Bankwest fixed home loan rates

Stay informed on changing Bankwest fixed home loan rates by bookmarking this page or checking back regularly. The table below displays the rates as of [date], which may change anytime.

 Bankwest fixed home loan products: 

Bankwest fixed home loan rates FAQs

Has Bankwest passed on rate rise?

Yes, Bankwest has implemented the 2023 rate rise. Here are the details you need to know about the changes: 

Rate rise details 

• rate increase: effective 17 November 2023, the standard variable rate (SVR) for home loans increased by 0.25% p.a. 
• updated rates: for owner-occupiers, the SVR increased to 9.00%; for investors, the SVR increased to 9.65% 

Why rates increased 

The rate increase is due to higher borrowing costs, primarily influenced by the Reserve Bank of Australia’s (RBA) adjustments to the national cash rate. This change ensures Bankwest's financial stability. 

Impact on home loans 

• monthly repayments: minimum monthly repayments will increase for variable home loans 
• customer notification: customers will receive detailed information about how their specific loans are affected 

Will interest rates continue to increase? 

Mortgage rates, including SVR, may rise due to future adjustments by the RBA’s cash rate. These potential increases are influenced by factors like inflation and global economic conditions. This impacts both home loan and savings rates. 

Are fixed-rate mortgages affected by interest rates? 

The interest rate for Bankwest fixed home loan rates will stay the same for the entire loan term, no matter what happens in the market. 

The recent rate rise reflects broader economic conditions. Mortgage brokers should consider these changes when advising clients on Bankwest fixed home loan rates. 

What are the changes to Bankwest?

Bankwest is going to become fully digitised by October 2024. It will adapt to customer preferences and technological advancements. These changes will impact how they offer their services. 

Key changes 

• transition to digital: by October 2024, Bankwest will become a fully digital bank 
• branch closures: all 45 branches will close; 15 will become Commonwealth Bank branches 
• digital focus: investment in online and mobile banking will increase 
• customer impact: existing fixed home loan rates will remain for current customers 
• business customers: transition to CommBank’s products and services 

Company decisions based on client demographic 

In 2023, CommBank’s CEO announced Bankwest's transition to a fully digital model, leveraging its extensive distribution network via mortgage brokers. This shift is driven by the fact that 97% of Bankwest transactions are already digital, with fewer than 2% of customers visiting branches. 

Impact on products and services 

Bankwest will focus on delivering efficient digital experiences and transitioning business customers to CommBank’s products. Existing Bankwest fixed home loan rates will remain for current customers, with continued support for simpler home loan services and everyday banking. 

Future challenges and initiatives 

As Bankwest transitions to a fully digital model, it faces challenges in ensuring customer security. To overcome these, Bankwest is investing in advanced digital security features. 

The bank plans to invest in digital tools, support brokers, and create jobs to make Bankwest mortgage rates more accessible. It will also enhance online platforms for instant repayments and streamlined discharge processes.

What is the difference between fixed and variable rate?

Bankwest offers both fixed and variable home loan rates, each with distinct features. Here’s an overview of fixed and variable rates: 

Bankwest fixed home loan rates 

• stability: repayments are locked in at a fixed interest rate for a set term (one to five years) 
• budgeting: easier to budget as repayments remain constant 
• protection: shielded from interest rate rises but won't benefit from rate drops 
• limitations: break fees apply if the loan is terminated early; limited extra repayments and no redraw during the fixed period 

Bankwest variable home loan rates 

• flexibility: rates can change with market conditions, affecting repayments 
• extra repayments: unlimited extra repayments are allowed, helping to pay off the loan faster 
• offset accounts: 100% offset accounts can save on interest 
• risks: repayments may increase if interest rates rise, making budgeting harder 

Making the right choice: fixed vs. variable rates 

Fixed rates offer predictability, while variable rates provide repayment flexibility. Mortgage brokers should evaluate their clients' financial situations and preferences when advising on Bankwest fixed home loan rates. 

Can I switch my current home loan to a fixed loan? 

Yes, you can switch your Complete Variable Home Loan to a Complete Fixed Home Loan via the Bankwest app.

How do I compare Bankwest home loans?

To compare Bankwest home loans, assess the loan purpose, rate type, and features needed. Here’s a short guide that may help you with comparing mortgages: 

Key comparison factors 

• purpose of loan: determine if the loan is for owner-occupiers or investors 
• type of rate: remember that Bankwest fixed home loan rates offer stability while its variable rates offer predictability 
• features needed: consider features like 100% offset accounts, extra repayments, and rate splitting options 

Additional considerations 

• in-person help: Bankwest offers strong online support and a user-friendly app. Physical branches are available but not widespread 
• loan features: evaluate if the client needs features such as offset accounts and the ability to make extra repayments 

Finding the ideal Bankwest home loan 

Compare loan types, rates, and features to find the best Bankwest home loan. This approach will help you make an informed decision.

What do you need to apply for Bankwest fixed home loan rates?

Applying for a Bankwest home loan requires specific personal, employment, and financial details. Here’s a concise guide to what you need: 

Required information 

• personal details: full name, contact information, and identification (passport, driver’s licence, birth certificate) 
• employment details: employer’s name, job title, and recent payslips (for PAYG employees) or financial statements and tax returns (for self-employed) 
• financial details: information about income, assets, liabilities, and existing loans 

Supporting documents 

• additional income: documentation for rental income, government benefits, or trust income 
• property purchase: fully signed offer and acceptance/contract of sale 
• building a property: fully signed building contract, plans, and specifications 
• refinancing: six months of recent home loan statements from your current financial institution 

Streamline your application process 

Gathering these details and documents will streamline your application. Being prepared ensures a smoother approval process for Bankwest fixed home loan rates.