What’s the comparison rate?
It’s a tool that can help you identify the truer cost of a loan. It’s calculated using a standard formula that includes the interest rate, as well as certain fees and charges relating to a loan (not all fees and charges are included).
Comparison rate warning:
Loans for a property to live in vs. loans for an investment purpose
Comparison rate is calculated on the statutory assumption of $150,000 loan over 25 years but the minimum required loan amount is $200,000 for the Complete Home Loan Package. Different rates apply for different loan amounts and may depend on the duration of a fixed rate period or the ratio of the loan amount to the property value. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.
Loans for a property to live in - also known as owner-occupier loans – include (but aren’t limited to) loans to fund the purchase of a property or refinance an existing loan, where the borrower currently lives or intends to live in the property.
Loans for an investment purpose – also known as investor loans – include (but aren’t limited to) loans where the predominant part is used to invest in shares, land, construction or an established property. They also include refinancing an investor loan.
Other conditions apply.
- Offset Transaction Account must be held in the same name as the loan account. Other exclusions apply. Maximum 40% offset is available with our Complete Fixed Home Loan.
- At the end of the fixed rate period, you’ll roll on to our standard variable rate, minus the discount outlined in your loan contract. If you’re an owner occupier, the standard variable rate is the Mortgage Shredder Reference Rate. If you’re an investor, it’s the Investor Reference Rate.
- Under the package, only one optional Bankwest Qantas Mastercard, Bankwest More Mastercard or Breeze Mastercard account is allowed per customer. Minimum credit limit is $3,000 for the Bankwest Qantas Platinum Mastercard, $1,000 for the Bankwest More Classic Mastercard and the Breeze Classic Mastercard, and $6,000 for the Bankwest More Platinum Mastercard and Breeze Platinum Mastercard.
- If you decide to pay interest only, only monthly repayments are permitted.
- There is no minimum redraw amount, including transactions completed over the counter.
- Other fees and charges, such as break fees on a fixed rate loan, may apply.
- Digital signing excludes home loan transfers. Other 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.
- Application tracker not available on lines of credit. Other exclusions may apply.
- Before going into a fixed-rate loan, it's worth thinking about the implications should you decide to break the loan during the fixed period, as break fees may apply.
- Different rates apply for interest only repayments. Contact your Home Lending Specialist or call us on 13 17 19 to find out more.
- No transfer fee when transferring loans within the Complete Package, or when transferring from another Bankwest home loan on to the Complete Package.
- If you take out a Bankwest home loan for investment purposes, you will be contacted by Deppro Pty Ltd. Bankwest does not endorse or approve the depreciation schedule prepared by Deppro Pty Ltd.
Package consists of an eligible home loan, one optional eligible credit card per customer and up to nine optional Offset Transaction Accounts per loan.
The Complete Home Loan Package is closed when all home loans included in the package are closed.
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