Mortgage Shredder Home Loan Variable Rate Mortgage Shredder Home Loan Variable Rate (Owner Occupied)
5.42%p.a 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 95% 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
Save on interest repayments by holding spare cash in an offset account.
- Offset account
Get quick access to cash by drawing on the loan to pay for renovations or other purchases.
- Redraw Facility
- Min Redraw
- Redraw fee
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 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.
Monthly and annual fees and charges during the loan period.
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 up to 95% LVR. 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.
Maximum 95% for Owner Occupier loans + capped LMI. (Maximum of 98% including capped LMI). Maximum 90% for Investment loans (including LMI) and ALL loans in an application that contains a loan for the purpose of investment will be capped at 90%. Please note that credit rules may restrict the maximum LVR. Security lending margin (SLM) may differ for country and regional areas. QBE restrictions apply.
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
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: $495. Portability Fee: $350. Home Loan Access Fee - $10 (min $1K online redraw free, no min) Partial Drawdown Fee: $100 Progress Paym Fee: $80 Secur