Bankwest Mortgage Shredder Variable Introductory Rate
Posted July 22nd, 2010
and last modified January 31st, 2012Discounted interest rates for the first part of your loan can help you prepare for the larger payments that are due to come. By taking advantage of the introductory rates out there you not only save money, but can take it easy when you first start paying off your home loan. The Bankwest Mortgage Shredder has a discounted introductory variable rate and as such, has a range of features that you are able to take advantage of. Offering a guaranteed 1% discount off the Mortgage Shredder standard variable rate for the first 12 months of your home loan the Bankwest Mortgage Shredder Variable Introductory Rate home loan is hard to look past.
Bankwest Mortgage Shredder Variable Introductory Rate
The Bankwest Mortgage Shredder Variable Introductory Rate home loan offers a range of features that may help reduce the total amount you pay on the loan. These features are:
- Flexible repayment options available. New customers can borrow from $0 to 85% of the home value. If you are an existing customer you can borrow from $0 to of the home value. To give you added flexibility the Bankwest Mortgage Shredder allows you to choose weekly, fortnightly or monthly principal and interest repayments.
- Discounted interest rate. The Bankwest Mortgage Shredder Variable Introductory Home Loan gives you a 1%p.a. discount off the standard variable 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 finishes.
- You can make additional repayments. For no extra charge you can make additional payments on the Bankwest Mortgage Shredder Variable Introductory Home Loan. You may have just had a tax return or just have put some money away, whatever you may have done you can place these funds on your loan. These extra repayments will reduce the total value of your loan faster, while reducing the interest charged. This will help you to reduce the total amount your pay onto your home loan.
- 100% offset facility. The Bankwest Mortgage Shredder Variable Introductory Home Loan allows you to put money against credit balances if the funds are linked through a Bankwest interest offset account. While you still have full access to this money, the money in the offset account will be put towards the value of the loan and reduce the amount you pay in interest.
- 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.
The interest portion of a loan can contribute greatly to the total amount you pay off. That is why it is very important that you take advantage of any offers that reduce the interest. The Bankwest Mortgage Shredder Variable Introductory Home Loan offers a discounted introductory rate while still offering all of the great features that you expect from a variable interest rate home loan. The whole package will ensure that you will get the home that you want at the right time so contact Home Loan Finder now and find out more.
Read the Bankwest Mortgage Shredder Variable Introductory Rate terms and conditions.
| 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 | No | |
| Split Loan Facility | Yes | |
| Fixed Interest Option | No |
| Interest Rate Type | Fixed | |
|---|---|---|
| Interest Rate | 5.98% | |
| Comparison Rate | 6.93% | |
| Repayment Type | Interest Only | |
| Repayment Frequency | Weekly | |
| Extra Repayments | No |
| Application Fee | $700 | |
|---|---|---|
| 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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