The Rate Cutter Home Loan
Posted October 28th, 2010
and last modified January 31st, 2012We all know the frustration of buying something only to see it on sale the next day and if you have recently applied for a new home loan or are comparing home loan options and interest rates you may have the same feeling – that frustration of knowing that all those months when you were mortgage free, official interest rates were spiralling downwards, but now that you’re ready to become a home buyer rates only seem to be going up.
That is why you need a Bankwest home loan which has an interest rate that goes down from year to year no matter what official rates are doing. The Rate Cutter Home Loan from Bankwest rewards you for every year you keep your home loan by saving you on interest charges.
Features of the Rate Cutter Home Loan from Bankwest include:
- A discounted standard variable rate. When you apply for the Rate Cutter home loan you will receive a 0.4% discount off of Bankwest’s standard variable rate, which is applied for the life of the loan.
- An additional discount each year. You will also receive an interest rate discount of 0.1% every year for the first four years of your loan. On top of your discounted standard variable rate that equates to a discount of 0.8% for the life of the loan so you’ll always remain one or two steps ahead of the official cash rate.
- There is no valuation fee to verify the value of the property you want to purchase or invest in. However, there is an application fee of .
- No ongoing fees. There are no monthly service fees you have to pay on your loan.
- Free additional repayments. You can pay more than the minimum repayment amount to your Rate Cutter Home Loan at any time and you won’t be charged early repayment fees. This means you can regularly make a larger monthly repayment or you can pay in lump sum amounts when you have the extra cash and save yourself time and interest charges.
- Add a 100% offset account. You can save even more interest by adding a 100% offset account to your Rate Cutter Home Loan. The savings you keep in your offset account will reduce the loan amount which attracts interest charges and you pay just $15 per month for your offset.
- Borrow up to of the property value. If you are a new Bankwest customer you may qualify for a LVR which means you only need to save a deposit of 5% of the property value, plus enough to cover home loan and home buying fees and charges. The minimum loan size is $0.
- Your choice of repayment options. You can choose to make your home loan repayments to Bankwest weekly, fortnightly or monthly. Keep in mind that if you make weekly or fortnightly repayments you will pay off your loan faster than if paying monthly – for example if you pay monthly you will only make 12 repayments per year, but there are 13 fortnights in a year.
- A loan for any property. You can use the Rate Cutter Home loan to purchase a new home, as a construction loan to build a new home or to purchase an investment property.
- Online assistance. Bankwest also understands how busy you are and offers instant online support to help you understand and choose the right home loan options. You can use the Bankwest online chat option to ‘speak’ with a home loan expert about your needs.
How to Apply for the Bankwest Rate Cutter Home Loan
You can also complete an application for the Rate Cutter Home Loan online without having to schedule a meeting at a bank branch or worry about interrogating questions from the bank manager. Instead you simply need 10 minutes to complete the online application form and you will receive an immediate response about the success of your application.
To apply you will need to provide:
- Personal details for all applicants including name, date of birth, address and contact details.
- Income and assets information including details of another property, vehicles or savings, as well as other mortgages, loans or credit cards you are repaying.
You can also complete an online application form at any time, and if you need to gather more information or come back to your application later, you can save it and resume again when you have more time.
Start a Bankwest home loan comparison now.
Read the Bankwest Rate Cutter Home Loan 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 | No | |
| Fixed Interest Option | No |
| Interest Rate Type | Fixed | |
|---|---|---|
| Interest Rate | 6.58% | |
| Comparison Rate | 6.32% | |
| Repayment Type | Interest Only | |
| Repayment Frequency | Weekly | |
| Extra Repayments | No |
| Application Fee | $595 | |
|---|---|---|
| Legal Fee | $0 | |
| Valuation Fee | $0 | |
| Service Fee | $0 | |
| Settlement Fee | $60 | |
| 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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