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Bankwest Mortgage Shredder

Advertiser disclosure

The details shown below are for an owner occupier taking out a principal & interest loan of at least $20,000 with an LVR below 95%

The details shown below are for an owner occupier taking out a interest only loan of at least $20,000 with an LVR below 80%

The details shown below are for an investor taking out a principal & interest loan of at least $20,000 with an LVR below 90%

The details shown below are for an investor taking out a interest only loan of at least $20,000 with an LVR below 80%

Choose the version of this loan that suits you best

  • Owner Occupier (Principal & Interest)

    LVR < 95%

    Loan: $20,000

  • Owner Occupier (Interest Only)

    LVR < 80%

    Loan: $20,000

  • Investor (Principal & Interest)

    LVR < 90%

    Loan: $20,000

  • Investor (Interest Only)

    LVR < 80%

    Loan: $20,000

Rate
4.75% p.a.
Comparison Rate
4.77% p.a.
Service fee
$0.00
Upfront fee
$250
Rate
5.10% p.a.
Comparison Rate
5.12% p.a.
Service fee
$0.00
Upfront fee
$250
Rate
5.40% p.a.
Comparison Rate
5.42% p.a.
Service fee
$0.00
Upfront fee
$250
Rate
5.53% p.a.
Comparison Rate
5.55% p.a.
Service fee
$0.00
Upfront fee
$250

Mozo editorial review Bankwest Mortgage Shredder - last updated: 8 June 2021

binocular icon
What's hot
  • Borrow with a deposit as low as 5%
  • Extra repayments, redraws and optional offset account
What's not
  • High variable interest rates
Mozo snapshot

The Mortgage Shredder home loan from Bankwest offers owner occupiers and investors the chance to get into the property market with a relatively small deposit. It also comes with a number of useful features, though these benefits will need to be weighed up by borrowers against the high variable interest rates attached to the loan. 

key icon
Key features

Bankwest’s Mortgage Shredder home loan can be used to purchase properties which will either be lived in (owner occupiers) or used as an investment (investors). 

Loans are available on amounts from $20,000 and the lowest variable rates on offer for borrowers willing to make principal and interest repayments are 4.75% (4.77% comparison rate*) for owner occupiers and 5.40% (5.42% comparison rate*)

Both investors and owner occupiers willing to make principal and interest repayments will be able to borrow with a deposit as low as 5% (95% loan-to-value ratio), though lenders' mortgage insurance is generally required if the LVR is below 20%. Interest-only repayments are also available on loans with an LVR under 80%. 

Bankwest allows customers to make extra repayments towards their loan balance and to ‘redraw’ any extra contributions made down the track for other purposes using the redraw facility. There’s also an offset account available on the loan, though this is an optional extra which comes with a $10/month fee. 

The Mortgage Shredder loan does come with a $250 settlement and a $338.20 discharge fee, but it doesn’t have any ongoing service fees.

snapshot
Who is it good for

Bankwest’s Mortgage Shredder home loan can be used by a range of different buyers or refinancers, though it may be most useful to borrowers looking for a loan which allows a deposit under 20%.

question icon
Any catches

The interest rates on the Mortgage Shredder are quite high, so if finding a loan with a low interest rate is a top priority then you may want to consider other home loan offers.  

Details

Rates and fees information correct as at 16 September 2021. 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

4.75% p.a.

n/a

n/a

n/a

4.77% 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

n/a

$0.00

$338.20

Other financial bits

$20,000

none

none

95.00%

Features

Owner Occupier

Principal & Interest

Weekly, Fortnightly, Monthly

yes - free

none

yes - free

$0.00

no

yes - optional, $10 per month

none

none

Receive $2,000 cashback for refinances of $250,000 or more, with LVR <80%, for applications approved by 25 February 2022, funded by 30 April 2022, excluding refinances from Bankwest or Commonwealth Bank.

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 16 September 2021. 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

5.10% p.a.

n/a

n/a

n/a

5.12% 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

n/a

$0.00

$338.20

Other financial bits

$20,000

none

none

80.00%

Features

Owner Occupier

Interest Only

Monthly

yes - free

none

yes - free

$0.00

no

yes - optional, $10 per month

none

none

Receive $2,000 cashback for refinances of $250,000 or more, with LVR <80%, for applications approved by 25 February 2022, funded by 30 April 2022, excluding refinances from Bankwest or Commonwealth Bank.

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 16 September 2021. 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

5.40% p.a.

n/a

n/a

n/a

5.42% 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

n/a

$0.00

$338.20

Other financial bits

$20,000

none

none

90.00%

Features

Investor

Principal & Interest

Weekly, Fortnightly, Monthly

yes - free

none

yes - free

$0.00

no

yes - optional, $10 per month

none

none

Receive $2,000 cashback for refinances of $250,000 or more, with LVR <80%, for applications approved by 25 February 2022, funded by 30 April 2022, excluding refinances from Bankwest or Commonwealth Bank.

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 16 September 2021. 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

5.53% p.a.

n/a

n/a

n/a

5.55% 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

n/a

$0.00

$338.20

Other financial bits

$20,000

none

none

80.00%

Features

Investor

Interest Only

Monthly

yes - free

none

yes - free

$0.00

no

yes - optional, $10 per month

none

none

Receive $2,000 cashback for refinances of $250,000 or more, with LVR <80%, for applications approved by 25 February 2022, funded by 30 April 2022, excluding refinances from Bankwest or Commonwealth Bank.

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.

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About Bankwest

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.