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Review by

Richard Whitten is a money editor at Finder, and has been covering home loans, property and personal finance for 6+ years. He has written for Yahoo Finance, Money Magazine and Homely; and has appeared on various radio shows nationwide. He holds a Certificate IV in mortgage broking and finance (RG 206) and a Tier 1 Generic Knowledge certification (RG 146).

Expert review

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).

About this loan

What are the features and benefits of the Bankwest Premium Select Home Loan?

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.

How to apply

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.

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    Default Gravatar
    March 26, 2023


    Is it possible to refinance my existing investment home loan and switch to this product, it’s currently on a variable rate with an LVR of about 35%

      April 6, 2023

      Hi Aedan,

      Yes this may be possible, depending on your income, expenses and personal budget. To apply for this loan or enquire about your eligibility, you can contact Bankwest directly via their website or phone.

      Hope this helps!

    Default Gravatar
    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.


    Default Gravatar
    February 7, 2016

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


      Default Gravatar
      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,

    Default Gravatar
    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

      Default Gravatar
      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.


    Default Gravatar
    August 3, 2015

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

      Default Gravatar
      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.


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