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Investors and owner-occupiers can get a variable rate mortgage with a 100% offset account.
The Bankwest Premium Select Home Loan is a flexible mortgage for owner-occupiers and investors. It is available with a 10% deposit and comes with a 100% offset account.
| Product Name | Bankwest Premium Select Home Loan |
|---|---|
| Interest Rate Type | Variable |
| Comp Rate^ (p.a.) | |
| Minimum Loan Amount | $20,000 |
| Minimum Loan Term | 1 year |
| Maximum Loan Term | 30 years |
| Maximum LVR | 80% |
| Maximum Insured LVR | 90% |
| Mortgage Offset Account | Yes |
| Mortgage 100% Offset | Yes |
| Loan Redraw Facility | Yes |
| Split Loan Facility | No |
| Fixed Interest Option | No |
| Loan Portable | Yes |
| Suitable for Investment | Yes |
| Extra Repayment | Yes |
| Available as equity loan/line of credit | No |
| Repayment Type | Principal & Interest and Interest Only Options |
| Application Fee | $0 |
|---|---|
| Ongoing Fees | $0 p.a. |
| Settlement Fee | $250 |
Pros
- No penalty for additional payments
- 100% offset account
- There is no application fee
Cons
- $10 fee with the offset account
Important considerations for this mortgage.
There is no application fee for this home loan. To make it even easier for you to reduce your interest charges, the Bankwest Premium Select Home Loan can also have a 100% offset account linked to it. This allows you to keep your savings in the offset account, which is credited against interest due on on your home loan. Every cent you leave in the offset account effectively reduces the amount of interest you're charged on your home loan account (a monthly account fee applies if you choose the offset option).
Flexible features
This loan is a good choice for those purchasing an existing property, refinancing a current home loan from another lender, or for constructing a new dwelling. It's also suitable for personal residential use or for investment purposes.
- Maximum LVR This loan has a maximum LVR of 80% and rewards borrowers with a relatively low-interest rate for keeping under this maximum. You can borrow up to 90% with this loan, but the interest rate will increase and you will need to pay Lender's Mortgage Insurance (LMI).
- Additional repayments Making extra payments off your home loan whenever you have surplus cash is a surefire way to pay your loan off early. The Bankwest Premium Select Home Loan enables you to do this with no penalties by setting automated direct debit payments that are higher than the minimum payment due.
- Get access to your additional repayments with a redraw facility. If you decide you need to access those extra funds in future to pay for other things, you can withdraw them again via the redraw facility. As long as you redraw the money you need using the online redraw facility there is no fee.
- Repayments to suit your needs. Bankwest allows you to alter your payment frequency to suit when you get paid. You're able to nominate to make your payments weekly or fortnightly, if either of these options suits your pay schedule better than monthly payments.
What fees and charges come with this loan?
There are no application or ongoing fees with this loan however as with any loan there are a number of setup costs you may have to pay.
- Offset fee: $10 per month. This fee is charged with the offset transaction account that is attached to this loan.
- Settlement fee $250. This is to cover the set up of your home loan accounts.
Applying for the Bankwest Premium Select Home Loan
It's easy to apply for this home loan using Bankwest's secure online application form. Bankwest have a secure online application form where you can enter your name and contact details. You'll be asked how much you'd like to borrow and what the loan purpose is. When you're done, press "Send" and you're done.
A Bankwest representative will call you at a time that's convenient for you to discuss your application and move it along to the next stage. When the representative calls, you'll find it handy to have some documentation or information ready to make the process easier.
You'll be asked to supply
- Your current income
- Your current assets
- Any payments you might already be making on existing debts
- A current Driver's License number to verify your ID.
- A phone number and email address.
In most cases, you should receive an initial response to your home loan enquiry very quickly. Your Bankwest representative will happily come to visit you whenever it's convenient to get the process completed as smoothly as possible.
Hello
I’m looking at getting a guarantor. is it still possible to go with the Complete Variable Home Loan?
Thanks
Hi Jason,
Thanks for getting in touch.
I’ve contacted Bankwest and I can confirm that you can potentially use a guarantor for the Complete Variable Home Loan. Keep in mind that you will still need at least 5% genuine savings deposit in order to qualify and the person going guarantor will need to be your parents or close family member. The guarantor will need to offer security of the house they live in or otherwise an investment property.
All the best,
Belinda
Why am I being charged transfer fees when I’m moving from home shredder to premium select. I thought this was currently being waivered
Hi Netty,
Thanks for your enquiry.
Unfortunately Bankwest charge a transfer fee of $95 if you decide to switch from one home loan product to another. If you have any enquiries about this fee, please get in touch with Bankwest directly.
Regards,
Belinda
I have a premium select loan. How much would it cost for me to refinance with another lender?
Hi Jane,
Thanks for your enquiry.
If you’d like to estimate the costs of refinancing and switching to another lender, you can use our refinancing calculator on this page.
Generally, when refinancing you need to consider the upfront and ongoing fees of the new lender as well as any break costs or settlement fees you may incur with your existing lender. You can read more about the process and cost of refinancing your mortgage here.
Thanks,
Belinda
Assuming that I get the home loan from Bank West, If I decide to sell the house after 6 or 12 months, do I need the permission from the bank to sell my property? If Yes, what is the procedure?
Hi Clarine,
thanks for the question.
You do not need permission from your lender to sell your property, although there may be exit costs you’ll have to pay. You might want to contact Bankwest directly to get a quote for the exit fees you may have to pay.
Cheers,
Marc.
We currently have a Premium Select Homeloan and have sold our house to downsize. We will still however need amortgage to buy what we want and instead of shopping around, would like to pay off two thirds of the mortagage but retain enough to buy another property. The question is, is there a portability facility with this mortgage and how do you go about it. I cannot find anything on Bankwest website.
Thank you
Hi AndyB,
Thanks for your comment.
The Bankwest Premium Select home loan does have the portability feature, however it will incur a fee of $350.
Cheers,
Shirley