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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.
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Review by
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.
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).
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.
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.
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
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.
August 4, 2021
If you paid off the Premium select home loan early is there an exit fee or interest calculated for the loan completion date?
August 6, 2021
Hi Lisa,
If you repay your mortgage early, you will be liable to pay some break fees and discharge costs. The fees will depend on your loan and how early you paid it off. The good news is, this is a variable loan, not a fixed rate loan, so the fees and charges won’t be as high as they could be with a fixed mortgage.
You can find out more about the exact break costs and other fees you could be charged in your home loan contract, noting they are subject to change over time.
You can also get an estimate of your loan’s exit costs by getting in touch with your mortgage broker or you can reach out to Bankwest directly on 13 17 19.
You might also find this guide to home loan exit fees (https://www.finder.com.au/how-to-avoid-early-repayment-fees) as reference if you want to pay off your loan ahead of time. Don’t forget to check relevant product disclosure statement and the terms and conditions of your loan.
Cheers,
Sarah
February 7, 2016
Hello
I’m looking at getting a guarantor. is it still possible to go with the Complete Variable Home Loan?
Thanks
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
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
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
August 3, 2015
I have a premium select loan. How much would it cost for me to refinance with another lender?
August 4, 2015
Hi Jane,
Thanks for your inquiry.
If you would like to estimate the costs of refinancing and switching to another lender, you can use our refinancing calculator on this guide.
Generally, when refinancing your home loan, you need to consider the upfront and ongoing fees of the new lender as well as any break costs or settlement fees that you may incur with your existing lender. You can read more about the process and cost of refinancing your mortgage. You can also speak to a property tax consultant to further help you.
Thanks,
Belinda
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?
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.