Mortgage Shredder Home Loan (Interest Only)
- Last updated on 07 Jul 2020
based on $350,000 loan amount for 25 years
- No ongoing fees
- 100% full offset account
- Extra repayments + redraw services
- Comes with a credit card
- Discharge fee at end of loan
- Repayments may increase if RBA raises rates
Interest rate structure
$20k - $100m
Principal & interest
Loan term range
1 - 30 years
100% offset account
Unlimited extra repayments
Redraw fee: $0
Allows split interest
ACT, NSW, NT, QLD, SA, TAS, VIC, WA
Total estimated upfront fees
Other upfront fee
Minimum SMSF Amount
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Bankwest was named Money magazine’s Bank of the Year in 2017, with its below average mortgage rates a contributing factor.
Bankwest was founded by the government of Western Australia in 1895. Originally known as the Agricultural Bank of Western Australia, it has changed hands and names several times since, becoming known as Bankwest in 1994.
Bankwest was bought by the Commonwealth Bank of Australia in 2008. Although its headquarters is in Perth, Bankwest has offices throughout Australia.
Mortgage brokers are finance professionals who help borrowers organise home loans with lenders. As such, they act as middlemen between borrowers and lenders.
While bank staff recommend home loan products only from their own employer, brokers are independent, so they can recommend products from a range of institutions.
Brokers need to be accredited with a particular lender to be able to work with that lender. A typical broker will be accredited with anywhere from 10 to 30 lenders – the big four banks, as well as a range of smaller banks, credit unions and non-bank lenders.
As a general rule, brokers don’t charge consumers for their services; instead, they receive commissions from lenders whenever they place a borrower with that institution.