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

  • 5.35%
    p.a Standard Variable
  • 5.37%
    p.a Comparison**
  • $845
    Upfront fees
  • $0
    Annual fees
  • 95%
    Max Lvr
  • $2,118
    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*
$2,118
rate per annum
5.35%

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.

Lvr
95%
Capitalise LMI
Yes

Availability

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

Term
1 - 30 years
Min
$20,000
Max
$99,999,999

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
$1000.0
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
Yes
Redraw Available
Yes
Credit Card
No
Internet Banking
Yes
Telephone Banking
Yes
BPay Option
Yes
Portability of Loan
Yes
Professional Pack
No
Check Account
No
Direct Salary Credit
Yes
Free Transactions
No
Minimum Redraw
Yes
Redraw Fee
Yes

Repayments

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

Interest Only Option
Yes
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.

Total
$845
Application
$695
Legal/Solicitor
$150

Ongoing Fees

Monthly and annual fees and charges during the loan period.

Total
$0

Exit Fees

Fees associated with prematurely ending the loan.

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

Notes

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 construction phase up to a maximum term of 12 months. Interest Only is also available for investment and owner occupied loans for up to 5 years. 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 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.

Notes

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

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 Security Assessm Fee: $118.50

*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