The Bankwest fixed rate home loan is available for loans of $20,000 or more. You can choose the fixed term that suits you from 1 up to 5 years and for a limited time the application fee is only $295 reduced from $695. There is also a $12 monthly maintenance fee.
One of the best features of the Bankwest Fixed Rate Loan is its optional offset facility which allows you to save on interest repayments via the Offset Transaction Account attached to your home loan. With the Fixed Rate Home Loan you can offset up to 40% of the loan amount and also make up to $10,000 in extra repayments per annum.
Good news is that you can time repayments to work with your pay cycle as you can choose between weekly, fortnightly and monthly repayments. Though if you take up the interest only option you’ll need to pay monthly.
Who it's good for:
Anyone who wants the certainty of knowing what their monthly repayments will be for a set period.
Be sure to mark in your calendar the end date of the fixed term as the Fixed Rate Home Loan reverts to the 5.42% variable rate for owner occupiers. Rather than rolling onto the standard revert rate, switch to a new fixed rate term or opt for one of Bankwest’s more competitive variable rate loans at the end of the fixed term.