Enjoy the stability of a fixed interest rate with the savings of an optional offset account
The Bankwest Fixed Rate Home Loan is a full-featured fixed rate home loan with terms ranging between one to five years. It also comes with other benefits, such as a partial offset account and the ability to make extra repayments of up to $10,000 per year.
A fixed interest rate provides the certainty of knowing what your monthly repayments will be, helping you budget and get used to paying off a mortgage. If you decide to link a partial offset account to this loan, this can help you save on interest payments.
$295 application fee for a limited time
For a limited time only, Bankwest has also reduced the application fee for this loan from $695 to $295, saving you $400.
|Product Name||Bankwest Fixed Rate Home Loan|
|Interest Rate Type||Fixed|
|Comp Rate^ (p.a.)|
|Minimum Loan Term||1 year|
|Maximum Loan Term||30 years|
|Maximum Insured LVR||90%|
|Mortgage Offset Account||Yes|
|Mortgage 100% Offset||No|
|Split Loan Facility||No|
|Fixed Interest Option||No|
|Suitable for Investment||Yes|
|Available as equity loan/line of credit||No|
|Repayment Type||Principal & Interest and Interest Only Options|
|Lender's Legal Fee||$0|
|Ongoing Fees||$12 monthly ($144 p.a.)|
- You can pay additional repayments per year during the fixed term without penalty
- Partial offset available during the fixed term
- You can borrow up to 90% of the property value
- A $295 application fee applies
- A $12 monthly account fee applies
Things to consider about the Bankwest Fixed Rate Home Loan
This loan is suitable for purchasing, refinancing or constructing your residential or investment property. Even if you’re an existing Bankwest customer and want to refinance your current Bankwest home loan, you can still apply.
Features of the Bankwest Fixed Rate Home Loan
- Loan amount. You can borrow up to 90% of the property's value with this loan.
- Optional partial offset account. You can link an optional 40% offset facility to this home loan. $9 monthly account maintenance fee applicable on the expiry of the fixed term.
- Fixed term. You have the option of a fixed rate for one to five years.
- Additional repayments allowed. You can make extra repayments of up to $10,000 a year with this loan. Fixed rate break costs may apply if additional repayments exceed $10,000 p.a.
- Repayments. You can choose from weekly, fortnightly or monthly repayments to help you manage your budget. There’s also the option of choosing interest and principal or interest-only repayments. Though if you take up the interest-only option you’ll need to pay monthly.
- Portability. If you’re moving properties and would like to bring your loan with you, you can using the portability feature. Please note a fee applies (see below).
- Redraw facility. If you made additional repayments and need to access those funds, you can access them through the redraw facility. Please note a fee applies (see below).
- Optional home and contents insurance. You get a 5% discount if you combine your building and contents insurance under the same policy with Bankwest’s insurance partner, Vero Insurance.
- Transfer fee. $95. This fee covers a transfer to another home loan product.
- Portability fee. $350. If you move to a new property and want to take your loan with you, this fee will be charged.
- Home loan access fee. $10 per redraw. If you would like to access any additional repayments you’ve made through the redraw facility, this fee is charged.
- Standard home loan application fee. $295* for limited time. This fee is charged by lenders to handle your loan application, usually charged upfront.
- Loan maintenance fee. $12 per month. This is to cover the cost of maintaining your home loan account.
*This is the reduced application fee for a limited time only (usually $695).
The Bankwest offset transaction account
As mentioned, this home loan gives you the option to link a partial offset account to it to help reduce interest. Opting for this account will give you a Bankwest Debit MasterCard or Platinum Debit MasterCard to access your funds. You'll be able to access the funds in your offset account at Bankwest and CBA ATMs, and you'll get unlimited electronic and over-the-counter transactions. Keep in mind that there may be ATM access fees depending on what ATM machine you use.
How to apply for this home loan
If you’re an existing Bankwest customer, you can apply for this loan through internet banking. If you’re a new customer please read the following information carefully.
- You need to be over 18 years old
- You need a be a permanent Australian resident
- You must agree to Bankwest conducting a credit check
- You must agree to be contacted by Bankwest through email regarding your application
- You’ll need your Driver’s Licence number (if you have one) along with your date of birth, address and contact details
- Your employment details (two of your latest payslips displaying your employer’s name), including contact details and the length of your employment
- Your financial details, including income (including any Centrelink benefits, expenses and any assets you may have)
- If self employed, you’ll need to provide financial statements with tax returns for the last two years
- If refinancing from another bank, the last six months’ statements from your original loan
Frequently asked questions about the Bankwest Fixed Rate Home Loan
What is a partial offset account?
In a 100% offset account, each dollar offsets a dollar on your home loan. This means $40,000 in a 100% offset account will reduce the amount your home loan interest is calculated on by $40,000. A partial offset reduces the interest payable by an amount lower than 100%. In the case of the Bankwest Fixed Rate Home Loan, this is 40%.
How long will it take for my loan to be approved?
Once you've submitted all required information and documentation, Bankwest will usually approve your loan within five working days. If they require further documentation, these five days will begin once you've supplied the required documents.
What happens once the fixed term ends?
Once the fixed term ends your rate will revert to the Bankwest Standard Variable Rate.
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Bankwest Fixed Rate Home Loan Interest Rate History vs RBA Cash Rate Graph
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