Finty
Bankwest

Bankwest Complete Variable Home Loan Package

Variable rateOffsetRedraw

Home loans don't have to be so rigid. This flexible package has up to nine offset accounts, a credit card and other good stuff - including our great rates.

Written byDavid Boyd
Interest rate a year, from
6.44%
Comparison rate
6.83%
Upfront fees
$350
Annual fee
Not published
Monthly fee
Not published

Monthly repayment

$600,000 over 30 years

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What it would cost

At the lowest rate of 6.44% (variable, live in, principal and interest). The rate you are offered depends on your deposit and the loan you choose, and upfront fees are not included.

Monthly repayment
$3,769
Total repayments
$1,356,755
Interest
$756,755

Rates

Every rate Bankwest publishes for this loan. LVR is the loan as a share of the property's value: 80% for a 20% deposit.

RatePropertyRepaymentsLVRInterest rateComparison rate
VariableLive inPrincipal and interestUp to 60%6.44%6.83%
VariableLive inPrincipal and interest60% to 70%6.49%6.88%
VariableLive inPrincipal and interest70% to 80%6.49%6.88%
VariableLive inPrincipal and interest80% to 90%6.74%7.13%
VariableLive inPrincipal and interest90% to 95%7.14%7.52%
VariableLive inPrincipal and interest95% to 98%8.62%8.99%
VariableLive inInterest onlyUp to 80%7.59%7.94%
VariableInvestmentPrincipal and interestUp to 60%6.69%7.08%
VariableInvestmentPrincipal and interest60% to 70%6.74%7.13%
VariableInvestmentPrincipal and interest70% to 80%6.74%7.13%
VariableInvestmentPrincipal and interest80% to 90%7.04%7.42%
VariableInvestmentPrincipal and interest90% to 95%7.74%8.12%
VariableInvestmentInterest onlyUp to 90%8.27%8.61%

Comparison rates are for an example loan of $150,000 over 25 years. WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

Fees and features

Fees

Upfront fees
$350
Annual fee
Not published
Monthly fee
Not published

Features

Offset account
Yes
Redraw
Yes
Highest LVR
98%
Loan amount
From $200,000

How it compares

Against the other home loans we compare, for a home you live in with a 20% deposit. Typical means the middle half of them.

Variable rate

6.49%

For a home you live in, paying principal and interest. Typical is 6.62%.

Comparison rate

6.88%

For the same rate. Typical is 6.70%.

Upfront fees

$350

Typical upfront fees are $600.

Smallest deposit

2%

Most loans need at least 10% of the price.

Pros and cons

Pros

  • A smaller deposit. You can borrow with 2% down, so you may buy sooner. Under 20%, lenders mortgage insurance usually applies.
  • An offset account. Money in it is taken off your balance when interest is worked out, so your savings and pay cut the interest while staying easy to reach.
  • Extra repayments. Paying more than the minimum pays the loan off sooner and cuts the interest you pay.
  • Redraw. You can take back extra repayments later if you need the money.
  • No early repayment fee listed. You can pay the loan off early, or refinance, without a penalty. Check the terms to be sure.
  • Interest only available. Some investors use it to keep repayments down for a few years, though the balance doesn't fall in that time.

Cons

  • A $35 late payment fee. Setting up automatic repayments avoids it.

Similar home loans

Home loans from other lenders with a similar starting variable rate, for a home you live in with a 20% deposit.