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.
$1,500 cashback offer - limited time only
New borrowers and refinancers can get $1,500 cashback when taking out a new owner occupier or investor loan (principal and interest repayments) with Bankwest. You must apply between 17 September and 30 November 2018 and borrow up to 90% of a property's value with a minimum loan amount of $350,000. Internal refinancers and refinancers switching from Commonwealth Bank are ineligible for the cashback offer.
You must settle by 1 February 2019 to qualify for this offer. Other terms and conditions apply.
| Product Name | Bankwest Complete Home Loan Package Variable |
|---|---|
| Interest Rate Type | Variable |
| 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 | Yes |
| Loan Redraw Facility | Yes |
| Split Loan Facility | Yes |
| Fixed Interest Option | No |
| Suitable for Investment | Yes |
| Extra Repayment | Yes |
| Repayment Type | Principal & 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
- A settlement fee of $250
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 90% 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: . 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.
Enquire about this home loan
Is Mortgage insurance included in loan amount above the 95% LVR.
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