Bankwest variable home loan rates

Check this page weekly or bookmark it to stay updated on the changing Bankwest variable home loan rates. The table below reflects the rates as of [date], but they are subject to change. 

Bankwest variable home loan products: 

Bankwest variable home loan rates FAQs

Who owns Bankwest?

Bankwest is owned by the Commonwealth Bank of Australia. 

Overview 

Bankwest began as the Agricultural Bank of Western Australia in 1895. It served farmers by travelling between properties. 

History of ownership 

• 1895: established as the Agricultural Bank of Western Australia by the WA Government 
• 1945: renamed to the Rural and Industries Bank of Western Australia, or R&I Bank 
• 1956: became a savings bank 
• 1994: renamed to the Bank of Western Australia, trading as Bankwest 
• 2008: acquired by the Commonwealth Bank of Australia 

Today, Bankwest operates under the Commonwealth Bank of Australia, providing a range of financial services nationwide.

Has Bankwest passed on rate rise?

Yes, Bankwest has passed on the recent rate rise. Effective 17 November 2023, Bankwest's standard variable rate (SVR) for home loans increased by 0.25% p.a. This change affects both new and existing customers. 

Details of the rate rise 

• owner-occupier SVR: increased to 9.00% 
• investor SVR: increased to 9.65% 
• impact on savings products: Hero Saver and Easy Saver accounts increased to 0.25% 

Reasons for the rate increase 

• adjustments by the Reserve Bank of Australia (RBA) to the national cash rate 
• higher borrowing costs to maintain financial stability 
• ensures Bankwest can meet lending requirements 

Impact on home loans 

• minimum monthly repayments on Bankwest variable home loan rates will rise 
• customers will receive information on how their specific loans are affected 
• potential budget adjustments for borrowers due to increased repayments 

Bankwest’s rate rise reflects broader economic changes and ensures the bank meets its financial obligations. 

What is a variable rate home loan?

A variable rate home loan has an interest rate that can change over time. The rate may rise or fall due to various factors, including changes to the RBA’s official cash rate and lender funding costs. This makes budgeting for future payments challenging, but it offers potential benefits when rates fall. 

Details of Bankwest variable home loan rates 

Bankwest variable home loan rates adjust based on economic conditions. Here's what you need to know: 

Rate adjustments 

• the interest rate can increase or decrease 
• it depends on factors like the RBA cash rate and Bankwest's funding costs 
• when rates fall, repayments can stay the same, helping to pay off the loan faster 

Switching and splitting loans 

• Bankwest allows splitting a loan between fixed and variable rates 
• this provides certainty with fixed rates and flexibility with variable rates 
• customers can make extra repayments on the variable portion without penalties 

Additional features 

• Bankwest variable home loan rates offer features like redraw facilities 
• customers can access extra repayments if needed 
• offset accounts are available, helping reduce interest payable 

Considerations for borrowers 

Bankwest variable home loan rates offer both advantages and potential risks. Knowing these details can help you make better choices: 

Benefits 

• potential for lower initial interest rates 
• flexibility to make additional repayments without penalties 
• access to facilities like redraw and offset accounts 

Risks 

• repayments can increase if interest rates rise 
• harder to budget due to fluctuating rates 
• potential for higher interest costs over the life of the loan if rates increase significantly 

Assessing Bankwest variable home loan rates 

These loans provide options for extra repayments and access to redraw facilities, which can be beneficial in the long run. Bankwest variable home loan rates offer flexibility and adaptability, suitable for borrowers who can manage potential interest rate fluctuations. However, it's important to be prepared for possible rate increases and the impact they might have on your budget.

How do I apply for a Bankwest mortgage?

To apply for a Bankwest mortgage, you need to provide some personal and financial information. 

Steps to apply 

Gather personal details 

• full name, date of birth, and contact information 
• employment details and financial information such as income, assets, and other loans 

Talk to a home lending specialist 

• discuss your financial situation and loan requirements 
• get advice on which mortgage products suit your needs 
• receive assistance with preparing your application 

Submit application for full approval 

• provide details about the property or refinancing information 
• submit proof of income, assets, and liabilities 
• verify your identity through digital or in-person methods 

Application methods 

• online: review available home loans and start your application 
• appointment: book an appointment with a Home Lending Specialist through the online form or by calling telephone number 
• in-person: visit any Bankwest branch for assistance 
• private banking: for high-income individuals, private banking services may be available 

Identity verification 

• online verification: use digital verification by taking a selfie and a photo of your ID document 
• in-person verification: visit an Australia Post outlet or a Bankwest branch with your original ID documents 

Applying for a Bankwest mortgage involves gathering personal information, consulting with a specialist, and verifying your identity. Multiple application methods are available to suit your convenience. 

How do I compare Bankwest home loans?

To compare Bankwest home loans, you need to assess your specific requirements and the features each loan offers. 

Key comparison factors 

Loan purpose 

• owner-occupier loans: for buying a home to live in 
• investment loans: for purchasing property as an investment 

Interest rate type 

• fixed rates: stable rates for a set period 
• Bankwest variable home loan rates: rates that can rise or fall 

Loan features 

• offset accounts: reduce interest by offsetting savings against the loan balance 
• extra repayments: ability to make additional payments without penalties 
• loan splitting: option to split between fixed and variable rates 

Questions to consider 

• do you prefer in-person help or online support? 
• is there a nearby Bankwest branch? 
• what loan features are essential for your financial strategy? 

Comparing with other loans 

• fees and charges: evaluate the ongoing and upfront fees 
• repayment flexibility: check if you can adjust repayments based on your financial situation 
• loan term: consider the loan duration that suits your financial goals 

Comparing Bankwest home loans involves understanding your needs and evaluating the available loan features and rates. Assessing the purpose, rate type, and essential features will help you make an informed decision. 

By evaluating Bankwest variable home loan rates and other factors, you can find the loan that best suits your requirements.