Bankwest Premium Home Loan
Posted July 22nd, 2010
and last modified January 31st, 2012There are many loans available on the market and finding the right one for you can be a monumental task. The Bankwest Premium Home Loan offers people who have personal home loan borrowings of $500,000 or more a great loan with a great interest rate and lots of extra features that can help you save money. The interest rate is at a discounted rate from the standard variable rate to ensure you are always receiving the lowest interest rate possible. Currently, the interest rate for the Bankwest Premium Home Loan is discounted at 0.70%p.a. off the standard variable rate for the life of the loan.
Features of the Bankwest Premium Home Loan
Apart from the low interest rate, the great thing with variable loans is the added features which give you flexibility. The Bankwest Premium Home Loan offers many great features on top of the discounted interest rate. These features are:
- How much can you borrow. New customers may borrow up to 85% of the property value. However, existing Bankwest home loan customers may borrow up to of the property value (conditions apply).
- Offset account. The Bankwest Premium Home Loan provides you with a 100% interest offset account. This is an account which is linked to your loan account. It can be used as an everyday transaction account. However, any of the funds which are deposited in the account are considered when calculating the interest of you loan account. So the more money you keep in the interest offset account the less interest you will pay. By putting savings or even your wage into this offset account you will be saving money on the interest charged on your loan. This will help reduce the interest you pay and to pay off the loan sooner.
- Pay only the interest. When paying off a loan you generally pay off the interest that accumulates on the loan and the principle that you began with. The interest only payment option allows you to pay only the interest for a period of time. This reduces the payments you will have to make while using the feature. This is a handy option if you are planning on investing into another venture and will have to wait a while to see returns from it. You may also just want a break from paying the full amounts to buy something you want.
- Fees. The Bankwest Premium Home Loan offers customers a one off application fee. In addition to the application fee there is a standard valuation fee which is specific to the state or territory you live in. These costs for one standard valuation in each state or territory are:
- Western Australia. To a maximum of $180 + GST. Any amount in excess of $180 + GST is to be met by you.
- South Australia. To a maximum of $175 + GST. Any amount in excess of $175 + GST is to be met by you.
- Queensland, New South Wales, Tasmania, Victoria and ACT. To a maximum of $200 + GST. Any amount in excess of $200 + GST is to be met by you.
- Northern Territory. To a maximum of $210 + GST. Any amount in excess of $210 + GST is to be met by you.
When purchasing your home it is important that you get the right loan for you with the lowest interest rate. The Bankwest Premium Home Loan offers a loan with a discounted interest rate so you can always guarantee that you are receiving the lowest interest rate that is available. The low interest rate coupled with all the additional features ensures that you are getting the best deal possible .
Read the Bankwest Premium Home Loan terms and conditions.
| Minimum Loan Amount | $20,000 | |
|---|---|---|
| Maximum Loan Amount | $200,000 | |
| 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 | 6.38% | |
| Comparison Rate | 6.43% | |
| Repayment Type | Principle & Interest | |
| Repayment Frequency | Weekly | |
| Extra Repayments | Yes |
| Application Fee | $700 | |
|---|---|---|
| Legal Fee | $0 | |
| Valuation Fee | $0 | |
| Service Fee | $0 | |
| Exit Fee | $300 |
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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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