Bankwest Premium Select Home Loan
Investors and owner-occupiers can get a variable rate mortgage with a 100% offset account.
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).
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.