Bankwest Fixed Rate Home Loan

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.

$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.

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Marc Terrano

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Marc Terrano is a lead publisher and growth marketer at Finder. He has previously worked at Finder as a publisher for frequent flyer points and home loans, and as a writer, podcast host and content marketer. Marc has a Bachelor of Communications (Journalism) from the University of Technology Sydney. He’s passionate about creating honest and simple reviews and comparisons to help everyone get value for money.

Expert review

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.

About this loan

What are the features and benefits of the Bankwest Fixed Rate Home Loan?

  • Loan amount. You can borrow up to 90% of the property's value with this loan. Keep in mind, however, that interest-only loans may require a lower LVR.
  • 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).
  • 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.

What fees and charges come with this loan?

  • Transfer fee. $135. 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. $0 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

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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

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.

Eligibility

  • 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

Documentation

  • 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

FAQ

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4 Comments

    Default Gravatar
    Tim
    April 8, 2015

    I am renegotiating my home loan with ANZ and am considering moving over to Bank West. Would Bankwest accept the ANZ property valuation done 12 months ago, or would we have to pay for a new valuation by Bank West ?

    Reply
      AvatarFinder
      Marc
      April 9, 2015

      Hi Tim,
      thanks for the question.

      Bankwest will require another valuation to be carried out, but please note that the cost of one standard valuation is included in the application fee, so there’s no additional fees for this required.

      Cheers,
      Marc.

      Reply
    Default Gravatar
    Egon
    February 1, 2015

    would Bank West consider reversing a reverse mortgage loan to a home loan

    Reply
      AvatarFinder
      Shirley
      February 2, 2015

      Hi Egon,

      Thanks for your question.

      Bankwest will need to assess your current and financial situation to make a decision. Please also note that this process will require you to refinance.

      It’s advisable for you to speak to Bankwest directly about your eligibility and options.

      Cheers,
      Shirley

      Reply
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