BankWest


Latest News




8 February, 2022 

Changes to Variable and Fixed Home Loan Rates
Effective Tuesday 8 February 2022 we are changing various rates across our products.

See below for updates and information on:
1.Variable Rates (Investment)
2.Fixed Rates (Principal & Interest)
3.Fixed Rates (Interest Only)
4.Fixed Rate Cap
5.Serviceability assessment rates

Updated rate tables and the new Serviceability calculator will be available on the Bankwest Broker website from Tuesday 8 February 2022.


Please note:

4. Fixed Rate Cap
When applying for a fixed rate, your customers are required to either elect to cap their loan to guarantee a maximum rate (for a fee) or sign a fixed rate disclaimer acknowledging they understand the rate may change by settlement.

  • Where the customer has elected to cap their rate (and settlement occurs within 3 months of the form being signed), the lower of either the capped rate, or the rate on the day of settlement will apply. 
  • Where the customer has not elected to cap their rate, the rate on the day of settlement will apply.

If a customer wishes to change their fixed rate cap election, refer to the Fixed Rate Cap Election form on the Bankwest broker website.
IMPORTANT: If a customer has elected to cap their rate, and settlement does not occur within 3 months of the form being signed, the cap fee is still payable and the rate on the day of settlement will apply.

5. Serviceability assessment
Assessment rates will be updated effective Tuesday 8 February 2022 to reflect these pricing changes. Please ensure the updated serviceability calculator available through the Bankwest broker website is used for any new applications.





1 February, 2022 

DocuSign available for Home Loans Transfers 


We are pleased to let you know that effective Monday 31 January 2022 we will be expanding DocuSign to include Home Loan Transfers (HLTs).

DocuSign - our digital signing process - enables your customers to sign their loan documents digitally within hours, from anywhere. It means less paper and less waiting, so you can focus on what’s important – your customers.

After a successful pilot which saw the turnaround time for HLTs reduce from up to 6 weeks to just a few days, DocuSign will now be the default option, replacing paper-based loan contracts.

DocuSign for HLTs will operate in the same way as New Lending applications; you will still receive a notification letting you know that your customers’ documents are ready, so you can review their documents and pass on the good news.

Note: Please ensure your customer notifies the bank if they have changed their mobile number or email address. Digital documents will not be received if these details are incorrect which may result in delays to the processing of their HLT request.

We understand that some customers may not wish to use DocuSign; so please let us know if your customer would prefer to receive paper-based loan contracts. Please ensure your customer is aware that this will delay processing of their HLT request as the standard delivery time via Australia Post is 5-7 business days.

FAQ’s and additional information about digital signing are available on the Bankwest broker website.





18 January, 2022

$1500 First Home Buyer Boost

We’re excited to make your eligible customers first home loan feel a little lighter with the Bankwest First Home Buyer Boost of $1500.

Home loan applications must be submitted between Tuesday 18 January 2022 and Thursday 17 March 2022. Eligibility requirements and T&Cs apply.

Please ensure you confirm that your customers are genuine first home buyers and select the “FHB option” when submitting the application.


Your customers may be eligible if they are Australian residents 18 years or over and tick these boxes in respect of a new Bankwest home loan:



  • Purchasing their first home in Australia and have not previously owned a residential or an investment property in Australia. (For joint home loan applicants, neither applicant can have previously owned a residential or investment property in Australia)
  • Lending must be for first home buyers only, new lending and new to Bankwest (refinances of home loans are excluded from this offer)
  • Lending must have a minimum loan to value ratio (LVR) of over 80% but not more than 98% (including Lenders’ Mortgage Insurance (LMI))
  • Home loan application must be submitted within the Promotional Period, which commences on Tuesday 18 January 2022 and closes on Thursday 17 March 2022
  • Home loan must be disbursed on or before Friday 30 September 2022. For construction loans a minimum of $5,000 must be disbursed on or before Friday 30 September 2022
  • Minimum home loan amount of $200,000 (excludes debt consolidation of personal loans and credit cards)
  • Repayment type must only be principal and interest, unless it’s a construction loan. For construction loans repayment type must be interest only until the loan is fully drawn
  • Lending must be for owner occupier loans (including construction loans)
  • Not trust borrowers
  • Not purchasing only residential land
  • Any available Bankwest home loan product is eligible

Normal lending policies apply. This offer is not available in conjunction with any other promotions.





  • Retail Examinations: Completed documents must be received by 13 December 2021
  • FHOG: Completed documents must be received by 8 December 2021 and approved by OSR by 17 December 2021
  • Progress Payments: First or final signed invoices received by 13 December 2021 and all other signed invoices received by 17 December 2021
  • Broker Chat Closed: Closed 25 December 2021 – 4 January 2022
  • Mortgage Support Team (phone): Reduced hours - 5.30am – 2pm (WST) - on 29 December – 31 December 2021

Full resourcing and service is available as normal, except 27 December 2021 to 4 January 2022.


