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.
Bankwest changes to investment loans
Please note that Bankwest is now accepting standalone refinances for principal and investment loans from non-Bankwest customers.
For other terms and conditions please visit the Bankwest website for more details.
|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 Insured LVR||90%|
|Mortgage Offset Account||Yes|
|Mortgage 100% Offset||Yes|
|Loan Redraw Facility||Yes|
|Split Loan Facility||No|
|Fixed Interest Option||No|
|Suitable for Investment||Yes|
|Available as equity loan/line of credit||No|
|Repayment Type||Principal & Interest and Interest Only Options|
|Ongoing Fees||$0 p.a.|
- Generous discount on interest rates
- No penalty for additional payments
- No account maintenance fees
- There is no application fee and ongoing fee.
- Available for new borrowings only
Important considerations for 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.
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), explained below. Also, keep in mind that interest-only loans may be restricted to a lower LVR.
- 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.
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.
- Discharge fee . 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
- 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.