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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