You’ve worked hard to build equity into your home, so why not use it to help finance a money making investment opportunity?
When you access your equity with Bankwest’s Complete Equity Loan, not only will you be able to finance an investment, holiday or any other purchase you want to make, but you’ll also enjoy a lifetime discount on Bankwest’s standard variable rate, and enjoy a range of benefits designed to save you money, such as interest only repayment options.
For a more traditional home loan package, you can enjoy the Complete Home Loan Package with a variable rate, fixed rate, or a combination.
|Product Name||Bankwest Complete Home Loan Package Equity|
|Interest Rate Type||Variable|
|Comp Rate^ (p.a.)|
|Minimum Loan Term||1 year|
|Maximum Loan Term||30 years|
|Maximum Insured LVR||90%|
|Mortgage Offset Account||No|
|Split Loan Facility||No|
|Fixed Interest Option||No|
|Suitable for Investment||Yes|
|Available as equity loan/line of credit||Yes|
|Repayment Type||Principal & Interest and Interest Only Options|
|Lender's Legal Fee||$0|
|Ongoing Fees||$395 p.a.|
- No application fee
- Great package benefits
- Package fee of $395
Things to consider about the Bankwest Complete Home Loan Equity Loan
With the Complete Home Equity loan you are allowed to borrow up to 90% of the value that you have worked hard building into your property. The funds you borrow may be used just like any credit card account, even giving you ATM access and cheque book access.
As mentioned, this is a package loan, meaning you will pay an annual fee each year. In return for this fee you’ll be able to enjoy a discount of at least 0.70% off of the interest of the loan for its entire term.
Features of the Bankwest Complete Equity Loan
- Maximum loan to value ratio (LVR). With the Complete Equity Loan you’re entitled to borrow up to 90% of your home’s assessed value. Keep in mind that borrowing over 80% of your property’s value will incur Lender’s Mortgage Insurance, which is a fee which can be expensive depending on your circumstances.
- Loan amount. The minimum amount able to be borrowed through this loan is $200,000. It should also be noted that there are lower interest rates given when you borrow over $500K and under $750K. There are further discounts if you borrow over $750K.
- Loan terms. The equity loan can be spread out over a maximum period of 30 years.
- Repayments. You may make additional repayments into the balance of this loan, but it does not need to be settled until you sell or refinance the property that is securing it.
- Optional credit. As part of the complete home loan package, your equity loan comes with your choice of a Bankwest Qantas Platinum MasterCard or Bankwest More Platinum MasterCard. The annual fees for both of these platinum cards is waived by Bankwest.
Fees you can avoid
- Application fee. There is no standard application fee charged to the borrower with this home loan package.
- Valuation fee. You will not be charged a valuation fee as part of your application process.
- Portability fee $350. Is charged if you decide to bring this loan with you to a different property.
Fees you can’t avoid
- Package fee $395. As a part of your package, you will be charged $395 a package fee that covers the maintenance of your loan and other financial products you choose to include..
- Accessibility. There is a $10 charge for home loan access.
How to apply for the Bankwest Complete Home Loan Equity Loan
Once you have decided on the package details for your equity loan you will need to ensure that you meet certain eligibility requirements set out by Bankwest:
- Age. You must be at least 18 years of age to apply for this home loan package.
- Residency. Only applications from Australian permanent residents will be considered.
- Acceptance. You will be asked to read and agree to the Bankwest privacy statement and consent. This grants them the right to obtain your personal credit report.
- Contact. You must also agree to allow a representative of Bankwest contact you via email.
If you meet those requirements and wish to continue, click apply now and be transferred to a secure application site. You should have the following documentation handy to ease the process:
- Driver’s license. You will be asked to provide your driver’s license number. If not available, another form of identification that includes a photo such as a passport will be acceptable.
- Employment. Have available the contact information for your employer, as well as the length of time you have been working there.
- Finances. All of your financial details will be needed including your income and expenses. List your assets and liabilities here as well.
While this may seem like a convenient way to tap into your own funds to make investments, there are other similar line of credit loans you will want to consider. Compare the features of both and determine which loan is meeting all of your financial needs at a minimal cost to you.
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Bankwest Complete Equity Home Loan Interest Rate History vs RBA Cash Rate Graph
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