Bankwest Complete Home Loan Package – Variable

Rates and fees last updated on

This package home loan from Bankwest includes a 100% offset account, a credit card with the annual fee waived and additional banking products with savings included.

The Complete Home Loan Package offered by Bankwest allows you to maintain a combination of a home loan, offset transaction account, and a credit card for a single annual package fee. You also have the option to split your loan into different portions with different rates.

Bankwest changes to investment loans

Please note that Bankwest is now accepting standalone refinances for principal and interest investment loans from non-Bankwest customers.
For other terms and conditions please visit the Bankwest website for more details.

Interest Rate Max Insured LVR Max LVR
New Lending Special LVR <=90% ($200k+ Owner Occupier, P&I)
3.92% p.a.
Comparison Rate
4.35% p.a.
90% 80%
$200,000+ LVR <=90% (Investor, P&I)
4.59% p.a.
Comparison Rate
5.00% p.a.
90% 80%
LVR <=90% (Owner Occupier, P&I)
3.99% p.a.
Comparison Rate
4.41% p.a.
90% 80%
LVR 90.01% to 95% (Owner Occupier, P&I)
4.53% p.a.
Comparison Rate
4.94% p.a.
95% 80%
Product NameBankwest Complete Home Loan Package Variable
Interest Rate TypeVariable
Comp Rate^ (p.a.)
Minimum Loan Amount$200,000
Minimum Loan Term1 year
Maximum Loan Term30 years
Maximum LVR80%
Maximum Insured LVR95%
Mortgage Offset AccountYes
Mortgage 100% OffsetYes
Loan Redraw FacilityYes
Split Loan FacilityYes
Fixed Interest OptionNo
Suitable for InvestmentYes
Extra RepaymentYes
Repayment TypePrincipal & Interest and Interest Only Options
Application Fee$0
Lender's Legal Fee$0
Ongoing Fees$395 p.a.
Settlement Fee$250

Pros

  • There is $0 application fee
  • Fee free 100% offset account

Cons

  • There is an annual package fee of $395

Details to consider about the Bankwest Complete Home Loan Package - Variable

You can use funds you receive through the Bankwest Complete Home Loan Package - Variable to buy a home to live in or to refinance. It's also available for investors looking to refinance their principal and interest investment loans. The package waives a number of fees and offers discounts in exchange for a single annual package fee.

Features of the Bankwest Complete Home Loan Package - Variable

  • Loan amount and Loan-to-Value Ratio (LVR). The minimum you can borrow with this home loan package is $200,000, and there is no maximum limit. The maximum LVR owner occupiers can borrow is 95% with this loan, however if you borrow more than 80% LVR you will incur lenders mortgage insurance. Interest-only payments may be subject to a lower maximum LVR.
  • Offset account. You also get a 100% offset transaction account which you can use to reduce the amount of interest due on your home loan.
  • Repayment flexibility. With the Complete Home Loan Package - Variable you can make your repayments weekly, fortnightly, or monthly. You also have the option to make interest-only repayments for up to five years, and can make unlimited extra repayments on the loan to pay it off sooner.
  • Redraw facility. The option to redraw exists only if you opt for the variable rate loan. Online redraws are free, and you can redraw any amount. Any other means of redrawing requires you to redraw at least $1,000, and every such instance attracts a $10 fee.
  • Credit card. At 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 cards give you the ability to earn and the annual fees is waived under the package.

Fees

There are no upfront fees with this loan and as part of the package, you will not pay an annual fee with the credit card you choose to include or the transaction offset account. Below are some of the fees that will be charged with this loan:

  • Annual package fee: $395. This a fee for the ongoing maintenance of your loan accounts and all features associated with the package part of this home loan. This fee is charged annually and in advance for the following year.
  • Portability fee: $350. If during your loan term you sell your property and move you will be charged this fee if you choose to move your loan with you rather than closing the loan and opening a new one.
  • Settlement fee: $250. This covers the legal costs associated with settling your home loan.

How to apply for the Bankwest Complete Home Loan Package - Variable

You can apply for the Bankwest Complete Home Loan Package online, over the phone or by visiting any Bankwest branch store. Completing an online application takes no more than a few minutes.

Remember that you can only apply if you meet the following criteria:

  • You’re a permanent resident of Australia
  • You’re over 18 years of age

Applying for this loan, as with any other home loan, requires that you provide personal details as well as work-related and financial information, so keep the following handy:

  • Primary photographic ID such as a driver’s license, passport and Medicare card
  • Employment details, including name and contact details of employer as well as the duration of your employment
  • Income and expenditure details
  • List of all assets and liabilities

While this home loan package by Bankwest comes with a number of features and offers reasonable flexibility, take some time to compare it with packages offered by other lenders before making your decision.


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This page was last modified on 30 June 2017 at 1:23pm.

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2 Responses

  1. Default Gravatar
    BSPCAugust 21, 2017

    Is Mortgage insurance included in loan amount above the 95% LVR.

    • Staff
      AnndyAugust 21, 2017Staff

      Hi BSPC,

      Thanks for your question.

      Generally, you will pay LMI on your home loan if you are borrowing more than 80% of the property value on a standard loan, or more than 60% of the property value on a low doc loan.

      If you want to learn more about LMI, you can check our guide here.

      Cheers,
      Anndy

Bankwest Complete Home Loan Package Variable

  • Interest Rate

    N/A

  • Comparison Rate

    N/A

  • App Fee / Annual Service Fee

    $0 / $395

  • Max LVR

    80%

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