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:
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 vs. loans for an investment purpose

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.

1. 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.
   
   
2. 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.
   
   
3. Other fees and charges, such as break fees on a fixed rate loan, may apply.
   
   
4. Under the package, only one Bankwest Qantas Mastercard or Bankwest More 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 $6,000 for the Bankwest More Platinum Mastercard. Package does not include a Bankwest Qantas World Mastercard or Bankwest More World Mastercard.
   
   
5. If you decide to pay interest only, only monthly repayments are permitted.
   
   
6. $1,000 minimum redraw applies to all methods of redraw, including over the counter.
   
   
7. Excludes home loan transfers. Other exclusions apply. You must have access to a device (computer or tablet recommended) with internet and email access for digital signing. Due to state based laws a Mortgage Form is required to be printed, signed and returned via reply paid mail.
   
   
8. 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.
   
   
9. 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.
   
   
10. Different rates apply for interest only repayments, contact your Home Finance Manager or call us on 13 17 19 to find out more.
    
    
11. No transfer fee when transferring loans within the Complete Package, or when transferring from another Bankwest home loan on to the Complete Package.
    

Package must include an eligible home loan, rewards credit card and Offset Transaction Account.

The Complete Home Loan Package is closed when all home loans included in the package are closed.

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