Complete Equity Complete Equity (<$500K) (Owner Occupied)

  • 4.47%
    p.a Standard Variable
  • 4.59%
    p.a Comparison**
  • $250
    Upfront fees
  • $395
    Annual fees
  • 90%
    Max Lvr
  • $1,972
    Per Month*

About Bankwest

Established in 1895 the Agricultural Bank of Western Australia by the WA Government, this financial institution was set to service the needs of the state’s farmers only. Now called BankWest, they have expanded to service customers nationwide, determined to get to know their clients, not just their banking, no matter where they’re located in Australia. BankWest have both business and home loan banking specialists who are dedicated to tailor make banking solutions and packages for each individual scenario. BankWest’s motto is to make banking easier and are driven by this value.

Standard Variable

Repayments calculated to take into account ongoing monthly and anual fees.

Monthly repayment*
$1,972
rate per annum
4.47%

Loan to Value Ratio

Borrow up to the maxium of 90% of the value of the property.

Lenders Mortgage Insurance, or LMI, will be payable on most loans where the borrowings are greater than 80% of the value of the property.

However, you may be able to capitalise LMI into your loan, increasing the overall loan amount by about 2% (in order to cover the cost of the insurance). Contact a loan market broker to find out how LVR and LMI might impact the cost of your loan repayments.

Lvr
90%
Capitalise LMI
Yes

Availability

For ["Line of Credit", "Equity", "Owner Occupied"], in ["NSW", "NT", "QLD", "SA", "WA", "VIC", "TAS", "ACT"].

Term
1 - 99 years
Min
$200,000
Max
$499,999

Eligibility

The level of financial documentaion and credit history required to apply for the loan.

Financials
Full Doc
Credit History
Conforming
Genuine Saving
Required

Redraw Facility

Get quick access to cash by drawing on the loan to pay for renovations or other purchases.

Redraw Facility
Yes
Min Redraw
$0
Redraw fee
$0

Banking Features

Given the wide range of loans on offer – with different interest rates, product features and fees – it pays to shop around to find the loan that fits your needs and circumstances. Some loans offer features that may be appropriate for your situation and result in savings over the life of the loan.

Some features you may wish to consider include:

  • an offset account;
  • ability to make extra repayments;
  • a redraw facility; and
  • linked credit card and savings accounts;
  • ability to split your loan between fixed and variable interest rates
Offset Account
No
Redraw Available
Yes
Credit Card
Yes
Internet Banking
Yes
Telephone Banking
Yes
BPay Option
Yes
Portability of Loan
No
Professional Pack
Yes
Check Account
Yes
Direct Salary Credit
Yes
Free Transactions
No
Minimum Redraw
No
Redraw Fee
No

Repayments

You can make your repaments Monthly.

Interest Only Option
No
Max Interest Only
0 years

Upfront Fees

Upfront fess associated with estabilishing the loan. Other loan set-up fees, such as valuation fees and lender's mortgage insurance, and Government charges, such as registration fees and stamp duty on property transfer, have not been included. These will be determined after application.

Total
$250
Legal/Solicitor
$250

Ongoing Fees

Monthly and annual fees and charges during the loan period.

Total
$395
Ongoing Yearly
$395

Exit Fees

Fees associated with prematurely ending the loan.

Total
$395
Exit
$300
Early Repayment
$0
Switch To Fixed
$95

Notes

THERE IS A MINIMUM LOAN AMOUNT OF $200,000 (NO MAXIMUM) AND ADDITIONAL BORROWINGS CAN BE $20,000 OR GREATER. - The Complete Equity Home Loan is an ongoing source of instant, low cost finance which is secured against the equity in your house. - The facility is a revolving line of credit with the option of a Debit MasterCard. The loan has a fully fluctuating variable rate which can be used for personal purposes. The facility must not go in to credit at any time. - Once established there's no need for future applications unless you want to increase your credit limit. Complete Equity is available whenever you want to use it for whatever purpose you choose. Many people find it a convenient form of finance for education costs, share market or property investment, or consolidating debts into one easy to manage line of credit. Or, it's simply nice to know it’s available for when you want to splash out on one of life's bigger luxuries. - This product is only available under the Complete Home Loan Package. Purpose: Owner occupier or investment housing loan or other personal investments. Eligibility: - For the customer to be eligible for the Complete Home Loan Package, there are additional products the customer must take. Please refer to the Additional Products section. - Retail exposures are considered retail consumer in nature where they are to an individual/s (that is a natural person/s). This includes exposures to family trusts with individual trustees. Features: The account offers the following optional features: - Debit MasterCard - Electronic access (ATM / EFTPOS) - Cheque book - Periodical payments - Direct debit facility - Direct credits to the account - Bankwest online banking - FastPhone - BPay - Transactions through Australia Post (BankPost) and Bankwest Stores. Loan size: There is a minimum loan amount of $200,000 (no maximum) and additional borrowings can be $20,000 or greater. Term: Subject to annual review. Repayment options: No repayments required. Extra repayments: Surplus repayments permitted at any time as long as account is not put into credit. Interest offset: N/A (100% offset achieved through fully fluctuating nature of the product). Additional Products: Under the Complete Home Loan Package, the customer must hold a Bankwest Offset Transaction Account and either a Qantas Platinum or More Platinum Credit Card with a minimum limit of $6k. Automatic rollover on expiry: None. Ongoing variable rate product. Transfer options: Nil - cannot transfer to a term product. New application required.

LVR Notes

Maximum 90% for Investment and ALL loans in an application that contains a loan for the purpose of investment will be capped at 90%. Maximum LVR 90% for owner occupier.(Metro area only - may differ for country or regional areas). LMI to be taken for LVR in excess of 80%. QBE restrictions apply.

Notes

Genuine savings are savings, gifts or deposits made into accounts from sales of shares which have been held in the applicants name or account for a minimum of 3 months. Equity also accepted in an existing property cross-collateralised or funds drawn or sale proceeds. Note: FHOG not considered as genuine savings

Fee Notes

Legal disbursements and additional Val Fee not ascertainable, varies according to transaction and solicitors used. Quoted legal fee will vary depending which solicitors used.

*Monthly Repayments

Monthly repayments are calculated to take into account the loan amount, repayment term and ongoing fees and charges over the life of the loan.

  • Variable rate loans show the monthly repayments at the current rate.
  • Fixed rate loans show the monthly repayment during the fixed period only.
  • Monthly repayment calculations are an approximate guide only. Speak to a LoanMarket Mortgage broker to understand the exact cost of a loan given your particular circumstances.

**Comparison Rates

A comparison rate is a tool to help consumers identify the true cost of a loan. It factors in the interest rate, loan amount, repayment term and ongoing fees and charges and displays this as a single percentage rate that can be used to compare various loans from different lenders.

Monthly Repayment and Comparison Rate* calculations do not include:

  • The use of account features such as early repayments and offset accounts which vary widely among loans and can reduce the cost of a loan significantly.
  • Cost savings such as fee waivers or special rate discounts.
  • Fees and charges associated with loan options or events that may or may not be used by the borrower, such as early repayment or redraw fees
  • Lenders Mortgage Insurance (LMI) which may be required to secure the loan and can increase the cost of the loan.
  • Government charges such as stamp duty or mortgage registration fees.
  • Fees and charges which aren’t available at the time the comparison rate is provided