Fixed Home Loan (Principal and Interest) 4 Years
- Last updated on 02 Jul 2020
Smart Home Loan
specialGet one of the lowest variable interest rates on the market and pay no application or ongoing fees
Get one of the lowest variable interest rates on the market
Smart Home Loan
Fixed - 4 years
based on $350,000 loan amount for 25 years
- Comes with a credit card
- Repayments will not change during fixed period
- Limited extra repayments
- Discharge fee at end of loan
- Repayments won't decrease if RBA cuts rates
Interest rate structure
Fixed - 4 years
$20k - $100m
Principal & interest
Loan term range
1 - 30 years
Partial offset account
Allowed with restrictions
Allows split interest
ACT, NSW, NT, QLD, SA, TAS, VIC, WA
Total estimated upfront fees
Other upfront fee
Minimum SMSF Amount
At the end of the fixed term an offset fee of $10 per month will apply if an offset account is held
Compare and review home loans with similar features
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.
A fixed rate home loan is a loan where the interest rate is set for a certain amount of time, usually between one and 15 years. The advantage of a fixed rate is that you know exactly how much your repayments will be for the duration of the fixed term. There are some disadvantages to fixing that you need to be aware of. Some products won’t let you make extra repayments, or offer tools such as an offset account to help you reduce your interest, while others will charge a significant break fee if you decide to terminate the loan before the fixed period finishes.
A variable rate home loan is one where the interest rate can and will change over the course of your loan. The rate is determined by your lender, not the Reserve Bank of Australia, so while the cash rate might go down, your bank may decide not to follow suit, although they do broadly follow market conditions. One of the upsides of variable rates is that they are typically more flexible than their fixed rate counterparts which means that a lot of these products will let you make extra repayments and offer features such as offset accounts.
Split rates home loans
A split loan lets you fix a portion of your loan, and leave the remainder on a variable rate so you get a bet each way on fixed and variable rates. A split loan is a good option for someone who wants the peace of mind that regular repayments can provide but still wants to retain some of the additional features variable loans typically provide such as an offset account. Of course, with most things in life, split loans are still a trade-off. If the variable rate goes down, for example, the lower interest rates will only apply to the section that you didn’t fix.