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
| Availability | Loan type | LVR | Min loan amount | Max loan amount | |
|---|---|---|---|---|---|
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Owner Occupier | Principal & Interest | < 95% | $20,000 | |
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Owner Occupier | Interest Only | < 80% | $20,000 | |
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Investor | Principal & Interest | < 90% | $20,000 | |
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Investor | Interest Only | < 80% | $20,000 |
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
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.
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 5.00% (5.02% comparison rate*) for owner occupiers and 5.65% (5.67% comparison rate*) for investors.
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.
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%.
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.
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5.50% p.a. |
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n/a |
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n/a |
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n/a |
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5.52% p.a. |
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n/a |
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|
n/a |
|
|
n/a |
|
|
n/a |
|
|
n/a |
|
|
n/a |
|
|
n/a |
|
|
n/a |
|
$0.00 |
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$0.00 |
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$0.00 |
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$250.00 |
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n/a |
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$0.00 |
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$338.20 |
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$20,000 |
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none |
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none |
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95.00% |
|
Owner Occupier |
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Principal & Interest |
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Weekly, Fortnightly, Monthly |
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yes - free |
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none |
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yes - free |
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$0.00 |
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no |
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yes - optional, $10 per month |
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none |
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|
none |
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|
Receive $2,000 cashback for refinances of $250,000 or more, with LVR <80%, for applications approved by 28 February 2023, funded by 30 April 2023, 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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5.85% p.a. |
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n/a |
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n/a |
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n/a |
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5.87% p.a. |
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n/a |
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n/a |
|
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n/a |
|
|
n/a |
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|
n/a |
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n/a |
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|
n/a |
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n/a |
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$0.00 |
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$0.00 |
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$0.00 |
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$250.00 |
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n/a |
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$0.00 |
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$338.20 |
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$20,000 |
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none |
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none |
|
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80.00% |
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Owner Occupier |
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Interest Only |
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Monthly |
|
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yes - free |
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none |
|
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yes - free |
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$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 28 February 2023, funded by 30 April 2023, 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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6.15% p.a. |
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n/a |
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n/a |
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n/a |
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6.17% p.a. |
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|
n/a |
|
|
n/a |
|
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n/a |
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n/a |
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n/a |
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n/a |
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n/a |
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n/a |
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$0.00 |
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$0.00 |
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$0.00 |
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$250.00 |
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n/a |
|
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$0.00 |
|
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$338.20 |
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$20,000 |
|
|
none |
|
|
none |
|
|
90.00% |
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Investor |
|
|
Principal & Interest |
|
|
Weekly, Fortnightly, Monthly |
|
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yes - free |
|
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none |
|
|
yes - free |
|
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$0.00 |
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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 28 February 2023, funded by 30 April 2023, 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.
|
6.28% p.a. |
|
|
n/a |
|
|
n/a |
|
|
n/a |
|
|
6.30% p.a. |
|
|
n/a |
|
|
n/a |
|
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n/a |
|
|
n/a |
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n/a |
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n/a |
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n/a |
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n/a |
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$0.00 |
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$0.00 |
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$0.00 |
|
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$250.00 |
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n/a |
|
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$0.00 |
|
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$338.20 |
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$20,000 |
|
|
none |
|
|
none |
|
|
80.00% |
|
Investor |
|
|
Interest Only |
|
|
Monthly |
|
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yes - free |
|
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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 28 February 2023, funded by 30 April 2023, 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.
I have been with Bankwest for 12 years and have had a positive experience the whole time.
Read full reviewI have been with Bankwest for 12 years and have had a positive experience the whole time.
• Extremely unhelpful • High mortgage rates • Not good customer service • Not recommended
Read full review• Extremely unhelpful • High mortgage rates • Not good customer service • Not recommended
We Love Bankwest, because they have been so understanding and when all the other banks were very discriminating against us, Bankwest were the only bank who even gave us a look-in and helped us out and for that, my hubby and I thank them from the bottom of our heart. Now finally we can make those important home renovations that are urgently needed. Bankwest should be called 'the loving bank', because they really DO Care. Thank you Bankwest for caring.
Read full reviewWe Love Bankwest, because they have been so understanding and when all the other banks were very discriminating against us, Bankwest were the only bank who even gave us a look-in and helped us out and for that, my hubby and I thank them from the bottom of our heart. Now finally we can make those important home renovations that are urgently needed. Bankwest should be called 'the loving bank', because they really DO Care. Thank you Bankwest for caring.
I payed my loan back fortnightly and always on time so I found Bank West easy to get along with as far as my mortgage payments went
Read full reviewI payed my loan back fortnightly and always on time so I found Bank West easy to get along with as far as my mortgage payments went
I'm generally happy with Bankwest, though I've taken off points because they raised my interest rate twice, by a total of over 1%, over the course of 2 weeks. I called them and they were happy to move me to a better product that had a lower interest rate than I was originally paying as long as I filled out some forms and mailed them back. Their rates are good but be vigilant, and know that it's worth making a call if you're unhappy with your rates.
Read full reviewI'm generally happy with Bankwest, though I've taken off points because they raised my interest rate twice, by a total of over 1%, over the course of 2 weeks. I called them and they were happy to move me to a better product that had a lower interest rate than I was originally paying as long as I filled out some forms and mailed them back. Their rates are good but be vigilant, and know that it's worth making a call if you're unhappy with your rates.
loans.com.au
Smart Booster Home Loan
2.60% p.a.variable for 24 months and then 3.00% p.a. variable
2.96% p.a.
loans.com.au
Smart Booster Home Loan
2.60% p.a.variable for 24 months and then 3.00% p.a. variable
2.96% p.a.
loans.com.au
Smart Booster Home Loan
2.60% p.a.variable for 24 months and then 3.00% p.a.
2.96% p.a.
loans.com.au
Smart Booster Home Loan
2.60% p.a.variable for 24 months and then 3.00% p.a.
2.96% p.a.
$0.00
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.
