Bankwest Mortgage Shredder
Posted July 22nd, 2010
and last modified January 31st, 2012Sometimes you may not be able to save the full amount for a deposit, or perhaps the right home for you has come up before you have saved the deposit money. The Bankwest Mortgage Shredder home loan allows you to borrow up to of the value of your home. This may allow you to buy the home of your dreams when you want. The Bankwest Mortgage Shredder has an ongoing variable rate and as such, has a range of features that you are able to take advantage of.
Features of the Bankwest Mortgage Shredder
The Bankwest Mortgage Shredder offers a range of features that may help reduce the total amount you pay on the loan. These features are:
- Flexible repayment options available. The minimum loan amount you can apply for is $0 and you can borrow up to of your home value. To give you added flexibility the Bankwest Mortgage Shredder allows you to choose weekly, fortnightly or monthly principal and interest repayments.
- Pay only the interest. Home loans are a long term loan. Due to this, over the course of paying off your loan your financial situation can change and there can be many unexpected large costs that may arise. The Bankwest Mortgage Shredder home loan allows you to pay only the interest portions of repayments for a period of time over the course of your loan. This will reduce the amount you pay while on the interest only payments option. This will allow you to pay off the added costs that may come up or may help you during times when you are financially unstable.
- You can make additional repayments. If you come into extra money at any time or you would like to pay a bit extra on your payments, you can do so for free on the Bankwest Mortgage Shredder home loan. By paying extra into your loan account you reduce the amount of interest you pay. This will help you to pay less money in the long run and also help you pay off your loan quicker.
- 100% offset facility. The Bankwest Mortgage Shredder home loan allows you to offset money against credit balances if the funds are in a linked Bankwest offset account. The money in the offset account will be put towards the value of the loan and reduce the amount you pay in interest.While the account is link to the loan account you can have access to these funds at anytime.
- Valuation fees. The valuation fees vary depending on the state or territory you live in. Parts of these fees are covered by Bankwest. Bankwest will cover a maximum of:
- $180 + GST in Western Australia, any amount in excess of $180 + GST is to be met by you.
- $175 + GST in South Australia, any amount in excess of $175 + GST is to be met by you.
- $200 + GST in Queensland, New South Wales, Tasmania, Victoria and ACT, any amount in excess of $200 + GST is to be met by you.
- $210 + GST in the Northern Territory, any amount in excess of $210 + GST is to be met by you.
Saving for the deposit on your home can be hard and take a long time. This may not be suitable if the house you would like to buy comes on the market or you may have trouble saving for the deposit while paying rent. The Bankwest Mortgage Shredder offers you a loan which only requires you to pay 5% of the value of the home as deposit. In addition to the low deposit required, the Bankwest Mortgage Shredder comes with many features. The whole package will ensure that you will get the home that you want at the right time.
Read the Bankwest Mortgage Shredder terms and conditions.
| Minimum Loan Amount | $20,000 | |
|---|---|---|
| Maximum Loan Amount | $10,000,000 | |
| Maximum LVR | 95% | |
| Maximum Insured LVR | 95% | |
| Mortgage Offset Account | Yes | |
| Loan Redraw Facility | Yes | |
| Split Loan Facility | No | |
| Fixed Interest Option | No |
| Interest Rate Type | Variable | |
|---|---|---|
| Interest Rate | 6.98% | |
| Comparison Rate | 7.04% | |
| Repayment Type | Principle & Interest | |
| Repayment Frequency | Weekly | |
| Extra Repayments | Yes |
| Application Fee | $700 | |
|---|---|---|
| Legal Fee | $50 | |
| Valuation Fee | $0 | |
| Service Fee | $0 | |
| Settlement Fee | $60 |
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| Home Loan | Details | Interest Rate (p.a.) | Comp Rate^ (p.a.) | App Fee / Ongoing Fee | Max LVR | Min & Max Borrowing |
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