Who else wants a home loan with a competitive variable rate and no ongoing maintenance fees?
Product no longer offered
Please note that Bankwest no longer offers this product, and this page is provided for information purposes only. Compare Bankwest's other home loans here.
The Bankwest Online Home loan is an exclusive online only home loan with a competitive interest rate and no ongoing maintenance fees, so you'll be able to save more and could pay off your mortgage faster. Bankwest also offer an online customer support facility, so once your application has been processed a specialist will be in touch within one business day to discuss how to move forward with your loan.
Things to consider about the Bankwest Online Home loan
This loan is available for new borrowings only and is not available for construction purposes, refinancing of existing Bankwest home loans, nor is this loan available to companies or trusts. The loan is suitable for first home buyers, people refinancing from another lender and people who want to grow their investments. The limits for this loan are $100,000 to $1,000,000 and borrowers can take out up to 80% loan to value ratio (LVR).
Features of the Bankwest Online Home Loan
- No establishment fee or ongoing maintenance fees. You won't pay any establishment fees on this loan which could usually run into the hundred of dollars. There are also no ongoing account maintenance fees or monthly offset fees associated with this home loan.
- Interest-only. Interest-only payments are available from one to five years. This is a great option for people looking to free up some extra cash for whatever reason.
- Free redraw facility. If you'd like to access the money you have already paid off the loan, you get free access to your funds via the online mortgage redraw facility. Normally there is a Home Loan Access fee of $50 for this service, but this will be waived for Online Home Loan customers.
- Flexible repayments. The loan repayment frequency can be set at either weekly, fortnightly or monthly repayments and although this account does not offer an offset facility, borrowers are free to pay as much as they would like over their loan minimum repayment and as mentioned above, have the ability to redraw the additional these funds at any time without incurring any additional charges. This can be done via Bankwest Online Banking.
- Portability. If you wish to sell your existing property and buy a new one, you can bring this loan with you, provided the borrowing amount doesn't increase. There's a $350 fee associated with this, but it gives you the ability to avoid having to terminate your loan and apply for a new one, which can come with upfront fees and the uncertainty of a new loan application. Using this feature will involve Bankwest organising a valuation on the new property and will require you to sign some documents.
Bankwest Online Home Loan fees
Fees you can avoid
- Home loan application fee: This includes things like legal fees and preparing the necessary documents for the loan. This fee is waived for customers for a limited time only.
- Lender’s Mortgage Insurance: This is charged if you borrow over 80% of the property value, but as this loan is limited to 80%, it means you won't pay Lender's Mortgage Insurance.
Fees you can’t avoid
- Settlement fee: $60
Wondering what your repayments would be with this loan? Use the calculator below to find out
Managing your home loan through Bankwest Online Banking
You can make payments on your home loan through Bankwest Online Banking. Bankwest Online Banking is available on your desktop or laptop, tablet and smartphone. Bankwest has a 'No Loss Security Guarantee' which protects their Online Banking platform and means that they guarantee your money will be safe when using it if you abide by the PDS. Bankwest Online Banking utilises SMS security codes, 128-bit SSL encryption and many more countermeasures to ensure that your banking is safe.
Optional Bankwest Online Home Loan extras
Bankwest offers optional insurance covers that come with the online loan including:
- Home and contents insurance. Bankwest offer a 5% discount for customers who bundle their home and contents insurance with their general insurance provider.
- Mortgage protection. This insurance provides you with cover so you can meet your mortgage repayments in the event you are financially disadvantaged due to an event covered under the terms and conditions of the insurance.
How to apply for the Bankwest Online Home Loan
To apply or find out more about the Bankwest Online Home Loan, please click ‘Go to Site’ to be safely redirected to the Bankwest website, where you can start a home loan application and be provided with a response from a Bankwest home loan specialist on your application, usually within one business day.
Full approval can be given within five working days. Applications are obligation free and easy to complete and will require you to provide personal and income details as well as any information about your assets and debts.
Frequently asked questions about the Bankwest Online Home Loan
Does the Online Home Loan have a 100% offset account?
The Online Home Loan doesn't come with a 100% offset account, but does have a free online redraw facility which allows you to withdraw extra repayments you've made on your home loan.
Can I refinance to the Online Home Loan?
You can refinance to this home loan if your existing home loan isn't already with Bankwest. If you're refinancing, simply fill out the application, and a Bankwest specialist will get in contact with you within a business day to guide you through the process.
How long will it take to be approved for the Online Home Loan?
Bankwest can give you conditional approval for this loan within five business days if all required information is provided. If Bankwest requires you to submit extra documents, conditional approval can be given within five business days after you've given this extra required information.
How can I make my repayments?
Bankwest allows you to pay off your home loan in a number of ways. The first of which is through Bankwest Online Banking. You can set up scheduled payments from a nominated bank account so your repayments are paid each week, fortnight or month. You can also set up a direct debit payments, and also make payments at any Bankwest branch.