Buying your next home

Whether you're buying a second home or an investment property, there's a few things to consider that could be different from your first time around.

Steps to buying your next home

Plan your next step

When it comes to buying a second property, there's a bit more to think about than your first home.

Crunch your numbers

There's different finance options and costs you'll need to consider when buying your next property.

Get ready to buy your next home

Learn about buying, selling and the loan approval process, so you're equipped to buy your next property.

Complete Home Loan Package

Whether you're buying a home to live in or an investment property, the Complete Home Loan Package could help you get there. With a $395 annual fee, the Complete Home Loan offers our low rate, plus the flexibility to add multiple offset accounts and an eligible credit card. 1 Offset Transaction Account must be held in the same name as the loan. Maximum 40% offset is available with our Complete Fixed and Fixed Rate Home Loan. Other exclusions apply. Where a monthly offset fee applies, it will apply to each offset account held.

You can choose from a variable, fixed or split loan to suit your needs.

Complete Variable Home Loan

  • Choose to make weekly, fortnightly or monthly repayments
  • Offset your interest with optional 100% offset accounts
  • Make unlimited extra repayments

Complete Fixed Home Loan

  • Security that your home loan rate won't change during your fixed period
  • Offset your interest with optional 40% offset accounts
  • Make extra repayments up to $10,000 each year

Less lazy home loans

We're empowering our customers to achieve their home ownership goals and squeeze more out of their home loan.

Flexible loan options

Choose a home loan type that suits you – from variable, fixed or split home loan options.

Save on interest

Save on home loan interest while you manage your money with multiple offset accounts.

Easy digital application

With a Bankwest home loan you could sign your home loan documents and track your application online, anytime it suits you. 2 3 Some exclusions apply.

Extra repayments

Get ahead on your mortgage by making weekly, fortnightly or monthly repayments. Pay extra to reduce your home loan faster. 4 If you decide to pay interest only, only monthly repayments are permitted.
5 Extra repayments up to $10,000 for Complete Fixed Home Loan.

Bridging finance

With a bridging loan there's less missing out – you don't have to let go of your ideal property purchase, before you finalise the sale of your current property. 6 Bridging finance is a facility of the Mortgage Shredder Home Loan only.

Chat to a Home Lending Specialist to see if this option could suit you.

Home loan calculators

Calculate home loan repayments

Get an idea of your regular repayments and see how much you could save if you make extra repayments.

Calculate your borrowing power

Estimate how much you could borrow based on your income, expenses and current home loan.

Calculate home loan fees and stamp duty

Get an estimate on stamp duty, Lenders Mortgage Insurance and other home buying fees.

Calculate how much you could save

See if refinancing your loan could save you money on home loan interest in the long term.

Frequently asked questions

Want to know more?

1

How does a bridging loan work?

A bridging loan could help you purchase a new property to live in, before you sell your existing home.

It's a temporary loan, usually up to 6 months, and you’ll need to have your existing home loan with us. You'll need to sell and settle your current property within the loan term.

The proceeds from your property sale will go towards paying off your bridging loan. If you sell your house for less than the bridging loan, you could end up with a higher home loan balance than you expected. 6 Bridging finance is a facility of the Mortgage Shredder Home Loan only.

2

Do I need a deposit for a bridging loan?

You don't need a deposit when you take out a bridging loan. A bridging loan is designed to help you buy a new property before you sell your current home. Therefore, the balance of the bridging loan will be paid once you sell or will be added to the balance on your new mortgage.

3

How can I use equity to buy a house?

Equity is the difference between your property’s market value (what you could sell it for) and what you owe on your home loan.

You may be able to borrow against the equity in your home, instead of using a cash deposit to buy a new home. Depending on your situation, you may need to pay a smaller deposit to avoid Lenders Mortgage Insurance.

4

How much can I borrow for my next property?

How much you can borrow for your next property depends on a few things, such as your current equity and financial situation, as well as the reason you're buying your next property.

5

How do I calculate my usable equity?

A common misconception is that you can use all your equity to buy another property. In most instances, you could borrow up to 80% of the value of your home.​

For example, here’s how Sarah can calculate her usable equity:​​

  • Calculate 80% of the value of Sarah’s home: $500,000 x 80% = $400,000​​
  • Take the 80% value of Sarah’s home and subtract her current outstanding debt: $400,000 - $320,000 = $80,000.​​

This means Sarah has $80,000 worth of usable equity to put towards a deposit, as well as other buying costs like stamp duty and settlement fees.

If the usable equity isn’t enough to cover the full deposit and any stamp duty and settlement costs, Sarah will also have to make a cash contribution.​

We're ready to help

Your very own Home Lending Specialist will respond within one business day. You can talk on the phone, meet at a branch, or have a Mobile Lending Manager come to you.

Complete Home Loan Package:
Lending and eligibility criteria, fees and charges apply including an annual package fee of $395. Terms and conditions apply and are available on request. The Complete Home Loan Package is available to individuals and eligible family trusts. Minimum initial loan size $200,000. The package consists of an eligible home loan, one optional eligible credit card per customer and optional Offset Transaction account. Offset Transaction Account must be held in the same name as the loan account. Maximum 40% offset available with Complete Fixed Home Loan. Other exclusions apply. Consider the Offset Transaction Account Product Disclosure Statement (PDS) available from bankwest.com.au and whether the product is right for you. Mastercard and the circles design are registered trademarks, and tap & go is a trademark, of Mastercard International Incorporated. Variable rate is subject to change.

Mortgage Shredder Home Loan and the Mortgage Shredder Bridging Loan:
Min loan size $20,000. Lending criteria, fees and charges apply. Maximum 70% Loan to Value Ratio for owner occupier and investment loans. Terms and conditions apply.

  1. Offset Transaction Account must be held in the same name as the loan. Maximum 40% offset is available with our Complete Fixed and Fixed Rate Home Loan. Other exclusions apply. Where a monthly offset fee applies, it will apply to each offset account held.
  2. Digital signing – some exclusions apply. Due to state laws, restrictions apply to digitally signing the Mortgage Form in some States and Territories. Customers must have access to a device (computer or tablet recommended) with internet and email access.
  3. Some exclusions apply.
  4. If you decide to pay interest only, only monthly repayments are permitted.
  5. Extra repayments up to $10,000 for Complete Fixed Home Loan.
  6. Bridging finance is a facility of the Mortgage Shredder Home Loan only.