Bankwest Equity Access
Posted June 30th, 2010
and last modified January 31st, 2012
What happens when I click Enquire Now?
- Clicking Enquire Now will take you to the lender's website
- After completing the contact form, a mortgage expert will contact you
- The mortgage expert will ensure you find the right loan, calculate your repayments, and explains all the associated fees
- After going through the enquiry process you will be able to know how much you can borrow, begin your application when you are ready to apply and be approved for a home loan
After paying off your home loan for many years you would have built up a small fortune in the equity in your home. The Bankwest Equity Access loan allows you to unlock the equity through a line of credit loan so you can finally use the funds. The Bankwest Equity Access loan is a line of credit loan which provides ongoing access to low cost finance. It can be used as an everyday transaction account and even provide you with ATM and cheque book access to your funds. If you are looking for extra money to invest, renovate or go on a holiday the Bankwest Equity Access loan may be the loan for you.
Features of the Bankwest Equity Access
The Bankwest Equity Access loan is a line of credit loan that gives you access the equity you have accumulated on your home. The main features of the Bankwest Equity Access loan are:
- How much can you borrow. TheBankwest Equity Access loan allows you to borrow up to 90% of the equity in your property at any one time.
- Great flexibility on the repayments. The Bankwest Equity Access loan is very flexible on the amount you have to repay. If you have not reached the limit of your allowed credit you do not have to make any repayments. By having the flexibility to pay whenever you want you can borrow money and wait until you have more finances to start repaying the loan. If the loan has been drawn to the full credit amount you only have to pay the minimum of interest-only repayment.
- Can be used as a transaction account. With the unlimited redraw facility you can use the Bankwest Equity Access loan account as your everyday transaction account.By doing this you can reduce the interest that is charged by keeping your salary in the account and using your credit card for your purchases. Once interest is calculated on the loan and before interest is charged on the credit card you can then pay off the credit card with the funds in your account.
- A source of ongoing finance. TheBankwest Equity Access loan is a great source of ongoing finance. You can get a Bankwest Equity Access loan up to an amount agreed upon by yourself and Bankwest. You will only pay interest on the amount you draw out so even if you repay your debt there is always the potential to withdraw the money again if it is needed.
- A Bankwest MasterCard Debit Card. If you choose to the Bankwest Equity Access loan comes with a free Bankwest MasterCard debit card. The card is not linked to the loan in any way but can be used to leave your wage in the loan account to reduce the interest charged on the loan account.
- Fees. The Bankwest Equity Access loan has $ 0 application fees however it does have a small ongoing maintenance fee.
After paying off your home loan for all these years you deserve access to the equity you have built up on the home. The Bankwest Equity Access loan gives you the access to your equity for whatever reason you wish. You may want to renovate the home, go on a holiday or just need some new clothes. There are no restrictions on what the money can be used for. In addition to giving you access to your equity the flexible repayment options allow you to pay what you want whenever you want as long as the total value borrowed stayed below the agreed amount.
Read the Bankwest Equity Access terms and conditions.
| Minimum Loan Amount | $20,000 | |
|---|---|---|
| Maximum Loan Amount | $10,000,000 | |
| Maximum LVR | 90% | |
| Maximum Insured LVR | 90% | |
| Mortgage Offset Account | No | |
| Loan Redraw Facility | Yes | |
| Split Loan Facility | No | |
| Fixed Interest Option | No |
| Interest Rate Type | Fixed | |
|---|---|---|
| Interest Rate | 6.96% | |
| Repayment Type | Interest Only | |
| Repayment Frequency | Weekly | |
| Extra Repayments | Yes |
| Application Fee | $0 | |
|---|---|---|
| Legal Fee | $0 | |
| Valuation Fee | $0 | |
| Service Fee | $325 |
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