Bankwest

Fixed Investment Loan (Principal and Interest) 2 Years

Advertised Rate

3.39%

Fixed - 2 years

Comparison Rate*

5.09%

Maximum LVR
Less than 90%
Real Time Rating™

1.67

/ 5
Monthly Repayment

$1,329

based on $300,000 loan amount for 25 years

Advertised Rate

3.39%

Fixed - 2 years

Comparison Rate*

5.09%

Maximum LVR
Less than 90%
Real Time Rating™

1.67

/ 5
Monthly Repayment

$1,329

based on $300,000 loan amount for 25 years

Calculate repayment for Bankwest product

I'd like to borrow

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Loan term

years

Your estimated repayment

$1,329

based on $300,000 loan amount for 25 years

MICHAEL KIANG

5.0
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Pros and Cons

Pros and Cons

  • Split account option
  • Limited extra repayments
  • No redraw facility
  • Ongoing fee
  • Discharge fee at end of loan

Bankwest Features and Fees

Bankwest Features and Fees

Details

Maximum LVR

Less than 90%

Total Repayments

Next LVR

Interest rate type

Fixed - 2 years

Borrowing range

Suitable for

Investors

Loan term range

1 - 30 years

Principal & interest

Interest only

Applicable states

ACT, NSW, NT, QLD, SA, TAS, VIC, WA

Make repayments

Fortnightly, Monthly, Weekly

Features

Extra repayments

Yes - limited to $10000

Redraw facility

Split interest facility

Loan portable

Repayment holiday available

Allow guarantors

Available for first home buyers

Fees

Total estimated upfront fees

$545

Application fee

$295

Valuation fee

$0

Settlement fee

$250

Other upfront fee

$0

Ongoing fee

$12 monthly

Discharge fee

$338

Application method

Online

Phone

In branch

Specials
  • Cashback $2000 Refinance Cashback
    Loan application must be submitted by 5 February 2021 and be funded by 30 April 2021. Min. refinance amount $250k. For borrowings up to 80% of the property value. Excludes refinances from Bankwest and CommBank. Eligibility requirements and T&Cs apply.

Other Restrictions

At the end of the fixed term an offset fee of $10 per month will apply if an offset account is held

Pros and Cons

  • Split account option
  • Limited extra repayments
  • No redraw facility
  • Ongoing fee
  • Discharge fee at end of loan

Bankwest Features and Fees

Details

Maximum LVR

Less than 90%

Total Repayments

Next LVR

Interest rate type

Fixed - 2 years

Borrowing range

Suitable for

Investors

Loan term range

1 - 30 years

Principal & interest

Interest only

Applicable states

ACT, NSW, NT, QLD, SA, TAS, VIC, WA

Make repayments

Fortnightly, Monthly, Weekly

Features

Extra repayments

Yes - limited to $10000

Redraw facility

Split interest facility

Loan portable

Repayment holiday available

Allow guarantors

Available for first home buyers

Fees

Total estimated upfront fees

$545

Application fee

$295

Valuation fee

$0

Settlement fee

$250

Other upfront fee

$0

Ongoing fee

$12 monthly

Discharge fee

$338

Application method

Online

Phone

In branch

Specials
  • Cashback $2000 Refinance Cashback
    Loan application must be submitted by 5 February 2021 and be funded by 30 April 2021. Min. refinance amount $250k. For borrowings up to 80% of the property value. Excludes refinances from Bankwest and CommBank. Eligibility requirements and T&Cs apply.

Other Restrictions

At the end of the fixed term an offset fee of $10 per month will apply if an offset account is held

Bankwest is available through brokers

FAQs

How much are repayments on a $250K mortgage?

The exact repayment amount for a $250,000 mortgage will be determined by several factors including your deposit size, interest rate and the type of loan. It is best to use a mortgage calculator to determine your actual repayment size.

For example, the monthly repayments on a $250,000 loan with a 5 per cent interest rate over 30 years will be $1342. For a loan of $300,000 on the same rate and loan term, the monthly repayments will be $1610 and for a $500,000 loan, the monthly repayments will be $2684.

What is the amortisation period?

Popularly known as the loan term, the amortisation period is the time over which the borrower must pay back both the loan’s principal and interest. It is usually determined during the application approval process.

What is bridging finance?

A loan of shorter duration taken to buy a new property before a borrower sells an existing property, usually taken to cover the financial gap that occurs while buying a new property without first selling an older one.

Usually, these loans have higher interest rates and a shorter repayment duration.

What is appraised value?

