This package home loan from Bankwest includes a 100% offset account and a 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, 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.
|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 Insured LVR||98%|
|Mortgage Offset Account||Yes|
|Mortgage 100% Offset||Yes|
|Loan Redraw Facility||Yes|
|Split Loan Facility||Yes|
|Fixed Interest Option||No|
|Suitable for Investment||Yes|
|Repayment Type||Principal & Interest and Interest Only Options|
|Lender's Legal Fee||$0|
|Ongoing Fees||$395 p.a.|
- There is $0 application fee
- Fee free 100% offset account
- 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 98%, 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 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.
- Credit card. At time of application you get to choose either a Bankwest Qantas Platinum Mastercard (Platinum tier only) 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 reward points and the annual fee is waived under the package.
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: $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.