Bankwest Equaliser Home Loan

3.72% p.a.variable for 36 months and then 4.32% p.a.

4.19% p.a.

$0.00

4.88% p.a.variable for 36 months and then 5.07% p.a.

5.04% p.a.

$0.00

Bankwest Equaliser Home Loan Review

Rates and fees information correct as at 11 December 2017.

Review published: 6 February 2017

What's hot:

  • Get a discount of 1.51% p.a. off the average of the standard variable rates of ANZ, NAB and Westpac for the first 3 years. Minimum rate of 2.50% p.a. applies

  • No upfront or ongoing fees

  • Free extra repayments and online redraw facility

What's not:

  • No offset account available

Mozo snapshot:

Introducing the Bankwest Equaliser Home Loan. For new owner occupiers, it comes with a variable interest rate that gives you a 1.51% p.a. discount on the average of 3 major banks' standard variable rates (min rate 2.50% p.a.), plus it comes with a heap of great features like free extra repayments and a free online redraw facility. Check out the full details below.

Key features:

If you’re interested in the Bankwest Equaliser loan, the first thing you’ll want to hear about is probably the interest rate. So how does it work?

Well, the interest rate on this loan takes the average of the standard variable interest rates from ANZ, NAB and Westpac (calculated twice a month) and gives owner occupiers a 1.51% p.a. discount on that rate for the first 3 years. So for example, if the 3 major banks' average standard variable rate dropped from 5.26% p.a. down to 5.01% p.a., when the Bankwest Equaliser discount is next calculated, its rate would drop from 3.75% p.a. to 3.50% p.a. Keep in mind that because the discount is calculated twice a month, there might be a delay before your rate drops.

Another thing to keep in mind is that 2.50% p.a. is the minimum rate you’ll pay, even if the average of the three major banks' rates, minus the discount, drops below that.

This introductory offer is available for the first 3 years of your loan. After that, the rate reverts to the Bankwest standard variable rate less a discount of 1.10% p.a. So currently, that's 4.32% p.a. revert rate and 4.20% p.a. comparison rate.

Aside from that, the Bankwest Equaliser also packs some great features. You’ll be able to make unlimited free extra repayments, redraw that extra cash online for free and choose to make your repayments weekly, fortnightly or monthly.

This loan is available to new owner occupiers borrowing at least $200,000, up to 80% of the property’s value.

Who it's good for:

With a variable rate and plenty of money-saving features, this loan is perfect for owner-occupiers who want to make sure they’re consistently getting a competitive deal.

Any catches?

Keep the revert rate in mind, and also remember that this is available to new Bankwest owner-occupiers only, so if you’re refinancing an existing Bankwest home loan, you’re out of luck.

The Mozo community has not yet rated Bankwest for this home loan.

Currently showing

Rates

  • 4.32% p.a.

  • 3.72% p.a.

  • 36 Months

  • Variable

  • 4.19% p.a.

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

Fees

  • $0.00

  • $0.00

  • $0.00

  • $250.00

  • none

  • $0.00

  • $338.20

Other financial bits

  • $200,000

  • none

  • none

  • 80.00%

Features

  • Owner Occupier

  • Principal & Interest

  • Weekly, Fortnightly, Monthly

  • yes - free

  • none

  • yes - free online otherwise $10

  • $0.00

  • no

  • no

  • none

  • Get a discount of 1.51% p.a. off the average of the standard variable rates of ANZ, NAB and Westpac for the first 3 years (min rate 2.50% p.a. Conditions apply)

Rates

  • 5.07% p.a.

  • 4.88% p.a.

  • 36 Months

  • Variable

  • 5.04% p.a.

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

Fees

  • $0.00

  • $0.00

  • $0.00

  • $250.00

  • none

  • $0.00

  • $338.20

Other financial bits

  • $200,000

  • none

  • none

  • 80.00%

Features

  • Investor

  • Principal & Interest

  • Weekly, Fortnightly, Monthly

  • yes - free

  • none

  • yes - free online otherwise $10

  • $0.00

  • no

  • no

  • none

  • Get a discount of 1.35% p.a. off the average of the standard variable rates of ANZ, NAB and Westpac for the first 3 years (min rate 2.50% p.a. Conditions apply)

About Bankwest

Bankwest is the bank best known for Making Banking Easier, an initiative which aims to make banking a more positive experience. Originally from Western Australia, Bankwest has attracted thousands of customers around the country with its competitively priced products such as the TeleNet Saver Account. In late 2008 the bank was bought by the Commonwealth Bank, who have promised to retain the Bankwest brand. So if you like the sound of Making Banking Easier, check out Bankwest's range of personal banking products including savings accounts, bank accounts, credit cards, home loans and more.

*The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a home loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years, and applies only to this example. Different amounts and terms will result in different comparison rates. Full comparison rate schedules are available from lenders. Costs such as redraw fees or early repayment fees, and savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

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