An estimation of a property’s value before beginning the mortgage approval process. An appraiser (or valuer) is an expert who estimates the value of a property. The lender generally selects the appraiser or valuer before sanctioning the loan.

What is breach of contract?

A failure to follow all or part of a contract or breaking the conditions of a contract without any legal excuse. A breach of contract can be material, minor, actual or anticipatory, depending on the severity of the breaches and their material impact.

What happens to your mortgage when you die?

There is no hard and fast answer to what will happen to your mortgage when you die as it is largely dependent on what you have set out in your mortgage agreement, your will (if you have one), other assets you may have and if you have insurance. If you have co-signed the mortgage with another person that person will become responsible for the remaining debt when you die.

If the mortgage is in your name only the house will be sold by the bank to cover the remaining debt and your nominated air will receive the remaining sum if there is a difference. If there is a turn in the market and the sale of your house won’t cover the remaining debt the case may go to court and the difference may have to be covered by the sale of other assets.  

If you have a life insurance policy your family may be able to use some of the lump sum payment from this to pay down the remaining mortgage debt. Alternatively, your lender may provide some form of mortgage protection that could assist your family in making repayments following your passing.

What does going guarantor' mean?

Going guarantor means a person offers up the equity in their home as security for your loan. This is a serious commitment which can have major repercussions if the person is not able to make their repayments and defaults on their loan. In this scenario, the bank will legally be able to the guarantor until the debt is settled.

Not everyone can be a guarantor. Lenders will generally only allow immediate family members to act as a guarantor but this can sometimes be stretched to include extended family depending on the circumstances.

Mortgage Calculator, Repayments

The money you pay back to your lender at regular intervals. 

What is the flexibility score?

Today’s home loans often try to lure borrowers with a range of flexible features, including offset accounts, redraw facilities, repayment frequency options, repayment holidays, split loan options and portability. Real Time Ratings™ weights each of these features based on popularity and gives loans a ‘flexibility score’ based on how much they cater to borrowers’ needs over time. The aim is to give a higher score to loans which give borrowers more features and options.

What factors does Real Time Ratings consider?

Real Time RatingsTM uses a range of information to provide personalised results:

  • Your loan amount
  • Your borrowing status (whether you are an owner-occupier or an investor)
  • Your loan-to-value ratio (LVR)
  • Your personal preferences (such as whether you want an offset account or to be able to make extra repayments)
  • Product information (such as a loan’s interest rate, fees and LVR requirements)
  • Market changes (such as when new loans come on to the market)

Remaining loan term

The length of time it will take to pay off your current home loan, based on the currently-entered mortgage balance, monthly repayment and interest rate.

Mortgage Calculator, Loan Amount

How much you intend to borrow. 

How much information is required to get a rating?

You don’t need to input any information to see the default ratings. But the more you tell us, the more relevant the ratings will become to you. We take your personal privacy seriously. If you are concerned about inputting your information, please read our privacy policy.

Mortgage Calculator, Loan Results

These are the loans that may be suitable, based on your pre-selected criteria. 

What is a specialist lender?

Specialist lenders, also known as non-conforming lenders, are lenders that offer mortgages to ‘non-vanilla’ borrowers who struggle to get finance at mainstream banks.

That includes people with bad credit, as well as borrowers who are self-employed, in casual employment or are new to Australia.

Specialist lenders take a much more flexible approach to assessing mortgage applications than mainstream banks.

Mortgage Calculator, Loan Term

How long you wish to take to pay off your loan. 

Mortgage Calculator, Repayment Type

Will you pay off the amount you borrowed + interest or just the interest for a period?

Does Real Time Ratings' work for people who already have a home loan?

Yes. If you already have a mortgage you can use Real Time RatingsTM to compare your loan against the rest of the market. And if your rate changes, you can come back and check whether your loan is still competitive. If it isn’t, you’ll get the ammunition you need to negotiate a rate cut with your lender, or the resources to help you switch to a better lender.

Why should you trust Real Time Ratings?

Real Time Ratings™ was conceived by a team of data experts who have been analysing trends and behaviour in the home loan market for more than a decade. It was designed purely to meet the evolving needs of home loan customers who wish to merge low cost with flexible features quickly. We believe it fills a glaring gap in the market by frequently re-rating loan products based on the changes lenders make daily.

Real Time Ratings™ is a new idea and will change over time to match the frequently-evolving demands of the market. Some things won’t change though – it will always rate all relevent products in our database and will not be influenced by advertising.

If you have any feedback about Real Time Ratings™, please get in touch.

Mortgage Balance

The amount you currently owe your mortgage lender. If you are not sure, enter your best estimate.