Bankwest Equaliser Home Loan

The details shown below are for an owner occupier taking out a principal & interest loan of at least $200,000 with an LVR below 80%

The details shown below are for an investor taking out a principal & interest loan of at least $200,000 with an LVR below 80%

Choose the version of this loan that suits you best

  • Owner Occupier (Principal & Interest)

    LVR < 80%

    Loan: $200,000

  • Investor (Principal & Interest)

    LVR < 80%

    Loan: $200,000

3.86% p.a.variable for 36 months and then 4.47% p.a.

4.33% p.a.

$0.00

Bankwest Equaliser Home Loan

3.86% p.a.variable for 36 months and then 4.47% p.a.

4.33% p.a.

$0.00

5.02% p.a.variable for 36 months and then 5.22% p.a.

5.19% p.a.

$0.00

Bankwest Equaliser Home Loan

5.02% p.a.variable for 36 months and then 5.22% p.a.

5.19% p.a.

$0.00

Mozo Review   Bankwest Equaliser Home Loan Review

Last updated: 8 May 2019.

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:

The Bankwest Equaliser Home Loan has a unique selling point, it provides you with an interest rate that is 1.51% lower than the average of the standard variable rates (minimum rate of 2.50%) for NAB, ANZ and Westpac, for the first 3 years. Afterwards the rate reverts to as low as 4.47%. The loan comes with principal & interest offers for both owner occupiers and investors. As far as features go there's free extra repayments and a free redraw facility if done online (otherwise redraw is $10). 

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.

Details

Rates and fees information correct as at 20 June 2019. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • 4.47% p.a.

  • 3.86% p.a.

  • 36 Months

  • Variable

  • 4.33% 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).

*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.

Details

Rates and fees information correct as at 20 June 2019. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • 5.22% p.a.

  • 5.02% p.a.

  • 36 Months

  • Variable

  • 5.19% 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
  • Investor

  • 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).

*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.

Customer Reviews

How are Bankwest home loans rated by the Mozo community?

Overall customer rating
7.1/10
Price
7.1/10
Features
6.6/10
Customer service
7.1/10
Convenience
7.2/10
Trust
6.9/10
Bankwest

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 Hero Saver. 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.

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*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.