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Bankwest Home Loan - Var Rate 4.09% P.a. for 3 Years (Comparison Rate 5.02% P.a. Owner Occupied)

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Bankwest Home Loan - Var Rate 4.09% P.a. for 3 Years (Comparison Rate 5.02% P.a. Owner Occupied)
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Associatedtomleonhart on 11/08/2015 - 09:54 bankwest.com.au (196 clicks)
Last edited 11/08/2015 - 12:00 by 2 other users

Hi guys,

Bankwest has just lowered their 3 years introductory rate for owner occupied loan to 4.09% p.a.
Great deal if you prefer a brick and mortar lender.

Features:

  • Variable rate of 4.09% p.a. for 3 years then revert to Bankwest's Lite Home Loan variable rate (currently 5.35% p.a.).
  • Online redraw is free and has no minimum amount.
  • Offset account can be created for an extra $10/month.
  • Application fee is currently waived.
  • Borrow up to 80% value of the property.

Non-Bankwest fees still apply, including mortgage discharge fees, mortgage registration fees, and other fees depending on state

You can go straight to Bankwest or PM me if you want to go through our brokerage service. :)

Credit Representative Number 476455

Financial Bankwest Home Loan

Related Stores

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closed Comments

  • saty1296 on 11/08/2015 - 10:03

    Can I borrow up to 90% with this loan? Do you finance Lender's Mortgage Insurance as part of this package? What is interest rate for Bankwest's Lite Home Loan?

    Does it cost customer to get the property valuation done?

    • Associatedtomleonhart @ Bankwest on 11/08/2015 - 10:06

      Sorry I forgot to add it's <80% LVR.

      Current Bankwest Lite Home Loan variable rate is 5.35%.

      Valuation is covered at the moment as BW is waiving application fee.

      • saty1296 on 11/08/2015 - 10:08

        Thank you for your response.

        What is the best Bankwest loan package for people borrowing up to 90% of property purchase cost with variable interest rate in your opinion?

  • Coley on 11/08/2015 - 10:21

    Does it revert back to 5.35% after 3 years? Seems excessive.

    • Associatedtomleonhart @ Bankwest on 11/08/2015 - 10:23

      You can refinance after 3 years to another lender or take on another package within BW.

      • Coley on 11/08/2015 - 11:13

        Would really depend on your current loan arrangements but I suspect for a lot of people that needing to change home loans in 3 years and the associated fees involved, may actually out way the benefits from a 4.09% rate.

        • Make it so on 11/08/2015 - 11:57

          Agree.

        • justtoreply on 11/08/2015 - 13:49

          Well, I'm swapping my home loan from one bank to another (neither of them are bankwest) and I've found that the receiving bank is offering a payout for coming to them. Check the bankwest exit fees, it may not cost much to change in three years and if there's a bonus on offer it might not cost you anything overall.

          Also, depending on your loan size, you can save quite a bit of interest in 3 years with 0.3% reduction over the current fixed-term rates (which are lower than the current variable rates).

  • itsnotdark on 11/08/2015 - 10:25

    Is it for new customer only? What's the best rate for existing Super start customer? Thanks

    • Associatedtomleonhart @ Bankwest on 11/08/2015 - 10:33

      I just had a look and it's for new customer only and new monies only. You can still call BW and "threaten to leave" to see if they can do anything for you :)

      • chubbyguts on 11/08/2015 - 14:49

        Every good deal at bankwest is for new customers only.

  • rxjb on 11/08/2015 - 10:36

    What are some of the other fees and charges OP? Establishment, ongoing, exit?

    • Associatedtomleonhart @ Bankwest on 11/08/2015 - 10:48
      +1

      Currently they're waiving Establishment fee.
      Settlement fee is $60.
      no ongoing fee. ($10/month if you want offset)
      discharge fee is $350 (I believe)

    • Ryder on 11/08/2015 - 13:56

      To refinance to Bankwest it will cost under ~$200 settlement fee plus a discharge fee on your current loan.
      For discharge from Bankwest it will cost about $330 plus mortgage deregistration of ~$120

  • fox81 on 11/08/2015 - 10:46
    -3

    WTF is a 3 year variable rate?

