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.
Premium Select Home Loan
Lending and eligibility criteria, fees and charges, and T&Cs apply and are available on request. Premium Select Home Loan is only available to individuals, and eligible family trusts (through relationship managers or Bankwest small business customers service team only). Minimum loan size is $20,000. 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.
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.
- Offset Transaction Account must be held in the same name as the loan account. Other exclusions apply.
- 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.
Home loan cashback promotion is available to Australian residents aged 18+ who refinance a property with a new Bankwest home loan.
- Home loan application must be submitted for full approval within the promotional period 12 November 2020 and 28 February 2023
- Home loan must be funded on or before 30 April 2023
- Lending must be new to Bankwest (refinances of existing Bankwest and CommBank loans are excluded from this offer)
- Lending must not exceed a loan to value ratio (LVR) of 80% for applications received from 12 November 2020 to 14 September 2021
- Lending must not exceed a LVR of 90% (including lenders mortgage insurance) for applications received from 15 September 2021 to 28 February 2023
- Repayment type can be principal and interest or interest only
- Available on owner occupier and investor home loans
- Minimum home-loan-specific refinance amount ≥$250k (excludes debt consolidation of personal loans and credit cards)
- Any available Bankwest home loan product is eligible
- Normal lending policies apply
- This offer is not available in conjunction with any other promotions
- Only one cashback per Eligible Customer. Only one cashback per eligible home loan. Where a home loan has more than one applicant and one applicant receives the cashback, all applicants are deemed to have received the cashback. Maximum cashback amount of $2,000
- Eligible customers will receive $2,000 cashback transferred electronically into their new home loan account.
See full T&Cs (PDF)
- The information contained in the Property Report is prepared by a third party. Bankwest is not responsible for the accuracy and completeness of the information generated in the report and it should not be relied upon as a valuation of the subject property.
- 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.
- Application tracker not available on lines of credit. Other exclusions may apply.