Mortgage Shredder Home Loan Variable Rate Mortgage Shredder Home Loan Variable Rate (Interest Only) (Owner Occupied)

  • 5.42%
    p.a Standard Variable
  • 5.43%
    p.a Comparison**
  • $250
    Upfront fees
  • $0
    Annual fees
  • 80%
    Max LVR
  • $2,133
    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*
rate per annum

Loan to Value Ratio

Borrow up to the maxium of 80% 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.

Capitalise LMI


For Bridging, Construction, Owner Occupied, and Vacant Land in NSW, NT, QLD, SA, WA, VIC, TAS, and ACT.

1 - 30 years


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

Full Doc
Credit History
Genuine Saving

Redraw Facility

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

Redraw Facility
Min Redraw
Redraw fee

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
Redraw Available
Credit Card
Internet Banking
Telephone Banking
BPay Option
Portability of Loan
Professional Pack
Check Account
Direct Salary Credit
Free Transactions
Minimum Redraw
Redraw Fee


You can make your repayments Fortnightly, Monthly, and Weekly.

Interest Only Option
Max Interest Only
5 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.


Ongoing Fees

Monthly and annual fees and charges during the loan period.


Exit Fees

Fees associated with prematurely ending the loan.

Early Repayment
Switch To Fixed


A straight-in variable rate home loan that is available for property purchases. This product is also available for Bridging loans; when temporary funds are required for the purchase of a property prior to the sale of the existing property Eligibility: - Personal Name borrowers - Guarantors acceptable - Non Trading Companies (eg: Family Trusts etc). Conditions apply. Purpose: For the purchase, refinance or construction of an Owner Occupier or Investment (personal investment only) residential property. For any worthwhile ‘personal purpose’. - Non Trading Companies - where the purpose of the loan is for non trading purposes eg: purchase residential property, personal investment (shares in name of trust). Repayment Options: Principal and Interest - Repayments of at least the minimum monthly instalment amount (or fortnightly / weekly equivalent). Interest only - permissible on application, for up to 5 years or interest only. For construction loans, interest only until fully drawn is the only option available for sale. Repayments of interest only can only be made monthly. Additional payments are permitted. Repayments of interest only can only be made monthly. Deposit Only Card: Card Access is now available on this home loan for Deposits Only. Deposits can be made to the home loan via any Bankwest Deposit ATM or through the Australia Post Bank@Post network. No electronic access fees apply for Deposits made to the home loan via Bank@Post or via Bankwest deposit ATMs. Account Restrictions: All linked accounts are to be in the same names as the Loan account. No third party signing authorities. Extra Repayments: Surplus repayments permitted at any time. Interest offset: 100% offset available with Bankwest Offset Transaction account. $10 per month offset fee applies to the Offset Transaction account if facility is enabled. No other transaction account can be linked to the Mortgage Shredder Home Loan to receive the 100% offset. Redraw Facility: Home Loan Access (over counter) - Minimum $1,000 per transaction - $10 per time. Maximum 90% LVR after redraw.

LVR Notes

Maximum LVR 80% for interest only.


Loan applications for purchases where the LVR >90%, will require genuine savings of at least 5% of the total property purchase price. Refinance applications do not require genuine savings (Max LVR remains at 90%). New purchase applications can be accepted up to 95% LVR and existing policy requirements must also be met: Good credit history, new customers >90% LVR . 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

Loan Increase Fee $295 App Fee includes legal fees for std mortg preparation and 1 std valuation. Addition to legal and val fee included in app fee, legal disbursements and additional Val Fee not ascertainable, varies according to transaction and solicitors used. Quoted legal fee will vary depending which solicitors used. Transfer Fee: $95. Portability Fee: $350. Home Loan Access Fee - $10 (min $1K – online redraw free, no min) Partial Drawdown Fee: $100 Progress Paym Fee: $80

*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