The Complete Home Loan Package - Fixed Rate is a fixed rate home loan package that includes a 40% offset account.
Enjoy the stability and certainty of a fixed rate as well as the flexibility to make additional repayments up to $10,000 per year and enjoy an optional 40% offset account with the Bankwest Complete Home Loan Package - Fixed Rate. A fixed rate gives you the ability to plan your budget accurately knowing that rates won’t change during the fixed period.
Bankwest also offers a variable rate and equity loan package.
| Product Name | Bankwest Complete Home Loan Package Fixed |
|---|---|
| Interest Rate Type | Fixed |
| Comp Rate^ (p.a.) | |
| Minimum Loan Amount | $200,000 |
| Minimum Loan Term | 1 year |
| Maximum Loan Term | 30 years |
| Maximum LVR | 80% |
| Maximum Insured LVR | 90% |
| Mortgage Offset Account | Yes |
| Mortgage 100% Offset | No |
| Split Loan Facility | Yes |
| Fixed Interest Option | Yes |
| Loan Portable | Yes |
| Suitable for Investment | Yes |
| Extra Repayment | Yes |
| Repayment Type | Principal & Interest |
| Application Fee | $0 |
|---|---|
| Ongoing Fees | $395 p.a. |
| Settlement Fee | $250 |
Pros
- $0 application fee.
- 40% offset account which will help to lower the interest you pay.
Cons
- Annual package fee of $395.
- Extra repayments restricted to $10,000 per year.
Details to consider about the Bankwest Complete Home Loan Package - Fixed Rate
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.
Features 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. The Bankwest Complete Home Loan Package - Fixed Rate offers a 40% offset transaction account, where the calculation of interest on your home loan takes into account 40% of the balance in your offset account. 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, although any amount exceeding $10,000 p.a. in the form of extra repayments can attract an extra repayment fee. While you can repay the loan off ahead of schedule, an early loan termination fee applies if the loan is paid off during the fixed term.
- Credit card. At the time of application you get to choose either a Bankwest Qantas Mastercard or a Bankwest More Mastercard (Classic and Platinum tiers only). Your product tier will be determined based on the credit limit you are approved for. All of these credit cards give you the ability to earn reward points, and the annual fee is waived under the package. Note that Bankwest More Rewards and Bankwest Qantas Rewards are separate rewards programs, and that terms and conditions 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 for the Bankwest Complete Fixed Home Loan
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.
