Bankwest Home Loan Products
Bankwest Fixed Rate Home Loan
With this home loan, borrowers receive a fixed interest rate for the first year. This means that their repayments will stay the same for the duration of the introductory period. After this, the interest rate will vary according to the current standard rate.
For the first two years of this loan, borrowers lock in their interest rate to keep their repayments from fluctuating. After the first two years are over, the loan switches over to a variable interest rate that changes along with the current standard rate.
This loan allows customers to keep their interest rate set for the first three years that they have the loan. After that, the interest rate will vary in accordance with the standard rate. Customers can also choose to refinance to get a new fixed rate.
With this loan, customers receive the same interest rate for the first four years of the loan, after which the interest rate becomes variable. This means that the repayments will be for the same amount for the introductory period, but will vary after that as the interest rate changes.
This loan gives customers the longest fixed rate period available, at five years. At the end of this time, the interest rate will fluctuate along with the current rate. While repayments will be stable for the first five years, customers should be prepared for them to fluctuate after that.
Bankwest Premium Select Home Loan
This loan gives customers a discount off the standard variable rate to help them save money on interest and get the loan paid back faster.
Bankwest Complete Home Loan Package
With the Complete Home Loan Package, customers can bundle their home loan with a credit card and an offset transaction account to receive discounted interest rates. This package can be applied to any standard fixed rate loan, variable rate loan or home equity line of credit.
Bankwest Complete Equity Loan
This home equity line of credit enables customers to borrow money against the equity they have built up in their home. With the Complete Home Loan Package, customers also get a credit card and an offset transaction account, which helps them to save money on interest.
Bankwest Complete Variable Home Loan
With this loan, the interest rate varies according to the current standard rate, so borrowers’ weekly, fortnightly or monthly repayments will fluctuate accordingly. This loan comes with the Complete Home Loan Package, which includes a credit card and access to an offset transaction account.
Bankwest Complete Fixed Rate Home Loan
With this fixed rate loan, customers are guaranteed the same interest rate for the first year of the loan. After the introductory period ends, the account switches to a variable interest rate. In the Complete Home Loan Package, borrowers get a credit card and offset transaction account as well.
To avoid costly interest rate fluctuations, this home loan locks in the interest rate for the first two years, after which the rate becomes variable. This loan is part of the Complete Home Loan Package, giving customers a credit card and offset transaction account, too.
This home loan gives customers a set interest rate for the first three years that they have the loan so that their monthly repayments will stay the same. After three years have passed, the rate becomes variable. In the Complete Home Loan Package, customers also get a credit card and offset transaction account.
For the first four years of this loan, borrowers receive a flat interest rate that is not subject to market fluctuations. After four years, the interest rate varies. This loan includes the Complete Home Loan Package, which includes both a credit card and an offset transaction account.
This loan has the longest fixed rate period that Bankwest offers. After the first five years, the interest rate becomes variable. As a part of the Complete Home Loan Package, this loan also includes a credit card and an offset transaction account.
About Bankwest Refinancing
The Potential Benefits of Bankwest Refinancing
Depending your circumstances, refinancing could provide serious advantages. The advantages outlined by Bankwest refinancing are included below.
Savings on Loan Products
If you have had your home loan for a long time, or if your loan is currently approaching renewal, you may find that refinancing could get you a better deal. However, it is advised that you take into account all the fees associated with refinancing, examining them along with any potential reduction in interest rates.
Debt Consolidation Advantages
If you are seeking to manage your monthly payments more effectively, and consolidate existing debts and loan payments, you could find a refinancing package to be the best way to achieve this.
Things to Consider
In addition, Bankwest provide a list of things to consider before applying for refinancing. By taking each of these aspects into account, you can achieve the best deal possible on your refinancing product.
Loan to Value Ratio (LVR)
The Loan to Value Ration or LVR refers to the proportion of the total property value that you wish to borrow as part of the refinancing agreement. In some cases, Bankwest refinancing may be able to provide a higher LVR then the one relating to your current loan. This could provide extra funds for renovation or additional investment.
Loan Interest Rates
Bankwest suggest that you should examine loan interest rates very carefully before selecting a loan product. At first glance, the difference in interest rates between your existing loan and the one offered by Bankwest refinancing may be minimal, but the company point out that this can translate to major savings over time.
There may be additional fees to take into account when you decide to make the switch from an existing arrangement to a refinancing package. These include but are not limited to discharge fees from original agreements (not an issue if the agreement is due for renewal), and registration fees on new loan agreements.