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Bankwest Premium Select Loan

Features

The Bankwest Premium Select Home Loan offers a discounted interest rate off its standard variable rate for the life of the loan. You need to borrow a minimum amount of $20,000.

Repayments can be made either weekly, fortnightly, or monthly. Repaying more frequently may help you pay off the loan sooner. Borrowers can make free additional repayments and can access a free online redraw facility to access any additional repayments they have made.

Customers can borrow up to 90 per cent of the property value, although lenders mortgage insurance will apply for loans over 80 per cent. A modest interest rate discount is given for loans valued at over $500,000.

Bankwest offers an optional offset account for those looking to use their savings to reduce the amount of interest owed on the loan principal – but you’ll pay a hefty monthly fee to have such an account.

A portability option is included for those wanting to sell their home and transfer the mortgage to a new property.  But the portability fee is relatively high given other home lenders offer such an option for free.

Who is the Bankwest Premium Select Loan good for?

The Bankwest Premium Select Loan is a good for new home buyers looking for a low interest rate. An optional offset account, additional repayment and free redraw facilities as well as a portability option give it some flexibility.

Review - What RateCity says

The Bankwest Premium Select Loan is a competitive low interest rate home loan that gives customers some freedom in repaying their mortgage. Whilst some fees may apply for features like the offset account and portability option, the loan provides a reasonable level of repayment flexibility with a low interest rate and no ongoing fees – if you don’t use the offset account. Borrowers with larger deposits and larger loan amounts will receive the lowest interest rates and these are factors worth considering when looking at the loan.

Bankwest Premium Select Loan Options

The Bankwest Premium Select Loan is available to both owner-occupiers and investors and offers different interest rates depending on both the amount and the per cent of property value that is borrowed.

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Advertised rate
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Variable Rates from

3.99%

Advertised rate

4.11%

Comparison rate
Pros
  • Optional offset account.
  • Low interest rate.
  • No ongoing fees.
Cons
  • Monthly fee on offset accounts.
  • Some other fees apply.
  • Discounted rate for new lending only.
Eligibility

Must be a citizen or permanent resident of Australia or New Zealand.

Must meet Bankwest’s serviceability criteria.

Suitable For
  • First Home Buyers
  • Owner-Occupiers
  • Refinancers
  • Investors
Fees
  • Estimated upfront fees: $150
  • Discharge fees: $164
  • Ongoing fees: $0 - $395 annually

The Bankwest Premium Select Loan has low upfront fees and there are no ongoing or annual fees, as long as you don’t use the offset account. Otherwise, a relatively high monthly fee applies if you use take up that option.

Bankwest also charges a relatively high portability fee if you want to transfer your home loan to a new property, though the discharge fee is modest. You may have to pay fees if you want to split your loan between variable and fixed rate loans. Several other unfamiliar fees may apply too, such as a ‘progress payment fee’ and a ‘security assessment progress inspection fee’.

Features
  • Redraw facility
  • 100% offset account
  • Unlimited extra repayments
  • Weekly repayments
  • Fortnightly repayments
  • Monthly repayments
  • Loan allows split interest rate
About Bankwest

Bankwest, previously called the Bank of Western Australia, is an Australian bank based in Perth and a division of the Commonwealth Bank. They have stores throughout Australia and can be contacted online, via email, in person or by phone from 8am – 8pm seven days a week.

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