Bankwest Premium Select Home Loan

Rates and Fees verified correct on December 8th, 2016

Take advantage of a 0.8% discount off your standard variable interest rate for the life of the loan and save money on interest costs.

The Bankwest Premium Select Home Loan is a highly flexible mortgage account that helps you reduce your interest charges in several ways. For a limited time, they’ll give you a 0.8% discount off their standard variable interest rate if your LVR is 80% or less. This helps to reduce your interest costs and keeps your minimum repayments down at the same time.

Interest Rate Max Insured LVR Max LVR
$1.5m + (LVR < 80%) (Investor)
4.29% p.a.
Comparison Rate
4.30% p.a.
95% 80%
$1.5m + (LVR 80% to 90%) (Investor)
4.49% p.a.
Comparison Rate
4.50% p.a.
95% 80%
$1.5M + (LVR 80% to 90%) (Owner Occupier)
4.14% p.a.
Comparison Rate
4.15% p.a.
95% 80%
$1.5M + (Up to 80% LVR) (Owner Occupier)
4.02% p.a.
Comparison Rate
4.03% p.a.
80% 80%
$1m to $1.5m (LVR < 80%) (Investor)
4.29% p.a.
Comparison Rate
4.30% p.a.
95% 80%
$1m to $1.5m (LVR 80% to 90%) (Investor)
4.49% p.a.
Comparison Rate
4.50% p.a.
95% 80%
$1M to $1.5M (LVR 80% to 90%) (Owner Occupier)
4.14% p.a.
Comparison Rate
4.15% p.a.
95% 80%
$1M to $1.5M (Up to 80% LVR) (Owner Occupier)
4.02% p.a.
Comparison Rate
4.03% p.a.
80% 80%
$20k to $499k (LVR 80% to 90%) (Investor)
4.49% p.a.
Comparison Rate
4.50% p.a.
95% 80%
$20k to $500k (LVR < 80%) (Investor)
4.29% p.a.
Comparison Rate
4.30% p.a.
95% 80%
$20k to $500k (LVR 80% to 90%) (Owner Occupier)
4.14% p.a.
Comparison Rate
4.15% p.a.
90% 80%
$20k to $500k (Up to 80% LVR) (Owner Occupier)
4.02% p.a.
Comparison Rate
4.03% p.a.
80% 80%
$500k to $749k (LVR < 80%) (Investor)
4.29% p.a.
Comparison Rate
4.30% p.a.
95% 80%
$500k to $749k (LVR 80% to 90%) (Investor)
4.49% p.a.
Comparison Rate
4.50% p.a.
95% 80%
$500k to $750k (LVR 80% to 90%) (Owner Occupier)
4.14% p.a.
Comparison Rate
4.15% p.a.
90% 80%
$500k to $750k (Up to 80% LVR) (Owner Occupier)
4.02% p.a.
Comparison Rate
4.03% p.a.
80% 80%
$750k to $1m (LVR < 80%) (Investor)
4.29% p.a.
Comparison Rate
4.30% p.a.
95% 80%
$750k to $1m (LVR 80% to 90%) (Investor)
4.49% p.a.
Comparison Rate
4.50% p.a.
95% 80%
$750k to $1m (LVR 80% to 90%) (Owner Occupier)
4.14% p.a.
Comparison Rate
4.15% p.a.
95% 80%
$750k to $1m (Up to 80% LVR) (Owner Occupier)
4.02% p.a.
Comparison Rate
4.03% p.a.
80% 80%
Product NameBankwest Premium Select Home Loan
Interest Rate TypeVariable
Comp Rate^ (p.a.)
Minimum Loan Term1 year
Maximum Loan Term30 years
Maximum LVR80%
Maximum Insured LVR95%
Mortgage Offset AccountYes
Mortgage 100% OffsetYes
Loan Redraw FacilityYes
Split Loan FacilityNo
Fixed Interest OptionNo
Loan PortableYes
Suitable for InvestmentYes
Extra RepaymentYes
Available as equity loan/line of creditNo
Repayment TypePrincipal & Interest and Interest Only Options
Application Fee$0
Ongoing Fees$0 p.a.
Settlement Fee$60
Discharge Fee$328

Pros

  • Generous discount on interest rates
  • No penalty for additional payments
  • No account maintenance fees

Cons

  • There is no application fee and ongoing fee.
  • Available for new borrowings only
  • $ 0 per month applies

Things to consider about this mortgage

There is no application fee for this home loan. On top of the savings you already get, you also save on monthly fees, as this home loan account comes with no monthly fees to worry about.

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. With the Premium Select Home Loan, applying for the Offset Transaction Account can give you all the benefits of everyday banking whilst offsetting your home loan , Note monthly account fees apply if you choose the offset option.

Keep in mind that your loan amount will need to be at least $200,000 to qualify for the 0.8% discount off the standard variable rate. You will also need to ensure that your mortgage amount is less than 80% of the property value. If your loan amount exceeds 80% of the property value, your discount amount drops to 0.8%, which is still a great saving.

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 80% with this loan, but the interest rate will increase and you will need to pay Lender's Mortgage Insurance (LMI), explained below.
  • 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. You can also make additional payments directly into the mortgage account by depositing funds via internet banking or phone banking.
  • Get access to your additional repayments with a redraw facilityIf 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 are no fees for doing this.
  • Repayments to suit your needs Bankwest will also allow 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.

Fees

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 $60. This is to cover the set up of your home loan accounts.
  • Discharge fee $328. This is charged to release your home loan from the lender.
  • Documentation fee. $62-92. This fee covers the cost associated with legal documents needed for your home loan.
  • Title check fee. $12. This fee covers the cost of checking the title of the property you're buying.

Know how much you want to borrow? Use our calculator to find out what your repayments will be

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.
  • including your current assets.
  • any payments you might already be making on existing debts.
  • a current Driver's License number to verify your ID.
  • 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.


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Bankwest Premium Select Home Loan Interest Rate History vs RBA Cash Rate Graph


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This page was last modified on 6 July 2016 at 14:07.

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10 Responses to Bankwest Premium Select Home Loan

  1. Default Gravatar
    Jason | February 7, 2016

    Hello
    I’m looking at getting a guarantor. is it still possible to go with the Complete Variable Home Loan?

    Thanks

    • Staff
      Belinda | February 8, 2016

      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

  2. Default Gravatar
    Netty | January 12, 2016

    Why am I being charged transfer fees when I’m moving from home shredder to premium select. I thought this was currently being waivered

    • Staff
      Belinda | January 13, 2016

      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

  3. Default Gravatar
    jane | August 3, 2015

    I have a premium select loan. How much would it cost for me to refinance with another lender?

    • Staff
      Belinda | August 4, 2015

      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

  4. Default Gravatar
    Clarine | February 10, 2014

    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?

    • Staff
      Marc | February 11, 2014

      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.

  5. Default Gravatar
    AndyB | December 23, 2013

    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

    • Staff
      Shirley | December 23, 2013

      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

Bankwest Premium Select Home Loan

  • Interest Rate

    N/A

  • Comparison Rate

    N/A

  • App Fee / Annual Service Fee

    $0 / $0

  • Max LVR

    80%

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