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Variable Rate Home Loan

Bankwest Simple Home Loan can help you get started with a smaller deposit. Take control of your home loan by only selecting the features you need and you could save on fees. Plus, you can make extra repayments or redraw at no extra cost.

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Get started with our competitive variable home loan rates

If you have a large deposit

6.44%
p.a.

Variable rate

6.46%
p.a.

Comparison rate

60.01% to 80% LVR. Owner occupiers paying principal and interest. Loan sizes from $20,000.

If you have a smaller deposit

8.87%
p.a.

Variable rate

8.89%
p.a.

Comparison rate

95.01% to 98% LVR with LMI. Owner occupiers paying principal and interest. Loan sizes from $20,000.

Enquire now
Make sure you understand the comparison rate and loan purpose.

Why sometimes, a simple home loan is best

Get going with less

Owner occupiers can borrow up to 98% of the property value (with LMI).

Less fees

Save with $0 application fee (usually $695) and no annual fee.

Repayments that suit you

Make extra repayments or redraw at no extra cost.

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. Maximum 40% offset is available with our Complete Fixed and Fixed Rate home loans. Other exclusions apply. Account holders must be 18 years or older. Other fees and charges may apply. Credit interest is not payable on this account. Where a monthly offset fee applies, it will apply to each offset account held.

About our variable rate home loan

The Bankwest Simple Home Loan is a low-cost and flexible variable rate option. Here's what that means:

Reduce the amount of interest you pay

With a variable rate, you can offset 100% of your eligible accounts against your mortgage to reduce the amount of interest you pay.

Pay off your loan faster

There are no limits on additional repayments, so you can make extra repayments to your loan and pay down your mortgage faster.

Access to additional funds

You can access any repayments you’ve made above the minimum required repayments. You could use your redraw to help pay for things like renovations, holidays or a new car.

Apply for additional lending or reduce your limit

This lets you renovate, upsize, downsize or invest in property. Lending criteria applies.

Variable interest rates and fees

Get a discount off Bankwest’s standard variable rate. 2

Rates are based on your loan to value ratio (LVR) and lenders mortgage insurance (LMI) may apply.

Rates shown are for principal and interest repayments with loan sizes from $20,000.
Loan purpose
LVR Variable rate Comparison rate
Up to 60% 6.39% p.a. 6.41% p.a.
60.01% to 80% 6.44% p.a. 6.46% p.a.
80.01% to 90% with LMI 6.64% p.a. 6.66% p.a.
90.01% to 95% with LMI
 7.24% p.a. 7.26% p.a.
95.01% to 98% with LMI 8.87% p.a. 8.89% p.a.
LVR
Variable rate
Comparison rate
Up to 60%
6.39% p.a.
6.41% p.a.
60.01% to 80%
6.44% p.a.
6.46% p.a.
80.01% to 90% with LMI
6.64% p.a.
6.66% p.a.
90.01% to 95% with LMI
7.24% p.a.
7.26% p.a.
95.01% to 98% with LMI
8.87% p.a.
8.89% p.a.
LVR Variable rate Comparison rate
Up to 60% 6.54% p.a. 6.56% p.a.
60.01% to 80% 6.59% p.a. 6.61% p.a.
80.01% to 90% with LMI 6.99% p.a. 7.01% p.a.
LVR
Variable rate
Comparison rate
Up to 60%
6.54% p.a.
6.56% p.a.
60.01% to 80%
6.59% p.a.
6.61% p.a.
80.01% to 90% with LMI
6.99% p.a.
7.01% p.a.
Fee Amount
Application fee ? 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 ? The home loan Increase fee is charged when you increase the amount of credit on your existing home loan. $295
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. Maximum 40% offset is available with our Complete Fixed and Fixed Rate home loans. Other exclusions apply. Account holders must be 18 years or older. Other fees and charges may apply. Credit interest is not payable on this account. Where a monthly offset fee applies, it will apply to each offset account held. $10 per month for each offset account
Settlement attendance fee (Legal disbursement fee) ? Applies when we take a new security.  $250
Fee
Amount
Application fee ? 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 ? The home loan Increase fee is charged when you increase the amount of credit on your existing home loan.
$295
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. Maximum 40% offset is available with our Complete Fixed and Fixed Rate home loans. Other exclusions apply. Account holders must be 18 years or older. Other fees and charges may apply. Credit interest is not payable on this account. Where a monthly offset fee applies, it will apply to each offset account held.
$10 per month for each offset account
Settlement attendance fee (Legal disbursement fee) ? Applies when we take a new security. 
$250

Other fees may apply, including government and bank fees. A full list of fees will be sent out in your home loan contract.

Rates and fees subject to change. Download the Key Facts Sheet.

Home Lender of the Year

Reason to celebrate

Awarded by you in Money magazine's Consumer Finance Awards 2023.

Get started on your home loan

We just need a few details to get started. Once you’ve submitted them, one of our Home Lending Specialists will give you a call.

Get conditional pre-approval

Be prepared by knowing how much you may be able to borrow. Conditional pre-approval is valid for 90 days and gives you that boost of confidence while you're on the property hunt.

Request conditional pre-approval

Start your home loan application

Found your dream home and ready to apply? Or, perhaps you’re switching to Bankwest? Provide us with some details to get started.

Start applying for a home loan

Frequently asked questions

A variable rate home loan is a home loan with an interest rate that may change over time.

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.

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.

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.

Enquire now
Find a Mobile Lending Manager
Call us on 1300 402 694

Still exploring your options?

Use these calculators to guide you in your home ownership journey. Or browse our range of home loans.

Browse all calculators

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.

Loan 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.

Loan to Value Ratio (LVR) is the portion of money you are borrowing in relation to the value of the property.

Lenders’ Mortgage Insurance (LMI) is insurance to protect your lender if you have trouble with your repayments in the future. LMI can be an added expense when you’re buying your home, but you can avoid it if you save more than 20% of the value of your property to pay as a deposit.

Other conditions apply.
 

  1. Offset Transaction Account must be held in the same name as the loan account. Maximum 40% offset is available with our Complete Fixed and Fixed Rate home loans. Other exclusions apply. Account holders must be 18 years or older. Other fees and charges may apply. Credit interest is not payable on this account. Where a monthly offset fee applies, it will apply to each offset account held.
  2. For owner occupiers the rate is the Standard Variable Reference Rate or the Standard Variable Interest Only Reference Rate. For investment purposes the standard variable rate is the Investor Variable Reference Rate or the Investor Variable Interest Only Reference Rate. See our home loan reference rates.
  3. There is no minimum redraw amount, including transactions completed over the counter.