Save with Bankwest’s three year introductory interest rate and take advantage of a $0 application fee
Whether you’re buying your next property or switching to Bankwest, you can save with a 1.30% p.a. discount off the standard variable rate (early exit fees may apply and depend on individual loans such as rate, terms and value) for the first three years.
This loan is suitable for new customers that have a bigger deposit, or equity in their existing loan and only need to borrow up to 80% of the property’s value. After the three years, the rate will revert to the Bankwest Lite Home Loan reference rate.
This means you can save on your home loan repayments to help make your new house a home, or spend money on the more important things in life.
Take advantage of Bankwest’s special introductory rate and for a limited time only you’ll pay no application fee - an immediate saving of $695. With Super Start Home Loan you can also save with no annual or ongoing monthly maintenance fees.
What are the features of this home loan?
- No establishment fee or ongoing maintenance fees. You won't pay any establishment fees on this loan which could usually run into the hundred of dollars. There are also no ongoing account maintenance fees or monthly offset fees associated with this home loan.
- Interest-only options. Interest-only payments are available from one to five years. This could be a great option for borrowers looking to free up some extra cash for whatever reason.
- Redraw facility. If you'd like to access your money you have already paid off the loan, you get free access to your funds via the online mortgage redraw facility. Normally there is a Home Loan Access fee of $10 for this service, but customers using the online banking service get this for free.
- Flexible repayments. The loan repayment frequency can be set at either weekly, fortnightly or monthly repayments, borrowers are free to pay as much as they would like over their loan minimum repayment and as mentioned above, have the ability to redraw the additional these funds at any time without incurring any additional charges. This can be done via Bankwest Online Banking.
- Portability. If you wish to sell your existing property and buy a new one, you can bring this loan with you, provided the borrowing amount doesn't increase. There's a $350 fee associated with this, but it gives you the ability to avoid having to terminate your loan and apply for a new one, which can come with upfront fees and the uncertainty of a new loan application. Using this feature will involve Bankwest organising a valuation on the new property and will require you to sign some documents.
Are there any optional extras I could take out?
- Home and contents insurance. You can receive a 5% discount on home and contents insurance if you combine your building and contents insurance policy with Bankwest's general insurance partner, Vero Insurance.
- Credit protection insurance. St Andrew’s (a partner with Bankwest) can help ease the stress of owning a home by covering your home loan repayments if you are unable to due to sickness or injury, or if you suddenly lose your job involuntarily.
Fees and charges
Fees you can avoid
- Lender’s Mortgage Insurance. Amount varies. This is generally charged if you borrow over 80% of the property’s value or purchase price so is not applicable for this loan.
- Application fee. $0. For a limited time only you won’t have to pay an application fee.
- Monthly maintenance fee, $0. You won’t need to pay any monthly fees with this loan.
Fees you can’t avoid
- Transfer fee. $95. This fee covers a transfer to another home loan product.
- Portability fee. $350. If you move to a new property and want to take your loan with you, this fee will be charged.
- Home loan access fee. $10 per redraw. If you would like to access any additional repayments you’ve made through the redraw facility, this fee is charged (excludes withdrawals through Bankwest Online Banking).
How do I apply or find out more information about this loan?
If you would like to apply or find out more information about the Bankwest Super Start home loan, please click on the secure links on this page to be take to Bankwest’s website. You’ll be able to make an appointment where a Bankwest consultant will come to you, apply directly or make an obligation-free enquiry.
What do I need to provide?
- Your driver’s licence number
- Details about your employment, including contact details and the length of your employment
- Details about your finances, including your income, expenses and other assets
Am I eligible?
- You must be least 18 years old
- You’re a permanent Australian resident or citizen
- Meet the minimum lending criteria including borrowing up to 80% of the property value