How much can I borrow?

Which loan should I choose?

Paperwork you need for an application

How much can I borrow?

How much you can borrow depends on many factors such as your family's income and expenditure, credit history and your assets, liabilities and the cost of the home you are looking to buy.

For a quick, ball-park idea of how much you can borrow check out this online calculator.

A Home Loan Pre-Approval determines how much you can borrow based on the information you provide. It's a good idea to consider getting a home loan pre-approval before you start house hunting so you know what you can afford. To obtain pre-approval or find out if you are eligible, call us on 13 17 18 or visit any branch. In most cases we can provide a pre-approval (including a credit check) on the spot.

Which loan should I choose?

Again, that depends on your circumstances. Variable and Fixed Loans have their pros and cons so it's good to consider these before making a decision. Split Loans combine features of both Variable and Fixed Loans which allows you to broaden your options. The chart below gives you an initial idea of the loan that may be right for you.
 

Loan Type	Pros	Cons
Variable	Additional repayments can be made without any penalties. When the Reserve Bank or the market lowers interest rates, these savings will be passed on to you.	When the Reserve Bank or market increases rates, the interest rate on your loan will also increase meaning you will pay more interest.
Fixed	During the fixed term, your repayments won't change so budgeting is easier. During the fixed period, if interest rates go up your rate won't change.	If you want to make extra repayments there is less flexibility on Fixed Rate Loans. When market rates go down, the rate on your loan will remain the same so you won't access potential savings. If you choose to exit or switch your loan, there may be early termination fees associated.

If it all still seems confusing, don't worry. Our lending experts will help you to make the right choice. If it's not convenient for you to drop in and see us, we also have Home Loan Specialists who can visit you at a time and place that suits you. Or for a chat, you can call us 24 hours a day, 7 days a week on 13 17 18.

Paperwork you need for an application

To make the application process as smooth as possible, it's helpful if you can prepare the following paperwork before you meet up with your Bankwest consultant.

• Your last two consecutive pay slips and last year's group certificate or tax return.
• If you are self-employed, financial statements with tax returns for the last three years.
• Details of your monthly expenses, what you own and what you owe.
• Confirmation of other income or expenses (Trust income, Centrelink benefits, Family Law Court Agreements, etc).
• Details of savings (passbooks/statements, etc).
• If you are applying to refinance a loan which is currently with another lender, a copy of the last 12 months' loan statements.
• If you are looking to purchase a property and already have the Contract of Sale please bring this along.
• If you want a loan to build, please bring a copy of the signed building contract, including plans and specifications. 

ID requirements

If you are not currently a customer of Bankwest, please bring along your passport and driver's licence. If you do not have these identifying documents, please contact us on 13 17 18.