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Bankwest Fixed Loan

Features

The Bankwest Fixed Loan allows you to lock in a low fixed rate for up to five years on up to 90 per cent of the property value.

The loan offers the benefit of accepting extra repayments of up to a certain amount each a year, which can assist in reducing the overall interest payed on the loan. Borrowers should beware that as there is no redraw facility, any extra repayments made into the loan cannot be readily accessed.

Another benefit of the loan is that repayments can be made weekly, fortnightly or monthly to suit your budget. 

The Bankwest Fixed Loan offers you the option of using a partial offset transaction account to reduce the interest you must pay. During the fixed term of the loan, there is no charge for customers using this feature. 

Who is the Bankwest Fixed Loan good for?

The Bankwest Fixed Loan is good for customers who want the stability of a fixed rate for up to five years. This could be either owner-occupier or investor borrowers looking to purchase a new home or refinance.

The loan is not ideal for borrowers looking for lots of features, such as a redraw facility, however it does have some features that can assist in reducing the overall amount of interest paid. 

Review - What RateCity says

The Bankwest Fixed Rate Loan offers a very competitive interest rate that can be locked in for up to five years. For borrowers who like to budget for their repayments in advance, this loan, along with its flexible repayment schedule, may be suitable. While it is light on features, such as a redraw facility, and extra repayments are capped at a maximum amount per annum, its appeal lies in the competitive rate.

An ongoing monthly fee may be a deal-breaker for some borrowers, and when the fees are factored into the loan it does have a higher comparison rate. This should be kept in mind before deciding on the Bankwest Fixed Rate Loan.

Bankwest Fixed Loan Options

The Bankwest Fixed Loan is available for owner-occupier and investor borrowers in terms of one and five years.

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Fixed Rates from

4.38%

Advertised rate

5.20%

Comparison rate
Pros
  • Lock in a low fixed rate for one to five years.
  • Partial offset account.
  • Early repayments allowed.
Cons
  • Entry and exit fees.
  • No redraw facility.
  • Ongoing monthly fee.
Eligibility

Must meet minimum deposit requirement.

Must meet Bankwest’s serviceability criteria. 

Suitable For
  • First Home Buyers
  • Owner-Occupiers
  • Refinancers
  • Investors
Fees
  • Estimated upfront fees: $445
  • Discharge fees: $164
  • Ongoing fees: $12 monthly

The Bankwest Fixed Loan charges moderate upfront fees to establish the loan. Following this, there is an ongoing monthly fee payable which, considering there are no added features such as a 100 per cent offset account or redraw, may be a steep ask for some borrowers. At the end of the loan there is a discharge fee payable to the lender.

Features
  • Redraw facility
  • 100% offset account
  • Unlimited extra repayments
  • Weekly repayments
  • Fortnightly repayments
  • Monthly repayments
About Bankwest

Bankwest, owned by the Commonwealth Bank, has its headquarters in Western Australia and branches located around Australia. Customers of Bankwest can contact bank representatives on a seven-day-a--week hotline or use online chat to get in touch. The bank also offers online banking services for customers.

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