Bankwest offers a range of home loans that suit the first home buyer, investor or refinancer.
Bankwest has over 1 million retail customers in Australia and 211 stores and business banking centres across Australia. Bankwest is a challenger bank in Australia and their award winning home loan products have very competitive interest rates in the Australian market. Check out our Bankwest home loan comparison below to find the right home loan option for first home buyers, refinancers and investors.
Interest rate changes May 2016
Bankwest has announced that they will cut variable home loan interest rates by 0.20%. The owner-occupier standard variable rate will decrease from 5.65% down to 5.45% and the investor standard variable will decrease from 5.97% down to 5.77% effective 20 May 2016.
Bankwest home loans comparison
Types of Bankwest home loans
The type of home loan you are best suited to depends on your financial situation, your financial goals and the type of property you have or are buying:
- A variable interest rate. Bankwest offers a range of competitive variable rate loans, including the limited time Online Home Loan, which has a discounted rate and no ongoing fees. You can choose from a range of variable rate loans from Bankwest including taking advantage of low introductory rates, discounted for the first year of your loan to help you ease into being a mortgage holder, and settle into your home.
- A fixed interest loan. If you're on a tight budget or just like the security and reliability of knowing what your repayments are going to be, you may be willing to trade off for a slightly higher interest rate with a Bankwest fixed interest rate loan. Plus you can reduce your repayments anyway if you take advantage of the linked offset facility.
- Accessing equity. If you have an existing home you may consider using a Bankwest equity loan to access the value you have built up in your property. You can use a Bankwest line of credit facility as part of your equity loan, or use the specialised seniors equity release option to enjoy your retirement thanks to the hard work you have put into repaying your home loan.
- First home buyer loans. Bankwest are also able to offer support for first home buyers who may not have the required documentation, may need a discount in the first year of their loan, or an ongoing discount to maintain their lifestyle.
- Investment loans. Bankwest offers you more than just the choice of interest-only repayments as an investor and can offer you a complimentary credit card to help you manage your expenses, a fixed interest rate loan to maintain cash flow or a loan with no ongoing fees.
Benefits of Bankwest home loans
Bankwest work hard to offer you more than the other banks, for example, if you are an existing Bankwest customer, you can borrow more of the property value than new customers and in most cases only need to provide a 5% deposit, rather than a 10% deposit.
You can also choose to be rewarded in a way which suits you, whether you want to enjoy a lifetime discounted interest rate on your loan, or a refund of your application fee if you hold your loan for more than three years.
With so many choices from just one bank you may be feeling a bit overwhelmed. Therefore, read our reviews for more information about each Bankwest product.
The Bankwest website also includes a number of online tools and calculators to get you started on your journey to owning a home. You can also use our calculators to get an idea of how much you could borrow and what your repayments would be.Back to top
Calculate your repayments by filling in some of your details
How to apply for a Bankwest home loan
If you are looking for a Bankwest home loan there are many different ways to apply for them. Here's some information about Bankwest home loan applications:
Conditional approval in 15 minutes
One of the great features of a Bankwest home loan application is that if you call and request a visit by a Bankwest lending specialist, they can give you conditional approval for a home loan within 15 minutes. While the conditional approval on the home loan is subject to approval you will be able to start looking for your home while you organise the information that Bankwest needs.
If you are looking to apply for a home loan with Bankwest then one of the most convenient ways to do so will be to fill out an online application. By filling out an online application the information will be passed to the Bankwest staff and your loan application will be dealt with efficiently.
In person application
If you prefer the personal touch then you may want to apply for a Bankwest home loan in person at one of the branches. If you do go into a branch then you should bring in your two latest payslips and a group certificate or a tax return. Furthermore, Bankwest need to prove that you are who you say you are so bring in some identification.
Apply over the phone
If you would still like that personal touch but are too busy to come into a store then you can ring Bankwest. By ringing them you will be able to talk to a staff member who will detail the application process for you. If you are going to call to do your application then you should do so within the office hours.
If you are looking to get a home loan then Bankwest may have the home loan for you. To apply for a Bankwest home loan there will be many ways you can do so. If you are confident with what you are doing then apply online. If you need someone to guide you through the application process then either drop into a branch or call and they will be able to help you.
Refinance with Bankwest
When you're paying off a home loan there are many things that you should be doing to ensure that you are always able to make the repayments and pay off the loan as fast as possible. One thing that you should definitely be doing is reviewing your loan to see if there are any better deals available to you. If you find that there are better deals available then you should consider refinancing your loan to save money. If you are thinking of refinancing a home loan you should look at Bankwest and their award winning range of loans.
What home loan is right for you?
If you're looking at refinancing your home loan then you'll have to find the right loan. However, the right loan will often depend on what your personal circumstances are: If you're looking for another home loan then you may want to look at the benefits of:
- Fixed interest rates. Fixed rate loans are a range of loans offered by Bankwest. A fixed rate loan is a home loan where the interest rate will be locked in for a period of time. However, a fixed rate loan may cost you more money if the rates don’t rise and they offer less flexibility when compared to the other loans.
- Variable. Variable rate loans are some of the more popular loans. Variable rate loans are very flexible as they allow you to make additional repayments and will often come with additional features. However, if the interest rates rise then you'll have to make larger repayments.
How easy is it to refinance?
It's very easy to refinance with Bankwest as they will help you do it. If you are looking to refinance you will be either:
- Switching from another lender. If you're switching from another lender to a loan offered by Bankwest then you should know it's much easier then you think. If you ring up Bankwest then they will describe the process that you will have to undergo to refinance. They will also inform you about all the additional costs of refinancing that you will have to pay and may not know about.
- Already with Bankwest. If you're already with Bankwest then the process of refinancing will be a lot easier. If you contact the lenders they'll be able to advise you on what you should do to save more money and refinance.
If you're looking to refinance then you should look at refinancing with Bankwest as they have a range of award winning loans that will help you save money. If you're looking to refinance with Bankwest then you'll need to find out what type of loan you suits you. After you've identified what loan you would like then you should talk to their lenders and find out how to go about refinancing.