Bankwest Complete Home Loan Package – Variable
This home loan package from Bankwest includes an optional 100% offset account and eligible credit card with the annual fee waived.
The Complete Home Loan Package offered by Bankwest allows you to maintain a combination of a home loan with multiple offset accounts and either a low rate or rewards credit card for a single annual package fee. You also have the option to split your loan into different portions with different rates.
Richard Whitten is a senior writer at Finder, and has been covering home loans and the property market in Australia for the last 4 years. He has written for Yahoo Finance, Money Magazine and Homely, as well as multiple banks and lenders. Richard has a Certificate IV in Finance and Mortgage Broking, a Bachelor of Education from the University of Sydney and a Graduate Certificate in Communication. He enjoys helping people understand the ins and outs of mortgages so they can make smarter property decisions. Richard trained as a high school teacher but found it easier to manage personal finances than a classroom full of kids. Before joining Finder, he edited textbooks and taught English in South Korea.
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.
About this loan
What are the features and benefits 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 80%, including LMI with this loan. If you borrow more than 80% LVR you will incur lenders mortgage insurance (LMI) and a higher rate.
- Offset account. You can add a 100% offset transaction account which you can use to reduce the amount of interest due on your home loan. You can open up to nine separate offset accounts with this loan while avoiding monthly fees.
- 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.
- Credit card. With this package loan you can choose to add either a Bankwest Qantas Mastercard (Platinum tier), a Bankwest More Mastercard (Classic and Platinum tier) or a Bankwest Breeze Mastercard (Classic or Platinum tier) and avoid the annual fee. Other fees and charges may apply.
What fees and charges come with this loan?
There are several fees attached to this mortgage:
- Annual package fee: $395. This fee covers the ongoing maintenance of your loan accounts and all features associated with the package. This fee is charged annually and in advance for the following year.
- Settlement fee: $38.20. This covers the legal costs associated with settling your home loan.
How to apply
You can apply for the Bankwest Complete Home Loan Package online, over the phone or by visiting any Bankwest branch store.
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.