Bankwest Home Loan

About Bankwest Home Loan

Bankwest Home Loan is the complete companion in your home ownership journey through every step. You can build, renovate, purchase, rent, invest, or refinance comfortably using Bankwest housing loans. Bankwest’s entire experience is modelled on providing accessibility of banking services to all. They aim to establish themselves as a bank that anyone can approach without hesitation. Friendliness, simplicity, safety and security are the core values of Bankwest.

The West Australian Bank offers personal as well as business banking services. Bankwest Home Loans are available to first-time and seasoned homebuyers for up to 30 years at fixed and variable interest rates.

Before diving deep into the various aspects of the loan, take a quick look at Bankwest’s home loan rates.

Type of Home Loan	Annual Interest rate	Annual Comparison rate	LVR
Variable Rate Home Loan	6.19% onwards	6.21% onwards	Up to 98%
Fixed Rate Home Loan	6.49% onwards	8.14% onwards	Up to 80%
Complete Variable Home Loan	6.74% onwards	7.12% onwards	Up to 90%
Complete Fixed Home Loan Package	6.29% onwards	6.99% onwards	Up to 90%

Who is Eligible for Bankwest Home Loan?

Lenders set eligibility criteria to establish the loan seeker’s creditworthiness. To be eligible for a Bankwest Home Loan, a candidate must be:

• At least 18 years old
• An Australian citizen or permanent resident
• Financially stable and have prior work experience

You can also check out the bank’s borrowing power calculator to check the loan amount you are eligible for.

Documents Required for Bankwest Home Loan

The following table highlights the documents banks accept to satisfy their eligibility criteria.

Requirements	Accepted Proofs
ID proof	●     Passport ●     Driver’s license ●     Birth certificates ●     Government Benefits Card ●     Utility bills ●     Citizenship papers
Income proof	Salaried Applicants:   ●     2 recent payslips   Self-Employed Applicants:   ●     Notices of Assessment ●     Taxation copies ●     Financial reports   Others:   ●     SMSF member benefit statement + letter from a financial planner ●     Statement of super balance/ 3 months’ bank statements ●     Recent pension statements ●     Proofs of rental income
Expenses	One month’s statement of regular bank a/c
Disclosure of debts	One month’s statement from loan/credit card/store card account
Property details	Copy of fully signed property agreement(s)
Refinancing applicants	6 months’ recent home loan statements

Benefits of Choosing a Bankwest Home Loan

Benefits

• High LVR: Bankwest’s LVR of up to 98% makes a home loan accessible to even homebuyers with smaller deposits. With such a high LVR, Bankwest aims to provide its services to even first-time home buyers.
• Open to All: Bankwest extends home loans to applicants from diverse income backgrounds. The bank also welcomes pension, SMSFs and rental income earners apart from the general self-employed and salaried applicants.
• Greater Choice: Bankwest’s dynamic home loans allow a loan seeker to choose the desired features for their housing finance. Not only does it offer a choice between fixed and variable rates, but it also offers several add-on benefits to choose from.
• Specialized Customer Service: The bank has Home Loan Specialists and Mobile Lending Managers who can cater to the individual circumstances of applicants and offer the right guidance accordingly.
• Tools and Services: The bank’s online services provide various calculators and trackers for its loan seekers. Several loan calculators like offset calculators, repayments calculators, and refinance calculators, along with an online loan application tracker, can be effortlessly accessed on its website.
• Allied Services and Benefits: A Bankwest customer, irrespective of the services availed by them, enjoys several benefits and perks, including special discounts on the services of the country’s biggest community avenues like the RAC Arena and Optus Stadium. A home for which you might seek a loan can also be insured using Bankwest’s Home Insurance.

Drawbacks

• Annual Charges: Some home loan options, like the ‘Complete Fixed Home Loan Package’, charge a $395 annual fee. Therefore, it might be an additional burden on the pockets of some applicants.
• Stringent Credit Scoring: Bankwest’s credit score evaluation is rather complex. Applicants with weak credit ratings have less chance of getting a home loan approval from the bank.
• No Common Debt Reducer: Bankwest does not consider your individual share of debt/credit when applying for a home loan with your spouse/family/friends. Hence, it may lower an applicant’s borrowing power and make it difficult to approve the loan.

