Bankwest Home Loans at a Glance

Bankwest Home Loan Features

There are multiple ways you can add extras onto your Bankwest home loan. Here’s a few standout features.

Packaged Loans

Bankwest has a packaged home loan line, called ‘Complete’. With this you can add offset accounts and credit card products. Being that Bankwest has many competitive credit card options, this could be attractive to you.

The packaged product also waives many fees associated with home loans in exchange for a $395 package fee. Generally, with any packaged loans, you will want to make sure you are getting value and convenience out of it.

Offset Accounts

Bankwest offers customers multiple 100% offset accounts on variable-rate home loans. On fixed products, the offset is 40%, meaning if you had $50,000 in there, only $20,000 would be offset against your home loan balance.

Offset accounts are offered for a $10 monthly fee on variable-rate home loans, or are included on packaged loans. Like any home loan features, you’ll want to make sure you’re getting value from it.

98% LVR

Bankwest is one of the few lenders in Australia to allow up to 98% LVR. Many banks cap out at 95%. However, there’s a caveat - this includes the bundled LMI policy.

With LMI you can either pay it upfront, or bake it into the loan and pay it off. Being that LMI can cost in excess of $10,000, many opt to pay it off. The catch is, you’ll be paying interest on it.

As an example, say you wanted a $600,000 home, but only had a 10% deposit, which is $60,000. Your LMI, using insurers' calculators, would be around $10,000. This means you would need to borrow $550,000, heightening your loan-to-value ratio (LVR).

Bankwest Home Loan Fees

Common fees associated with Bankwest home loans include:

  • Offset fee: $10 a month for each account

  • Package fee: $395 a year

  • Application fee: $695

  • Top up fee: $295

  • Settlement fee: $350

  • Loan maintenance: $12 a month on fixed products

Certain fees may be reduced or waived on different products.

How to Apply for a Bankwest Home Loan

Eligibility

If you’re looking into applying for a Bankwest home loan, eligibility requirements that must be met include:

  • Applicants must be over the age of 18.

  • Applicants must be an Australian citizen or permanent resident.

  • Applicants must have a regular source of income.

  • Applicants must have a minimum loan amount of $200,000.

  • Good credit history.

  • Demonstrate your ability to service a loan.

Documents required

  • At least two forms of either driver's licence, Medicare card or passport.

  • One month’s worth of statements for your everyday bank account.

  • Debt statements - credit cards, store cards, car loans. The statements must be from the last 45 days and show your name, account number and transaction history.

  • If you are an employee, they will typically require two recent payslips, and the most recent payment summary or tax return.

  • If you are self-employed, they will typically require the last two years’ company tax returns.

  • Proof of ongoing rent or board.