15 December, 2021 

Due to rapidly changing market conditions, moving forward, fixed rate change announcements will be communicated the same day they are coming into effect.

To align with this change, effective Monday 13 December 2021, we are making changes to how we manage the Fixed Rate Cap Election process where customers have the option of placing a cap on the fixed interest rate of a fixed rate home loan at the application stage. Please read the following carefully and if you have any questions, contact your BDM.

1. Approved in Principle (AIP) deals
As the Bankwest fixed rate cap agreement is only valid for three months from the date of acceptance, to avoid customers being charged fees where a loan may not be advanced within this period we will no longer accept a completed Fixed Rate Cap Election form whilst the application is at AIP stage. Fixed Rate Cap forms for AIP deals will only be accepted upon conversion to full approval and should be forwarded to supportingdocs@bankwest.com.au at that time. Please ensure that the form does not pre-date the AIP deal going to full approval or your deal may be stopped and a new form requested.

2.Changing election after contracts have been issued
If your customer wishes to change their fixed rate cap election after their application has become unconditional, the application will need to be reworked and a new fixed rate election form will be required. New contracts will be issued and must be signed and returned. Sufficient time will need to be allowed to have the application reworked, new contracts signed and returned, and settlement certification completed. Your customer must seek a settlement extension if settlement is within five days or less and we recommend an extension of settlement date of 6 days or more to allow the bank enough time to process and be ready to settle. Please confirm your customer's settlement date to ensure they are not impacted if they wish to change their election.

3. Alterations to fixed rate cap forms
Alterations to the agreement on capping on previously submitted forms will not be accepted. A new form will need to be completed if a customer decides to change their fixed rate cap election.

4. Reminder
If a customer elects to cap the interest rate on the agreement, it is the highest interest rate the customer will receive. If fixed interest rates increase, customers will receive the interest rate they have elected to cap. However, if interest rates go down customers will still receive the lower interest rate.

Note: failure to sign the new contracts will impact settlement dates. Bankwest is not liable for any fees incurred if the customer chooses to delay settlement to make changes.




7 December, 2021

Fixed rates for existing customers with an LVR between 80-90%

Due to changes in market conditions, effective Friday 3 December 2021, we will no longer offer existing home loans with a Loan to Value Ratio (LVR) between 80% and 90% access to sub 80% LVR fixed rates. Offered pricing will instead align to the applicable LVR tier. This was originally communicated in November 2020.

For existing customers with an LVR greater than 80%, please use the Home Loan Pricing Tool (HLPT) which automatically offers the relevant rate based on your customers LVR band.

Things you need to know:


  • If existing variable or fixed rate customers wish to transfer to a fixed rate, please complete a HLP request
  • Where there is evidence that your customer’s LVR is now under 80% please follow the existing pricing approval process
  • We are honouring existing customers with an LVR between 80-90% who have a pipeline Home Loan Transfer request for a fixed rate <80% LVR and an approved HLP request


Note: all fixed rates are subject to an early termination fee which we cannot waive. This also applies to any customers wishing to break and re-fix their loans


Update to LVR restrictions for mining town suburbs.

Effective  10 Friday December 2021 we will be reducing the maximum acceptable LVR for specified mining town postcodes in response to changing market conditions.

  • For investor lending with a security in one of the mentioned 50 postcodes, a maximum of LVR 80% is acceptable
  • For owner occupied lending with a security in one of the 18 postcodes highlighted in grey, a maximum LVR of 90% (inclusive of LMI)

We will continue to honour any pipeline applications which have reached conditional approval prior to Friday 10 December 2021.

Please note: the Valuation and Policy tool, available on the Bankwest broker website, will be updated to reflect the changes to LVR's and any valuation requirements in these locations.




To help brokers navigate through the challenges of the current environment, we’ve partnered with The Small Business Lounge to provide free access to an exclusive webinar series.

Our next webinar discusses TikTok for business. In this webinar we will dive deeper into the demographics and audience on the app, how to get started if you're a beginner, video content, advertising and our tips to be successful on the app.

Date: Wednesday 15 December

Time: 11am – 12pm AWST | 2pm – 3pm AEST

CPD: MFAA and FBAA accredited brokers can claim 1 CPD point by attending this webinar




Changes to Fixed Rate Home Loans


Effective Thursday 4 November 2021 we are increasing rates across a range of fixed rate Home Loan products. We continually review and update our rates to reflect customer needs, the external competitive environment and cost of funds.

Please review some key rate changes below and refer to the rate tables on the Bankwest Broker website from Thursday 4 November 2021 for all movements.




2 November, 2021

Increased income types and automated shading. 

Effective Friday 29 October 2021 we are expanding our income sub-category types (bonus income, allowances etc) and introducing automatic shading of these income types through ApplyOnline (AOL).