Types of Bankwest Home Loan

Bankwest Home Loans are available in 4 different options. Bankwest home loan interest rates are fixed and variable in nature. Find a complete overview of all the loan options below.

Variable Rate Home Loan

Home loans with interest rates fluctuating throughout the loan’s duration are variable-rate home loans. Also referred to as Bankwest Simple Home Loan, it aims to offer economic interest rates to its customers. The key features of the variable-rate home loan are listed below.

• It is best suited for loan seekers with smaller deposit money.
• Up to 98% LVR is offered to borrowers with small deposits, while borrowers with large deposits can borrow up to 80% of the property’s value.
• The loan amount can be settled within 30 years. Repayment amounts may change with changes in the rate of interest.
• A minimum loan amount of more than $20,000 is required.
• Easy repayments and redraws with no extra cost. Bankwest accepts fortnightly, weekly and monthly ‘Principal and Interest’ repayments.
• 100% offset account to ensure greater interest savings and faster loan settlement.
• Zero Application fee.

Additional Charges

Charge	Amount
Home loan increase fee	$295
Settlement attendance fee	$250
Offset account charges (if applicable)	$10 per month

Complete Variable Home Loan Package

Bankwest’s Complete Variable Home Loan Package adds a top-up of additional benefits and features over the traditional variable rate home loan. Check out the prominent features of this loan below.

• Up to 90% LVR for residential and investment home loans.
• Applicable on loan amounts of more than $200,000.
• Repayments can be made fortnightly, weekly or monthly in ‘Principal and Interest mode’ while ‘Interest Only’ modes accept monthly repayments.
• No minimum limit or additional charges on redraws from advance repayments.
• Up to 9 offset accounts with a 100% limit can be used as regular savings accounts. Balance from each account can be reduced from the loan amount to reduce interest charges significantly.
• A Breeze Mastercard/ Bankwest More Mastercard/ Bankwest Qantas Mastercard is offered to applicants without any annual credit card fee.
• Split or switch the home loan between fixed and variable interest rates owing to any change in circumstances. Additional break fees may be applicable on fixed-rate home loans.

Additional Charges

Charge	Amount
Home loan increase fee	$395
Settlement attendance fee	$250

Fixed Rate Home Loan

Bankwest fixed home loan rates are pre-decided for the entirety or part of the loan’s duration. The stable interest rate reduces the risk for a borrower and makes the loan less volatile. Find the list of prominent fixed-rate home loan features below.

• The interest and repayment charges do not change throughout the set period.
• Offers an LVR of up to 80% for residential purposes and up to 90% for investment purposes.
• Offered on a loan amount of more than $20,000.
• Repayment tenure up to 30 years.
• A fixed rate can be pre-decided for up to 5 years. One can shift to standard variable rates or set a new rate at the end of the fixed rate term.
• Repayments can be made fortnightly, weekly or monthly in ‘Principal and Interest’ mode.
• No redraw facility is available on fixed-rate home loans. However, redraws can be introduced once the fixed term of interest is over.
• A 40% offset account is available on fixed-rate home loans. The account is subject to a monthly maintenance fee during the fixed term and a monthly offset fee post the fixed term.

Additional Charges

Charge	Amount
Application Fee	$295
Settlement attendance fee	$250
Home loan increase fee	$295
Loan Maintenance Fee	$12 per month
Offset Fee	$10 per month

Complete Fixed Home Loan Package

This loan lifts up the traditional fixed-rate home loan with a host of exciting features. Explore this loan's highlights, which offer the stability of fixed interest rates and excitement of add-on benefits.

• LVR of up to 80% for residential purposes and up to 90% for investment purposes.
• Issued on loan amounts of more than $200,000.
• Fix the interest rate for up to 5 years, after which you can choose to set a new rate or shift to a variable interest rate.
• Up to $10,000 of additional ‘Principal and Interest’ repayments can be made fortnightly, weekly and monthly. ‘Interest Only’ repayments can only be paid monthly.
• No change in interest and repayment amounts up to the fixed tenure.
• The redraw facility is only available once the fixed term of interest rate ends.
• A Breeze Mastercard/ Bankwest More Mastercard/ Bankwest Qantas Mastercard can be availed with no annual fee. However, other charges may be applicable.
• Up to 9 offset accounts with a maximum of 40% offset limit. An offset account can be opened through the bank’s app, and other charges may apply.

