Variable Rate Home Loan

Get a discount off our standard variable rate with the Premium Select Home Loan.

Variable home loan rates

For principal and interest repayments, borrowings up to 70% of the property value, and loan sizes of $20,000+.

 Why choose our Variable Rate Home Loan?

$0 application fee

Save $695.

$0 account maintenance fee

And $0 annual fee.

Optional 100% offset account

To help save on home loan interest and pay your mortgage faster. 1 Offset Transaction Account must be held in the same name as the loan account. Other exclusions apply.

Redraw your extra repayments

Free for all methods of redraw.

Variable interest rates and fees

Get a discount off Bankwest’s standard variable rate. 3

Understand the difference between loan purposes (a property to live in vs. an investment)

Show me detailed rates and fees for

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Rates – borrowings up to 70% of the property value
Amount you want to borrow Variable rate Comparison rate
$20,000+ 3.03% p.a. 3.05% p.a.
$20,000+ 3.29% p.a. 3.31% p.a.
Rates are for principal and interest repayments 4
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Rates – borrowings 70.01% - 80% of the property value
Amount you want to borrow Variable rate Comparison rate
$20,000+ 3.08% p.a. 3.10% p.a.
$20,000+ 3.39% p.a. 3.41% p.a.
Rates are for principal and interest repayments 4
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Rates – borrowings 80.01% - 90% (including Lenders Mortgage Insurance) of the property value
Amount you want to borrow Variable rate Comparison rate
$20,000+ 3.43% p.a. 3.45% p.a.
$20,000+ 3.84% p.a. 3.86% p.a.
Rates are for principal and interest repayments 4
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Fees
Fee Amount
Application fee i Includes legal fees for standard mortgage preparation and one standard valuation fee. Any amount in excess of the standard fees are to be met by the customer. $0 (usually $695)
Home loan increase fee i The Home Loan Increase Fee is charged when you increase the amount of credit on your existing home loan. $295
Transfer fee i $135
Redraw fee 2 There is no minimum redraw amount, including transactions completed over the counter.
$0
Optional offset facility 1 Offset Transaction Account must be held in the same name as the loan account. Other exclusions apply. $10 per month for each offset account
Settlement attendance fee (Legal disbursement fee) i Applies when we take a new security.  $250
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Other fees may apply when you buy a property, including government and bank fees – calculate the upfront costs of buying a home.

Rates and fees are subject to change. A full list of fees will be sent out in your home loan contract.

Download the Key Facts Sheet for this product.

Start your application online

Check your eligibility

  • You must be 18 years or older
  • You must be a permanent Australian resident
  • Minimum loan size $20,000
  • Available to individuals, and eligible family trusts (through relationship managers or Bankwest small business customers service team only)
  • You must meet Bankwest's lending criteria.

  • Financial details, including your income, expenses, assets and liabilities
  • Two forms of identification, like your Australian Driver’s licence, Medicare card or Australian passport.

Things you will need after you submit online

All home lending applications are required to hold evidence of building insurance prior to settlement or final progress payment. Bankwest will not book settlement without this in place.

See a detailed list of what you may need

Already started? Track your application.

Frequently asked questions

Info at your fingertips

1

What is the difference between variable and fixed rate?

A fixed rate home loan locks in your home loan rate for an agreed period, usually one to five years. A variable home loan is often more flexible, but the rate can change. Learn more on the differences between fixed and variable rates.

2

Can you split a variable rate home loan?

You can easily split a variable home loan so that a portion has a fixed rate for an agreed period. Learn more on splitting your loan between variable and fixed.

3

Can you switch to a fixed term home loan?

You can switch your variable home loan to a fixed term loan, or you can choose to fix only a portion of your loan.

Let’s talk about what’s possible

Book time with a Home Lending Specialist – when and where it suits you. Talk on the phone, meet at a branch, or have a Mobile Lending Manager come to you.

Still exploring your options?

Use these mortgage calculators to guide you in your home ownership journey. Or, view all our home loan calculators.

Browse our home loans

…and find one to suit you.

Calculate home loan repayments

Work out what your mortgage repayments could be and discover how much you could save if you made extra repayments.

Calculate your borrowing power

Find out how much you can borrow and calculate what your repayments might be based on your income and regular expenses.

Calculate home loan fees and stamp duty

Get an estimate on stamp duty, lenders' mortage insurance and other non-standard home buying fees that come with purchasing a property.

Calculate how much you could save

Compare the repayments on Bankwest home loans and find out if refinancing your loan may save you money on interest in the long term.

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:
Rate subject to change. Comparison rate is calculated on the statutory assumption of $150,000 loan over 25 years. 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. Lending and eligibility criteria, fees and charges and T&Cs apply and are available on request. 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.

2. There is no minimum redraw amount, including transactions completed over the counter.

3. For owner occupiers the standard variable rate is the variable Mortgage Shredder Reference Rate or the variable Mortgage Shredder Interest Only Reference Rate. For investment purposes the standard variable rate is the Investor Reference Rate or the Investor Interest Only Reference Rate. See our home loan reference rates.

4. Different rates apply for interest only repayments. Contact your Home Lending Specialist or call us on 13 17 19 to find out more.