home loans & personal loans

Find out how to for home and personal loans, check the status of your application and ways to make repayments once your account has been opened.

Home loans

  • How much deposit do I need?

    New customers normally need a 10% deposit, while existing home loan customers who have good conduct (i.e. stayed within the rules when using their accounts) only need 5%. But hey, we’re flexible. Tell us what you need and we’ll do our best to accommodate you. If you have equity in another property, you can even use that in place of a cash deposit. Talk to your Bankwest consultant to see how we can help.

  • How much can I borrow?

    It varies for each individual. We look at your household income and expenses, credit history, assets, liabilities and the cost of the property you want to buy. For a ballpark figure, use this online calculator .

  • How quickly can I get approval from Bankwest?

    If you provide us with all the information we need in your application we should be able to provide conditional approval within 5 working days. If we’re waiting on you to provide any missing information we will try and provide conditional approval 5 days after the final piece of information is provided.

    If you would like to speak to someone about getting conditional pre-approval for a home loan, submit an enquiry now and one of our Lending Specialists will get back to you within one working day.

  • How do I check the progress of my application?

    If you have any queries regarding the progress of your application or questions about documents we need from you for your application (e.g. payslips to verify your income), please call your lender directly. If you are unable to reach your lender, please call us on 13 17 19 .

  • Is the first home buyers grant still available?

    Yes, the First Home Owner Grant is still available for eligible customers. If you’re eligible we’ll look after the paperwork for you and have it ready at the time of your settlement, or when the slab claim is paid if you’re building a house.

  • Can I get finance for land only?

    Absolutely!

  • What is Loan to Property Value Ratio (LVR)?

    The loan to Property Value Ratio or LVR is the portion you are borrowing of the total value of the property used as security for the loan.

    For example, a customer applying for a $240,000 loan for a property valued at $300,000 would be borrowing at a 80% LVR.

    If you’re borrowing over 80% of your home’s value banks require you to take out Lenders Mortgage Insurance (LMI). This insurance protects the bank in case you default on the loan. You can either pay a one-off premium or have the fee added to your loan amount.

  • What happens when there is an interest rate change?

    We announce any interest rate changes in our news archive. We will also notify you in writing of any changes and how they affect you, by posting you a new Account Position Statement.

    What you need to do:

    • if you've arranged to pay the minimum payment you don't need to do anything. Your new repayments will be automatically adjusted for you.
    • if you're paying a fixed amount or if you make your payments manually, you may need to make a change to ensure you're paying the right amount. Please refer to your Account Position Statement for more information.
    • if you're not sure how you've set up your payments please call us on 13 17 19.
  • How can I calculate what my repayments will be?

    Calculate your home loan repayments using our home loan repayment calculator.

    PLEASE NOTE: This is an indicative figure you will be provided your exact minimum repayment in writing whenever there is a rate change as part of your Account Position Statement.

  • How can I access surplus in my home loan?

    If you have surplus in your home loan, you can access it either via internet banking or by submitting a home loan access request. Refer to the online redraw section for more information.

    PLEASE NOTE: If you pay weekly or fortnightly your 'available balance' may not reflect the true amount you can redraw. We raise interest on a monthly basis, please ensure you leave sufficient funds to cover your next month's interest. If you aren't sure how to calculate this, please call us on 13 17 19.

Personal loans

  • What is the difference between a secured and unsecured loan?

    A secured loan is where the bank uses one of your assets (generally a motor vehicle) as security against your loan. Property, caravans and jet skis are not accepted as security. An unsecured loan means there is no security against the loan therefore unsecured loans generally have a slightly higher interest rate.

    If you are experiencing difficulties in making your repayments we may be able to help.

  • How do I check the progress of my application?

    If you have any queries regarding the progress of your application or questions about documents we need from you for your application (e.g. payslips to verify your income), please call us on 13 17 19 .

Paying off your loan

  • What options are available for repayments?

    Paying back your loan from your Bankwest account

    There are a number of ways for you to repay your Bankwest home loan or personal loan.

    The quickest and easiest way is using Bankwest Online Banking. In online banking you can set up recurring payments to regularly transfer funds to your loan from a nominated bank account. You can set this up in the payments & transfers section in BOB and choose internal transfer.
    You could also set up a periodical payment which automatically transfers the money to your loan from your nominated account. As this is not done within online banking you’ll need to fill out a Direct Debit Request Form. (PDF)
    Finally, if you like some good old fashioned face to face banking, you can pop into your your nearest store to make your payments.
    Paying back your loan from a non Bankwest account

    If you are paying your loan back from an account at another bank you can use BPAY to make your payment. Simply use Biller Code 9118 and your reference number, which is the last 3 numbers of your BSB and your account number. For example, if your BSB is 306-100 and your account number is 1234567 then your reference number would be 1001234567.

    If you are not sure how to make BPAY transfers with the other bank, we suggest contacting the bank’s customer service team for assistance.

    Alternatively, you may also set up scheduled transfers with the other bank. To set this up, please contact the other financial institution and they will be able to assist. Have your Bankwest BSB & account number handy when you call them as they will need this information in order to organise a direct debit.

  • How often do I need to pay my loan?

    Your loan has an amount that is required to be paid on a monthly basis (check out your loan contract for your amount and due date) and you may choose to make this payment monthly on the due date, or make more regular payments on a fortnightly or weekly basis.

  • What should I do if I can’t make my payment?

    If you are experiencing financial hardship and can't make your payment, please call us on 13 17 19 or visit your local store so our staff can let you know what you will need to do to keep your loan up to date.

  • What happens if I pay more than I need to?

    If you deposit extra money into your loan it becomes a 'surplus' in your account which will automatically go towards your next repayment.

    Some home loan accounts allow online redraw of surplus funds through Bankwest Online Banking. Find out more about home loan redraw.

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© 2016 Copyright Bankwest, a division of Commonwealth Bank of Australia (Bankwest) ABN 48 123 123 124 AFSL / Australian credit licence 234945. All rights reserved. To use this Website, you are required to read the Financial Services Guide (which you agree to be provided by accessing the link). Bankwest is a division of Commonwealth Bank of Australia, which is the product issuer unless otherwise stated. Rates stated are subject to change without notice. Any advice given does not take into account your objectives, financial situation or needs so please consider whether it is appropriate for you. For deposit and payment products, please ensure you read and consider the Product Disclosure Statement (which you agree to be provided through this link) before making any decision about the product(s). For lending products, lending criteria and fees and charges apply. Terms and conditions apply and are available on request.