    • Pone on 11/08/2015 - 10:48
      +5

      I assume it's "Honeymoon" period~

    • Lukian on 11/08/2015 - 10:52

      It goes to a (variable) fixed rate after? =)

      • kusama on 11/08/2015 - 10:56
        +1

        It's an extra discount on the normal variable rate during the first 3 years. It then reverts to the Lite variable rate which is 5.35% p.a, of course it will be different then.

        • Coley on 11/08/2015 - 11:17

          An introductory offer can be great value but reverting back to a completely uncompetitive rate like 5.35% seems like over the top bait tactics IMO.

        • kusama on 11/08/2015 - 11:18

          @Coley:
          I've got no idea if it's easy to change loans but yeah, they probably hope for set and forget'ers

        • Lukian on 11/08/2015 - 11:18
          +1

          @Coley: As an OzBargainer wouldn't you simply move your home loan in three years time?

        • Coley on 11/08/2015 - 11:24

          @Lukian:

          Each to their own. For my situation, adding in offset account fees, discharge fees x 2, mandatory government mortgage fees x 2, possible application and valuation fees in 3 years times and lastly the small difference between this rate and my current rate, it's not a bargain for me. Other's will have to do their own sums.

  • pichka on 11/08/2015 - 11:22
    +2

    I'm with CUA fresh start at 4.18% (4.2%) 80% LVR ….$195 establishment fee….after no more fees ever….and rate doesnt go up after 3 years
    https://www.cua.com.au/personal-banking/home-loans/fresh-sta…

    • meku on 11/08/2015 - 12:38

      And CUA gives an offset account for free, not $10/month. Big banks can't seem to match the value offered by lenders like this.

  • Max999 on 11/08/2015 - 12:06

    Is this package applicable to customers with overseas income?

  • rambokid on 11/08/2015 - 13:31

    Why wouldn't one go with loans.com.au, instead of this one ? Low rates and no fees !!!

    • Associatedtomleonhart @ Bankwest on 11/08/2015 - 13:36

      Some people prefer brick and mortar lender with a branch and a covered under the Australian Government Guarantee Scheme.

      Plus borrowing as cashout etc…

      • rambokid on 11/08/2015 - 14:25

        Are you saying Loans.com.au is not covered by Aust Govt Guarantee Scheme ?

        You can transact on your loans.com.au account through any Westpac group bank branches so that part is covered, although I can't recall the last time I actually went into a bank branch!!

        • Associatedtomleonhart @ Bankwest on 11/08/2015 - 14:26

          http://www.apra.gov.au/adi/pages/adilist.aspx

          loans.com.au isn't on there.

        • rambokid on 11/08/2015 - 15:48

          @tomleonhart:

          Okay so how is it possible that they are allowed to transact financial products without being regulated by APRA ??

          How does Aust govt guarantee scheme help? Given we have a bigger loan than any money in our offset, how are we at risk ?

        • [Deactivated] on 11/08/2015 - 18:16

          @rambokid:

          Who cares if they go belly-up; we owe them the money.

        • Make it so on 11/08/2015 - 19:22

          @hardya: and they own your house…

        • rambokid on 11/08/2015 - 19:35
          +1

          @Make it so:

          That is a question I always had … What if the company goes belly up what happens to the property we have mortgaged with them ?? Eh, tomleonhart ?

        • Make it so on 12/08/2015 - 01:04

          @rambokid: they could auction your property off. Especially if they intentionality undervalue it first. A certain bank got in trouble for that.

  • anna10 on 25/09/2015 - 15:41

    What is the best investor property loan rate right now?

    • Associatedtomleonhart @ Bankwest on 25/09/2015 - 15:42

      how much are you borrowing? What is the value of the property ?

  • anna10 on 25/09/2015 - 15:52

    Redacted

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