Bankwest Complete Home Loan Package – Fixed Rate
The Complete Fixed Home Loan Package is a fixed rate home loan package that includes an optional 40% offset account.
Richard Whitten is a money editor at Finder, and has been covering home loans, property and personal finance for 6+ years. He has written for Yahoo Finance, Money Magazine and Homely; and has appeared on various radio shows nationwide. He holds a Certificate IV in mortgage broking and finance (RG 206) and a Tier 1 Generic Knowledge certification (RG 146).
You can apply for this home loan package if you wish to buy a home to live in. It's also available for borrowers refinancing principal and interest investment loans, although different rates apply to investment purchases. You can choose a fixed term of between one and five years, after which you can fix for another term or let the rate revert to a discounted variable rate.
This loan is a package loan, meaning that while you get a competitive interest rate and discounted fees, you will pay an annual package fee. The package, however, offers you access to other Bankwest products with certain fees waived also.
About this loan
What are the features and benefits of the Bankwest Complete Home Loan Package - Fixed Rate?
- Loan amount, term, and LVR. This fixed rate home loan package comes with a minimum borrowing limit of $200,000, and the maximum amount depends on factors like your financial standing, the valuation of any given home, and your ability to make repayments. The maximum loan to value ratio (LVR) if you're prepared to pay Lender's Mortgage Insurance (LMI) stands at 90% and the loan term can go up to 30 years.
- Offset account. With this loan you can choose to add a 40% or partial offset transaction account, which partially reduces the amount of interest charged on your home loan. You can add up to nine separate offset accounts. This offset account doesn't attract a monthly offset fee under the package.
- Flexible repayments. You can make weekly, fortnightly, or monthly repayments with this loan. You have the ability to make extra repayments up to $10,000 per year.
- Credit card. You can choose to add an eligible credit card and pay no annual fee as part of the package. You can choose to add either a Bankwest Qantas Mastercard (premium tier only), a Bankwest More Mastercard (Classic or Platinum tier) or a Bankwest Breeze Mastercard (Classic or Platinum). Other fees and charges may apply.
What fees and charges come with this loan?
There aren't any application fees charged with this loan, and annual fees on packaged credit cards and offset accounts are also waived. Below are some of the fees that are charged with this loan:
- Annual loan package fee: $395. This fee is for the maintenance of your loan accounts and all the benefits that come with this package home loan.
- Portability fee: $350. This fee is charged if you sell your property and want to move your home loan to this new property.
- Settlement fee: $250. This covers the legal costs associated with settling your home loan.
How to apply
To apply for the Bankwest Complete Home Loan Package - Fixed Rate you can complete your application online on the Bankwest website. Alternatively, you can also visit any Bankwest branch or initiate the application process over the phone.
The application process also requires that you submit a variety of personal, financial, and employment-related information so make sure you have the following at hand when completing your application:
- ID. A driver's license or passport
- Employment. Details of your current employer, name, contact details, how long you have been with the company, position
- Income. Details of your annual income and monthly expenditure
- Other assets. A complete list of your assets and liabilities
- Lending criteria. You need to meet Bankwest's lending criteria in order to apply.
While this fixed rate home loan package offered by Bankwest deserves your attention, know that there are other lenders who offer similar packages. As a result, compare your options well before you sign along any dotted line.