Bankwest Super Start Home Loan

Rates and Fees verified correct on July 29th, 2016

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
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This page was last modified on 3 July 2016 at 4:26.

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16 Responses to Bankwest Super Start Home Loan

  1. Default Gravatar
    John | October 11, 2015

    Hi there
    Whats the refinance for a home loan
    Cheers

    • Staff
      Belinda | October 12, 2015

      Hi John,

      Thanks for your enquiry.

      If you’re interested in refinancing a home loan, or you’d like to learn more about the refinancing process, you can read our guides about refinancing here and here.

      You can also calculate the cost of refinancing your home loan by using our switching costs calculator on this page.

      Please carefully consider any break costs that you may incur with your existing lender as well as application fees which could be charged by your new lender when making your decision.

      Thanks,
      Belinda

  2. Default Gravatar
    Russell | September 29, 2015

    What are the penalties on paying out a 25year loan on $500 000 in say 3 years time?

    • Staff
      Marc | September 30, 2015

      Hi Russell,
      thanks for the question.

      There’s no early exit fee for this loan when leaving at any time, but be aware that there is the standard discharge fee charged by Bankwest for $300 when you leave this loan.

      I hope this helps,
      Marc.

  3. Default Gravatar
    tash | August 4, 2015

    Just wondering if a guarantor can be used when applying for a home loan and if so what would be the minimum deposit required if any with a guarantor?

    • Staff
      Belinda | August 5, 2015

      Hi Tash,

      Thanks for your enquiry.

      If you’re unable to come up with a deposit or you’d like to avoid paying for Lender’s Mortgage Insurance (LMI), then you can use a guarantor when you apply for a home loan.

      Generally a guarantor is a family member that assumes financial responsibility for the loan in the event that you’re unable to meet your repayments.

      On this page you can read more about how guarantor home loans work, and you can compare a range of lenders that allow guarantors.

      Thanks,
      Belinda

  4. Default Gravatar
    john | April 7, 2015

    min term is 1 year

    what charges apply if I break this

    • Staff
      Marc | April 10, 2015

      Hi John,
      thanks for the question.

      There are no penalty fees for leaving this home loan within a year, although note that there might be a discharge fee of $300 when you exit the home loan at any point.

      I hope this helps,
      Marc.

  5. Default Gravatar
    | March 5, 2015

    1. Should the additional applicant also be a permanent resident of Australia? Main applicant is a permanent resident.
    2. If we take out more than 80% loan and pay LMI, Will the LMI be reimbursed once we payoff the loan up to 80% on a prorata basis?

    • Staff
      Shirley | March 6, 2015

      Hi Kate,

      Thanks for your question.

      The additional applicant doesn’t need to be a permanent resident, though in this case it may be best to apply at your local Bankwest branch.

      Generally LMI is not reimbursed, as it is a premium paid to protect the lender in case of a default. If you would like to discuss your eligibility or options, please get in touch with Bankwest directly.

      Cheers,
      Shirley

  6. Default Gravatar
    Jack | March 4, 2015

    If the RBA cuts rate down, say 2% or less, does current 4.34% (locked for first 3 years) also go down?

    • Staff
      Shirley | March 4, 2015

      Hi Jack,

      Thanks for your question.

      Please note that this interest rate is variable and applies for the first three years of the home loan. After the three years, the rate will revert to the Bankwest Lite Home Loan reference rate.

      It is up to the lender whether they would like to pass on any interest rate cuts as set by the RBA. Due to the nature of this enquiry it’s probably best to speak to Bankwest directly.

      Cheers,
      Shirley

  7. Default Gravatar
    Cody | February 12, 2015

    Can you please advise of any break costs after the 3 year introductory period is over? ($400k loan)

    • Staff
      Shirley | February 12, 2015

      Hi Cody,

      Thanks for your question.

      While the Bankwest website doesn’t state a discharge fee, it’s likely that other early repayment costs may apply.

      For more information, please speak to Bankwest directly.

      Cheers,
      Shirley

  8. Default Gravatar
    Honora | January 27, 2015

    can you please advise what the Bank Lite home Loan referEnce rate is after the initial 3 year period?

    • Staff
      Marc | January 28, 2015

      Hi Honora,
      thanks for the question.

      This rate reverts to the rate of 5.77% p.a. after the initial period ends.

      I hope this helps,
      Marc.

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