Bankwest Home Loans

Bankwest Refinancing

Bankwest offers a variety of financial products for both businesses and customers looking to refinance.

Bankwest home loans are extensive and varied, giving customers a range of options to choose from to suit their individual needs and preferences. Bankwest has home loan options for both individual homeowners and for investors.

Bankwest Home Loan Products

Bankwest Fixed Rate Home Loan

1 Year

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.

2 Years

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.

3 Years

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.

4 Years

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.

5 Years

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

1 Year

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.

2 Years

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.

3 Years

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.

4 Years

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.

5 Years

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.

Additional Fees

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.

Bankwest Home Loan Products Comparison

 

FAQs

What is refinancing a home?

Refinancing is the process of taking out a new mortgage in order to pay off your existing home loan either with the same lender or a different provider. Many people choose to do this in order to get a better rate on their home loan.

What is the advantage of refinancing your home?

There are a range of benefits to refinancing your home loan. It can allow you to take advantage of better interest rates and terms, switch from a fixed loan to variable (or vice versa), shorten the term of your mortgage and gain access to the existing equity in your home for other purposes (for example, buying a car or renovating your home).

What is the disadvantage of refinancing your home?

Refinancing your home can also come with a range of disadvantages. If you’re not careful, it can mean you’re locked into a longer loan term (which means it will take you longer to pay off your mortgage, or an interest rate that isn’t as good as you thought it was (if it changes in the time between application and settlement) There’s also a range of costs involved in refinancing, and applying for your new loan can negatively impact your credit score.

What happens when you refinance?

When you are refinancing your home, you are applying for a new mortgage and ending your existing one. It generally involves a similar process to applying for your first home loan.

How soon after refinancing can you refinance again?

There’s no hard and fast rules as to how often you can refinance. However, some banks have waiting periods of around six to twelve months. You’ll also want to assess your financial situation to ensure you’re in a good position to do so, and it’s generally not recommended that you refinance more than once every two to three years due to the impact it can have on your credit score.

How much can you save by refinancing your mortgage?

Refinancing your home loan can save you tens of thousands of dollars over the course of your mortgage by reducing your interest repayments and term.

Do you need a lawyer for refinancing a mortgage?

You don’t need to personally hire a lawyer when refinancing your mortgage. However, it’s recommended you work with an experienced broker who will engage a lawyer or solicitor on your behalf to prepare your loan documents.