Bankwest Mortgage Rates

To stay current with changing Bankwest mortgage rates, visit this page weekly or bookmark this page. Updated as of [date], the figures in the table below may change.  

BANKWEST MORTGAGE PRODUCTS: 

• Variable Rate Home Loan 
• Complete Variable Home Loan Package 
• Complete Fixed Home Loan Package 
• Fixed Rate Home Loan 

Bankwest Mortgage Rates FAQs  

Who owns Bankwest?  

Bankwest is a division of the Commonwealth Bank of Australia, also known as CommBank or CBA, and is one of the largest financial institutions in the country. CommBank acquired Bankwest in 2008, integrating it fully under its umbrella to provide comprehensive financial services across Australia. 

Bankwest operates as a standalone brand within the CommBank group, maintaining its unique identity. Bankwest mortgage rates are also set upon by the discretion of the company, not CBA. This relationship allows Bankwest to ensure competitive mortgage products and services while leveraging CommBank's extensive resources and infrastructure. 

Before CommBank's acquisition: 

• 1895: Bankwest was established as the Agricultural Bank of Western Australia, focusing on providing financial services to the state's agricultural sector  
• 1945: renamed as the Rural and Industries Bank of Western Australia  
• 1994: became known as Bank of Western Australia Ltd, or Bankwest 
• 2001: acquired by HBOS Australia, a subsidiary of the UK-based Halifax Bank of Scotland 

After CommBank’s acquisition: 

• 2008: CommBank acquired Bankwest from HBOS 
• 2012: Bankwest announced a significant shift towards enhancing its digital services 
• 2020: focused on expanding online banking and mobile services 
• 2024: transitioned to a digital-first approach, with the planned closure of physical branches and ATMs by October 2024 

Did Bankwest mortgage rates change after CommBank's acquisition? 

Yes, Bankwest home loan interest rates could have been affected when Commonwealth Bank acquired the company. Bankwest benefited from CommBank’s resources, offering more competitive financial products and improved digital services.  

However, a variety of factors can influence Bankwest mortgage rates, including economic conditions, monetary policy, and market competition. 

What is the future of Bankwest? 

By October 2024, Bankwest will fully transition to digital. It will close all 45 branches, with 15 converting to branches of its parent company, Commonwealth Bank. This transition aims to offer seamless online banking services, undergoing significant changes to align with evolving customer needs and market trends. 

Recent changes and decisions 

In 2023, CommBank’s CEO announced Bankwest’s plans to go fully digital. Bankwest already uses its own home loan origination model, resulting in a more extensive intermediary distribution network via mortgage brokers compared to CommBank. Despite having a national customer base, Bankwest had no physical presence outside Western Australia, and its East Coast distribution had been reduced. 

This decision is also because 97% of Bankwest transactions are already digital, and fewer than 2% of customers regularly visit branches. This move aligns with Bankwest’s goal to invest in technology and improve its online and mobile banking platforms.  

Impact on products and services 

The focus will be on delivering efficient and user-friendly digital experiences, reducing the need for physical branch visits. Since Bankwest is focusing on retail customers nationwide, they will be transitioning business customers to CommBank’s products and services.  

Existing Bankwest mortgage rates will still apply to current customers. The company will also continue supporting their existing customers with simpler home loan services and everyday banking. 

Future challenges and initiatives 

Looking ahead, the bank aims to stay ahead of market obstacles by investing in advanced digital tools, backing brokers, and creating jobs in data science and customer service. This strategy may allow Bankwest mortgage rates to be more accessible to customers. 

It plans to enhance its online platforms, offering features like instant Bankwest mortgage repayments and streamlined Bankwest mortgage discharge processes.  

Is Bankwest government-guaranteed? 

Yes, Bankwest is government-guaranteed. This protection is provided through the Financial Claims Scheme (FCS), ensuring that deposits are safeguarded in case of bank insolvency. 

What is the FCS? 

The FCS is an Australian Government initiative that protects deposits up to $250,000 per account holder, per authorised deposit-taking institution (ADI). 

What is an ADI? 

An ADI (Authorised Deposit-taking Institution) is a financial institution authorised by the Australian Prudential Regulation Authority (APRA) to accept deposits from the public. Bankwest, as a trading name of CommBank, is covered under this scheme. 

How does the FCS work? 

FCS is activated if an authorised deposit-taking institution fails. It ensures that depositors can claim their protected funds quickly, providing financial stability and security. Deposits covered include savings accounts, transaction accounts, and term deposits, and more. 

Does the government guarantee still apply when Bankwest becomes fully digital? 

Yes, the government guarantee would still apply even when Bankwest becomes fully digitised and no longer has physical branches or ATMs. The Financial Claims Scheme protects deposits up to $250,000 per account holder per institution, regardless of the bank's physical presence. This ensures that eligible deposits at Bankwest are safeguarded by the Australian Government, providing financial security for customers in the event of the bank's insolvency. 

When considering Bankwest mortgage rates, the same government guarantees apply to their deposit accounts, providing an added layer of security for customers. 

Has Bankwest passed on rate rise? 

Yes, Bankwest has passed on the recent rate rise. Effective 17 November 2023, the Standard Variable Rate (SVR) for home loans will increase by 0.25% p.a. for new and existing customers. 

Interest rate changes 

Bankwest mortgage rates, including the SVR, will rise due to recent adjustments by the Reserve Bank of Australia (RBA) to the national cash rate. This change impacts both home loan and savings rates. 

Latest update reflected on website (9 November 2023) 

• home loan rates: the SVR for owner-occupiers will increase to 9.00%; for investors, it will rise to 9.65% 
• savings rates: select savings products, like the Hero Saver and Easy Saver, will also see a 0.25% increase 

Why rates are increasing 

Bankwest mortgage rates are increasing due to higher borrowing costs from sources like the RBA. This ensures that the company can maintain financial stability and meet lending requirements. 

What this means for home loans 

Minimum monthly repayment amounts will increase for variable home loans. Customers will receive details on how their specific home loans will be affected.