Bankwest Mortgage Shredder Fixed Introductory Rate
Posted June 18th, 2010
and last modified January 31st, 2012Fixed introductory rates are a great way to save money. The fixed rate not only gives you the security of knowing what your payments are, but they are also discounted to help you save money. The Bankwest Mortgage Shredder Fixed Introductory Rate home loan has a discounted introductory fixed rate. After the introductory fixed rate is finished you will then convert to the standard variable rate. Due to this the Bankwest Mortgage Shredder Fixed Introductory Rate has a range of features that you are able to take advantage of. We will now follow on and explain the features of the Bankwest Mortgage Shredder Fixed Introductory Rate home loan.
Bankwest Mortgage Shredder Fixed Introductory Rate
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 existing customers can borrow up to of your home value. If you are new to Bankwest you will are allowed to borrow up to 85% of the home value. To give you added flexibility the Bankwest Mortgage Shredder Fixed Introductory Rate home loan allows you to choose between weekly, fortnightly or monthly principal and interest repayments.
- Discounted fixed rate. The Bankwest Mortgage Shredder Fixed Introductory Home Loan gives you a guaranteed 1%p.a. discount off the standard fixed rate for the first 12 months of your home loan. The home loan will revert to the Mortgage Shredder Home loan variable interest rate after the introductory period expires.
- You can make additional repayments. If you would like to pay extra money on your loan or just happen to receive some extra money you can pay this money onto the Bankwest Mortgage Shredder Fixed Introductory Rate home loan for no extra charge. The extra money you pay will be taken into account when calculating your interest and as such the amount you pay in interest will be lower. This will help you to pay less money on the loan and you may pay off the loan before you expect.
- 100% offset facility. The Bankwest Mortgage Shredder Fixed Introductory Rate home loan comes with an offset account which is linked to the loan account. The funds in this account will be included when calculating interest, thereby reducing the total amount of interest you will pay. As you are paying less interest your payments will be lower and while taking advantage of making additional payments you may find yourself paying off your loan quicker than expected.
- 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.
Introductory fixed rate home loans not only help you save money but allow you to take advantage of stable payments for the first part of your loan. The Bankwest Mortgage Shredder Fixed Introductory Rate offers you a loan with a fixed introductory period while also offering a range of features designed to help you save. The whole package will ensure that you will get the home that you want at the right time.
| Minimum Loan Amount | $20,000 | |
|---|---|---|
| Maximum Loan Amount | $10,000,000 | |
| Maximum LVR | 95% | |
| Maximum Insured LVR | 95% | |
| Mortgage Offset Account | No | |
| Loan Redraw Facility | Yes | |
| Split Loan Facility | No | |
| Fixed Interest Option | No |
| Interest Rate Type | Fixed | |
|---|---|---|
| Interest Rate | 7.29% | |
| Comparison Rate | 7.86% | |
| Repayment Type | Interest Only | |
| Repayment Frequency | Weekly | |
| Extra Repayments | Yes |
| Application Fee | $700 | |
|---|---|---|
| Service Fee | $0 |
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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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