sighted and economically irresponsible they are, they should be trying everything they can to assist long term customers especially with the current COVID financial climate but instead they look to make things harder. Surely someone at a senior level must have the hindsight to see their policies serve nothing but to annoy and drive customers away...? Come July I won't be a customer that's for sure... Shame on you Bankwest & Commbank for letting this happen and hopefully a potential customer reads this and goes with a bank with ethics.
The Bankwest home loan customer service is top notch. I called to fix my interest rate and the bank officer talked me through the process. I had to put additional funds in, so I called him a few months later when I had the funds ready and he helped me in 2 minutes over the phone! They always call back when you leave a message and I think their fixed rate is very competitive. Awesome service so far.
Read full reviewThe Bankwest home loan customer service is top notch. I called to fix my interest rate and the bank officer talked me through the process. I had to put additional funds in, so I called him a few months later when I had the funds ready and he helped me in 2 minutes over the phone! They always call back when you leave a message and I think their fixed rate is very competitive. Awesome service so far.
I like my bank as you are able to pick up the phone and speak to a support person when needed. Prime example as I was in Bali early this year and I transferred money to my son in Australia with no qualms but when completed had major doubts about what I had done and how safe it may have been. My husband jumped on the phone and rang Bankwest and immediately they took care to make sure our accounts were protected.
Read full reviewI like my bank as you are able to pick up the phone and speak to a support person when needed. Prime example as I was in Bali early this year and I transferred money to my son in Australia with no qualms but when completed had major doubts about what I had done and how safe it may have been. My husband jumped on the phone and rang Bankwest and immediately they took care to make sure our accounts were protected.
I've been with Bankwest for 9 years now. Never missed a payment. Never in arrears. Never contacted by the bank to ask if they could provide me with a better product. I attempted to re-draw/re-finance for $20K in order to do some renovations to an investment property. It's been two months now and still no answer! Don't bother with this bank. There are plenty of other great lenders out there.
Read full reviewI've been with Bankwest for 9 years now. Never missed a payment. Never in arrears. Never contacted by the bank to ask if they could provide me with a better product. I attempted to re-draw/re-finance for $20K in order to do some renovations to an investment property. It's been two months now and still no answer! Don't bother with this bank. There are plenty of other great lenders out there.
A super friendly bank that makes owning a home so easy. Simple application process and great staff.
Read full reviewA super friendly bank that makes owning a home so easy. Simple application process and great staff.
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:
