Bankwest Online Home Loan

Rates and Fees verified correct on September 23rd, 2016

Who else wants a home loan with a competitive variable rate and no ongoing maintenance fees?

Product no longer offered

Please note that Bankwest no longer offers this product, and this page is provided for information purposes only. Compare Bankwest's other home loans here.

The Bankwest Online Home loan is an exclusive online only home loan with a competitive interest rate and no ongoing maintenance fees, so you'll be able to save more and could pay off your mortgage faster. Bankwest also offer an online customer support facility, so once your application has been processed a specialist will be in touch within one business day to discuss how to move forward with your loan.

Things to consider about the Bankwest Online Home loan

This loan is available for new borrowings only and is not available for construction purposes, refinancing of existing Bankwest home loans, nor is this loan available to companies or trusts. The loan is suitable for first home buyers, people refinancing from another lender and people who want to grow their investments. The limits for this loan are to and borrowers can take out up to loan to value ratio (LVR).

Features of the Bankwest Online Home Loan

  • No establishment fee or ongoing maintenance fees. You won't pay any establishment fees on this loan which could usually run into the hundred of dollars. There are also no ongoing account maintenance fees or monthly offset fees associated with this home loan.
  • Interest-only. Interest-only payments are available from one to five years. This is a great option for people looking to free up some extra cash for whatever reason.
  • Free redraw facility. If you'd like to access the money you have already paid off the loan, you get free access to your funds via the online mortgage redraw facility. Normally there is a Home Loan Access fee of $50 for this service, but this will be waived for Online Home Loan customers.
  • Flexible repayments. The loan repayment frequency can be set at either weekly, fortnightly or monthly repayments and although this account does not offer an offset facility, borrowers are free to pay as much as they would like over their loan minimum repayment and as mentioned above, have the ability to redraw the additional these funds at any time without incurring any additional charges. This can be done via Bankwest Online Banking.
  • Portability. If you wish to sell your existing property and buy a new one, you can bring this loan with you, provided the borrowing amount doesn't increase. There's a $350 fee associated with this, but it gives you the ability to avoid having to terminate your loan and apply for a new one, which can come with upfront fees and the uncertainty of a new loan application. Using this feature will involve Bankwest organising a valuation on the new property and will require you to sign some documents.

Bankwest Online Home Loan fees

Fees you can avoid

  • Home loan application fee: This includes things like legal fees and preparing the necessary documents for the loan. This fee is waived for customers for a limited time only.
  • Lender’s Mortgage Insurance: This is charged if you borrow over 80% of the property value, but as this loan is limited to 80%, it means you won't pay Lender's Mortgage Insurance.

Fees you can’t avoid

  • Settlement fee:

Wondering what your repayments would be with this loan? Use the calculator below to find out

Managing your home loan through Bankwest Online Banking

You can make payments on your home loan through Bankwest Online Banking. Bankwest Online Banking is available on your desktop or laptop, tablet and smartphone. Bankwest has a 'No Loss Security Guarantee' which protects their Online Banking platform and means that they guarantee your money will be safe when using it if you abide by the PDS. Bankwest Online Banking utilises SMS security codes, 128-bit SSL encryption and many more countermeasures to ensure that your banking is safe.

Optional Bankwest Online Home Loan extras

Bankwest offers optional insurance covers that come with the online loan including:

  • Home and contents insurance. Bankwest offer a 5% discount for customers who bundle their home and contents insurance with their general insurance provider.
  • Mortgage protection. This insurance provides you with cover so you can meet your mortgage repayments in the event you are financially disadvantaged due to an event covered under the terms and conditions of the insurance.

How to apply for the Bankwest Online Home Loan

To apply or find out more about the Bankwest Online Home Loan, please click ‘Go to Site’ to be safely redirected to the Bankwest website, where you can start a home loan application and be provided with a response from a Bankwest home loan specialist on your application, usually within one business day.

Full approval can be given within five working days. Applications are obligation free and easy to complete and will require you to provide personal and income details as well as any information about your assets and debts.

Frequently asked questions about the Bankwest Online Home Loan

Does the Online Home Loan have a 100% offset account?

The Online Home Loan doesn't come with a 100% offset account, but does have a free online redraw facility which allows you to withdraw extra repayments you've made on your home loan.

Can I refinance to the Online Home Loan?

You can refinance to this home loan if your existing home loan isn't already with Bankwest. If you're refinancing, simply fill out the application, and a Bankwest specialist will get in contact with you within a business day to guide you through the process.

How long will it take to be approved for the Online Home Loan?

Bankwest can give you conditional approval for this loan within five business days if all required information is provided. If Bankwest requires you to submit extra documents, conditional approval can be given within five business days after you've given this extra required information.

How can I make my repayments?

Bankwest allows you to pay off your home loan in a number of ways. The first of which is through Bankwest Online Banking. You can set up scheduled payments from a nominated bank account so your repayments are paid each week, fortnight or month. You can also set up a direct debit payments, and also make payments at any Bankwest branch.

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This page was last modified on 4 January 2016 at 9:34.

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17 Responses to Bankwest Online Home Loan

  1. Default Gravatar
    Philip | March 8, 2016

    Could you please send me the formula you use to calculate monthly interest

    • Staff
      Belinda | March 10, 2016

      Hi Philip,

      Thanks for reaching out.

      You’ve come through to finder.com.au which is an online comparison website so please keep in mind that we do not represent Bankwest. However, I can confirm that Bankwest calculates the amount of interest based on the interest rate, amount borrowed, the loan term and whether or not the loan is being used for owner-occupier or investment purposes.

      You may want to contact Bankwest directly to see how they would calculate your interest depending on your situation.

      Thanks,
      Belinda

  2. Default Gravatar
    Jeanette | June 18, 2015

    I have been a Bankwest customer in the past and my question is I am now on a pension and have a mortgage of 57000.00. Would I be able to refinance with Bankwest.

    • Staff
      Belinda | June 19, 2015

      Hi Jeanette,

      Thanks for your enquiry.

      Please note that finder.com.au is an online comparison service so we cannot offer you personal advice regarding your refinancing options.

      However, if you’d like to compare different Bankwest home loans suited for refinancing, you can visit this page.

      Kind regards,
      Belinda

  3. Default Gravatar
    Zeddaz | February 3, 2014

    Thanks.
    After further research I found that they charge $9.00 for Redrew; $60.00 Settlement fee; $328.00 Exit fee. Are these fees included in the Comparison rate? If not do all lenders include these charges in the Comparison rate?

    • Staff
      Shirley | February 3, 2014

      Hi Zeddaz,

      Thanks for your comment.

      The Bankwest disclaimer says “Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.”

      This is generally the same for all other comparison rates displayed by financial institutions.

      Cheers,
      Shirley

  4. Default Gravatar
    Zeddaz | February 2, 2014

    Do you have a portability option?

    Is salary crediting available with an ATM card?

    • Staff
      Shirley | February 3, 2014

      Hi Zeddaz,

      Thanks for your comment.

      Yes this loan has the portability feature, theres a fee of $350.

      There is no salary crediting available with an ATM card, though you can electronically access surplus funds with an Online Redraw Facility.

      Cheers,
      Shirley

  5. Default Gravatar
    Paul | October 31, 2013

    Hi can both applicants use the same email address to apply for refinancing our home loan online thanks Paul

    • Staff
      Marc | October 31, 2013

      Hello Paul & Di,
      thanks for the question.

      You can make an application and use the same email address.

      Cheers,
      Marc.

  6. Default Gravatar
    Xerzang | October 29, 2013

    I’m currently in the process of getting this home loan with bankwest and I must say it is the longest process I have ever dealt with. It’s already more than 6 weeks still it’s in the process. Just want to know why is it taking too long to process? Is it because lack of staff, lazy staff, poor management or all of the above?

    If anyone don’t want to be frustrated like I do please stay away.

    • Staff
      Marc | October 30, 2013

      Hello Xerzang,
      thanks for the comment.

      You may wish to contact Bankwest directly regarding this to find out about the status of your application.

      Cheers,
      Marc.

    • Default Gravatar
      Xerzang | October 30, 2013

      they’ve made a mistake for the loan amount (2x) and they don’t have the urgency to speed up the process. contacted them 4x still same response.

      for people looking for a home loan do your own research first look at the forums regarding bankwest and you will see its not just me. I got into bankwest due to interest rate but I should have gone to more reliable banks.

  7. Default Gravatar
    matt | September 8, 2013

    I am wanting to refinance my existing loan. How long will it take to approve application and transfer funds?

    • Staff
      Shirley | September 9, 2013

      Hi Matt,

      Thanks for your comment.

      Bankwest will let you know how much you can borrow within one day, and provide full approval within 5 days of you finding a home. Please allow up to a month for the whole process.

      Hope this helps,
      Shirley

  8. Default Gravatar
    Vicki | July 26, 2013

    What are all the set up fees payable on an online mortgage account. I will be looking at moving from another lender

    • Staff
      Shirley | July 29, 2013

      Hi Vicki,

      Thanks for your comment.

      Please refer to the ‘fees’ tab on this page. There is a $60 settlement fee for this loan.

      It’s important to note that different online lenders will charge different fees.

      Hope this helps,
      Shirley

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