This means less manual calculation as income will be automatically shaded upon submission to AOL.

These expanded income sub-types will automatically align to our systems which will ensure increased accuracy and remove manual calculation errors.

For manual serviceability calculations and scenarios, please use the Income Calculator Tab on the Bankwest servicing calculator. These fields have also been updated with these income types and relevant shading to match AOL which will ensure more accurate servicing calculations are used in your scenarios.

Action required:
Effective Friday 29 October 2021, please ensure that all income types are separated out to the appropriate category and gross amounts are entered into AOL.






In 2021, Peter became the first Australian in 53 years to qualify for the Men’s 800m final at the Tokyo Olympics.

From his success as a junior champion, to reaching two Olympic Games, Peter is a firm believer in the importance of resilience, mental well-being, overcoming adversity and consistency.

Join us virtually to hear from Peter on peak performance and confidence on and off the track. Please extend this invitation to your brokers and headgroup colleagues, this is our final Connect Event for 2021.

The important stuff

When: Tuesday 16 November 2021

Time: 9-10am AWST, 12-1pm AEDT

CPD Points:1 point for MFAA and FBAA brokers

Where: Microsoft Teams Live, we’ll share the link with you a few days before the event. (If you don't have Microsoft Teams, you’ll get the best experience Google Chrome or Microsoft Edge on your computer and click to join 'anonymously') 





13 October 2021 

Changes to payslip requirements for customers in VIC & ACT

Due to the evolving COVID-19 health situation in Victoria (VIC) and the Australian Capital Territory (ACT), we are making changes to our credit standard to ensure we continue to lend responsibly. Effective Monday 11 October 2021 and until further notice the most recent payslip, immediately preceding the home loan application date, will be required if your customer resides in VIC and the ACT regardless of their employment industry or residential postcode.

This change will apply to all new and Approved in Principle applications submitted on, or after, Monday 11 October 2021.

We will honour existing applications (including Approved in Principle applications) under our previous policy, where it converts to a full application within 90 days and providing there are no material changes to the application.

Note, the most recent payslip continues to be required for home loan applications where the customer resides in New South Wales.

The Serviceability and Eligible Incomes guide available on the Bankwest broker website, will be updated to reflect this change.




8 October 2021 

Backing brokers to deliver brilliant customer experiences

Hear from Josh Ellis, WA State Manager Third Party, on Bankwest’s policy and process updates as well as tools we have available to you here at Bankwest.



28 September, 2021 

We’re pleased to let you know, effective Wednesday 29 September 2021, we are reducing a number of investment rates across the Complete Variable Home Loan Package and Premium Select Variable Home Loan for new customers. New pricing will be automatically applied upon submission for applications lodged from Wednesday 29 September 2021.

Check out the reductions below and please refer to the Bankwest Broker website from Wednesday 29 September 2021 for all rate tables.

Please note: The serviceability assessment along with a new Excel Serviceability Calculator will be updated to reflect amended assessment rates in mid-October.



21 September, 2021 

Amendment to cashback eligibility LVR communicated

Yesterday we let you know that we extended our refinance cashback* and increased the qualification to 90% LVR. In our excitement we included an incorrect figure for LVR lending for existing applications.

Please note, the correct information is: For applications received from Thursday 12 November 2020 to Tuesday 14 September 2021, lending must not exceed an LVR of 80%.

All other information remains the same, as can be seen below. Thank you for your patience and please get in touch with your BDM if you have any questions.

Your customers may be eligible if they are Australian residents 18 years or over and tick these boxes:



  • Only refinances of a home loan with a new Bankwest home loan product are eligible.
  • Both owner occupier and investor home loans are eligible.
  • Any Bankwest home loan product is eligible: Complete Variable, Complete Fixed, Premium Select, Standard Fixed.
  • Minimum aggregate refinance amount ≥$250k (excludes debt consolidation of personal loans and credit cards).
  • Principal and Interest or Interest Only.
  • Applications to be submitted for full approval within the promotional period and disbursed by the required date, set out below.
  • For applications received from Thursday 12 November 2020 to Tuesday 14 September 2021, lending must not exceed an LVR of 80%.
  • For applications received from Wednesday 15 September 2021 to Friday 25 February 2022, lending must not exceed an LVR of 90% (inclusive of LMI).


The promotional period covers applications submitted between Thursday 12 November 2020 and Friday 25 February 2022, reflecting LVR tiers above. Loans to be disbursed on or before Saturday 30 April 2022.

Please note, lending must be new to Bankwest (refinances of existing Bankwest or CommBank loans are excluded from this offer).


New broker update: Backing brokers to deliver brilliant customer experiences 

Hear from Josh Ellis, WA State Manager Third Party, on Bankwest’s policy and process updates as well as tools we have available to you here at Bankwest - watch the video here.


Self-employed policy changes - click here.