Get a headstart on paying your mortgage off with a discount off the standard variable rate for two years
Product no longer offered
Please note that this product is no longer offered by Bankwest, and this page is provided for information purposes only.
The first few years of paying off a mortgage can be the hardest to adjust to, especially if you’re a first home buyer. Bankwest has released the Double Deal Home Loan, which knocks off more than 1% p.a from their standard variable rate for two years. This means your repayments will stay competitive for the first years of your loan, giving you the chance to put the extra money towards other things.
Things to consider about the Bankwest Double Deal Home Loan
The Double Deal Home Loan can be used to finance both a home or an investment property or if you’re refinancing from an existing home loan.
It cannot be used to construct a new home and is only available for those able to supply full documentation. Potential self-employed borrowers might want to browse through the various low doc loans available to them. It should be noted that this is for new borrowings only.
Features of the Bankwest Double Deal Home Loan
The Bankwest Double Deal has some features which offer added value and the ability to save money on interest.
- Maximum LVR: You can borrow up to of the purchase price of a property with the Double Deal Home Loan. This could potentially be of the value of the property if you take out lender’s mortgage insurance, which is explained below.
- Offset account: The Double Deal allows you to take out a 100% offset account. This is a linked transaction account where you can put your income or any payments into. Anything left in this account offsets the interest charged on your home loan, potentially saving you thousands and decreasing your loan term. Fees apply for this service.
- Online redraw: You can make additional or early repayments on this loan whenever you like. These can then be withdrawn later from the convenience of your own home if you need the extra cash for whatever reason.
- Discounts on rates and fees: Every saving counts, so it’s great then that the Double Deal Home Loan gives you a 1.01% p.a discount off your standard variable rate for two years. It also has a limited time application fee offer, meaning you pay and save on the regular price.
- Choice of repayment frequency: You can choose to make your repayments weekly, fortnightly or monthly. This means you can fit them into your lifestyle to better suit your income.
Bankwest Double Deal Home Loan fees and charges
Fees you can avoid:
- Lender’s mortgage insurance (LMI): This is a fee you’ll need to pay if you borrow over of the purchase price of the property. LMI protects the lender in the event you default on the loan, but the borrower must still pay the premium, the amount of which depends on the size of the loan and your deposit among other factors.
- Offset account fee: The optional offset account comes with a month fee. The fee may seem steep, but the savings made by having an offset account could outweigh this cost. Use our home loan offset calculator to see if an offset account suits you. In many cases with regular contributions an offset account can help you can shave years of the term of your loan.
- Ongoing fees: The Double Deal doesn’t charge ongoing monthly account-keeping fees.
How to apply for the Bankwest Double Deal Home Loan
If the Double Deal Home Loan seems like the right loan for you, it is possible to enquire about the home loan online.
Once you visit the Bankwest website, simply have your driver’s licence number, employment details and financial details handy and you can apply in less than 10 minutes. Alternatively, if you like to ask a question about this loan below.