One of Australia’s most prestigious banks, Bankwest started out as a two-person government sponsored bank for WA farmers at the turn of the 20th century. Today, it is a part of Australia’s largest financial services provider and is the recipient of multiple awards, including the title of Bank of the Year for three consecutive years. While Bankwest is known for having a tough credit scoring system, for those who do qualify, expect decent interest rates and flexibility for first time home buyers.
Competitive rates and rate discounts available
Good for first time home buyers and investors
Convenient online features
Not good for low doc loans
Not a lot of repayment flexibility
Applications fees are high when not discounted
For owner occupied loans, Bankwest offers one of the lowest interest rates on the market for an introductory three-year period with the Equaliser Home Loan. You’ll pay 1.51% less than the average of the standard variable rates of ANZ, NAB, and Westpac for the first three years of your mortgage term. To give you, even more, flexibility, you can always redraw funds online without having to pay any fees. Right now, Bankwest is offering to waive the $695 application fee.
This is Bankwest’s most fully featured home loan package. You can bundle your loan with a qualifying credit card and a 100% offset account. If you expect to take advantage of these benefits, you can save a lot more each year than the $395 fee for the bundling package. Choose between a variable or fixed rate loan; you can also split or fix your loan when you want without having to pay any transfer fee. Thinking of investing? You can also package Bankwest’s Complete Equity loan product to use your built up equity to make a second property purchase.
Pay nothing in annual fees and repay your home loan faster with a 100% offset account and the ability to make extra repayments whenever you want to. As long as you are borrowing less than 80% of the purchase price, you can also enjoy a low discounted variable rate. For added convenience, you have the option to redraw funds online when you have surplus money available.
Get the peace of mind of a fixed rate as well as great savings, like a $400 reduction on the application fee. You can choose between 1- and 5-year fixed rate terms. This is an excellent option for first time home buyers who don’t have a large deposit to work with yet want the security of predictable monthly repayments. You can borrow up to 90% of the property’s value.
Take advantage of a competitive rate to make a property investment with Bankwest’s Complete Equity Loan product. You won’t have to pay any loan maintenance fees and can use your loan like a transaction account to make handling your finances that much easier.