Additional Charges

Charge	Amount
Annual Package Fee	$395
Settlement attendance fee	$250

How to Apply for a Bankwest Home Loan?

A Bankwest home loan seeker can apply for a ‘conditional pre-approval ’ or fill in the bank’s online application form to file a home loan request.

Conditional Pre-Approval

If you’re still in the initial stages of your home-buying journey, a conditional pre-approval can go a long way in establishing your credibility with real estate dealers and sellers. A conditional pre-approval letter communicates how much a lender is willing to lend based on an individual’s financial status. For the homebuyers, it gives a practical idea of the amount at their disposal and for home sellers, it establishes confidence in the prospective buyer.

Bankwest’s conditional pre-approval of home loans has a validity period of 90 days. You can contact the bank’s helpline or visit a branch to apply. One should carry id proof, income proof, investment certificates, deposit proofs and the cost of the concerned property while applying for a conditional pre-approval. The application usually gets approved within 1-2 weeks.

Online Applications

Bankwest home loan application is a simple and hassle-free process. This facility allows you to apply for a home loan in the comfort of your home. A Bankwest home loan can be applied by following these simple steps.

• Log on to the bank's website.
• Under the ‘Home Loans’ category, click ‘Start Applying Today’.
• Fill in the required personal and property-related details.
• Confirm your age and Australian citizenship/residency by ticking the checkbox.
• Click on submit.

After submitting the application, the bank will contact you to proceed with the loan application process.

Other Options

Bankwest also accepts home loan applications through branch visits. An appointment with the bank’s Home Lending Specialist can also be arranged to access door-step loan application services. Further, certain eligible applicants can also apply for Bankwest’s Private Bank service to apply for a home loan.

Bankwest Home Loan Calculator

Home loan calculators can be used for several purposes. Calculators not only help an individual ascertain EMI costs but also their borrowing power. Bankwest provides many home loan calculators on its website, free of cost. Look at some major calculators:

• Borrowing capacity calculator
• Home loan repayments calculator
• Offset calculator
• Stamp duty and LMI calculator
• Refinance calculator

An online calculator is easy and simple to use. Follow these basic steps to get estimates from an online calculator.

• Choose the desired online calculator under the website's ‘Home Loan Calculators’ section.
• Enter the required values.
• Get immediate estimates in figurative and graphical representations.

Tips for Improving Your Chances of Approval for a Bankwest Home Loan

• Choose the Right Interest Rate: If the Bankwest home loan interest rates are expected to soar soon, one must opt for a fixed interest rate. If the interest rates are expected to fall, a variable rate will be a wiser decision.
• Save More: Lenders place their trust and confidence in applicants who have a regular discipline of making deposits. Making regular deposits and carrying proofs of existing ones increases an applicant’s chances of impressing the lender.
• Credit Score: Maintaining a solid credit rating is a prerequisite for any loan approval. Banks offer credit and debt services only after thoroughly establishing a borrower’s financial credibility and credit history.
• Good Debt-to-Income Ratio: Home loans in themselves are big borrowings. Try settling your previous debts before applying for a home loan to ensure you’re not burdened with additional liabilities.

Customer Service for Bankwest Home Loan

Bankwest is widely known for its friendly and responsive customer service. Bankwest customers have reported high levels of satisfaction with their banking experience. The bank can be contacted in multiple ways listed below.

Helpline Number

Bankwest Contact Number: 13 17 19

Toll-free Number - 1800 650 111

Bankwest’s Mobile Lending Manager: 1300 422 974

Availability: 24x7

Other Numbers

Financial hardships number - 1300 769 173

Indigenous customer helpline - 1300 382 395

Overseas helpline number- +61894492840

Online Chat

Open the online chat on the bank’s app or website to inquire about anything and receive a prompt response from the customer service centre.