Are you seeking helpful information on BankWest home loan review, approval time, and calculator? This is the best article for you.
Bankwest was established in Perth, Western Australia, in the year 1895. It is now a subsidiary of the Commonwealth Bank of Australia.
Over the years, Bankwest has improved in the nature and delivery of its financial products to meet the needs of the dynamic credit environment in Australia.
Bankwest was one of the best Australian home loan providers on the West Coast until the parent company underwent tough times during the GFC and sold BankWest to CBA.
However, BankWest offers an array of simple and competitive home loans for investors and first-home buyers. They operate independently of CBA and maintain their pricing, home loan, and lending policy.
BankWest Home Loan Approval Time
The BankWest home loan approval time is one or two weeks depending on your situation and the settlement period. You can keep track of your application by keeping a tab on email notifications. Also, Your Home Lending Specialist or broker can keep you updated on the progress of your loan. Lastly, you can use the Home Loan Application Tracker to track when you receive payments.
What Type Of Home Loans Does Bankwest Offer?
BankWest’s home loans are designed to meet the needs of home buyers and investors. They offer Complete Variable, Complete Fixed, and Premium Select Home Loans.
Their Complete Fixed Home Loan offers loans at competitive interest rates. This loan is the best option if you want to settle the loan over an extended period. Also, they provide specialized products, such as the Senior’s Equity Release, designed to help retired people access and get homes.
Check out the lending policies before choosing the package to go for. The packages differ in interest rate, duration, and nature of repayment.
The lending policies of Bankwest are flexible and can approve large property requests on a case-by-case basis.
How Much Can I Borrow With Bankwest?
Your borrowing capacity or the amount you can borrow depends on a couple of factors such as salary, family size, living expenses, extra income, liability, (and so many more.
The Bankwest broker will look into these factors and calculates the limit of your borrowing capacity.
What Is The Maximum LVR To Access Bankwest’s Loan?
The Maximum LVR differs in individuals based on location, security type, loan purpose, and size. Without LMI Premium, the maximum LVR is 80%.
For owner-occupied new houses, the max LVR is 98% plus LMI. For owner-occupied refinance, the max LVR is 90%, including LMI. For investors, the max LVR is 90%, including LMI.
Who is Suitable For Bankwest Loans?
Bnakwest loan is best for people with clean credit (one minor default is allowed). Borrowers must have more than a 20% deposit to get a loan over $200,000.
Additionally, Bankwest is suitable for investors with cash-out purposes. Also, Bankwest offers 95% plus LMI for first-home buyers.
Bankwest Loan Interest Rates and Fees?
Bankwest offers some of the best and most competitive interest rates. The owner-occupied home loan rates start at 2.44% for variable and 1.89% for fixed. Investment home loan rates begin from 2.69% for variable and 2.34% for fixed. Further discounts are available, but it depends on the loan size.
The table below summarizes the interest rates and other relevant fees for BankWest.
|Complete Variable Home Loan Package
|Complete Fixed Home Loan Package
|Variable Rate Home Loan (Premium Select)
|Fixed Rate Home Loan
|$10 p.m. (optional)
The table above is derived from Reservoir Finance.
Bankwest Home Loan Calculator
Bankwest has a calculator that you can use to calculate your mortgage repayments. The calculator also helps you understand how your repayment will change if you pay the principal and interest, or interest only, and how much you save when you make extra repayments.
Here is the link to check out the calculator.
Bankwest Home Loan Review
Bankwest Home Loan Review suggests that the bank has over 5/5 star ratings on many rating platforms. Reservoir Finance experts reviewed Bankwest home loan as 5 out of 5 stars. The bank is one of the longest provides some of the cheapest interest rates at about 2.65% per annum. It also has good customer service support which is far better than some providers.
What are the Pros and Cons of Bankwest
- Offers lower interest rates with a large deposit
- Working with mortgage brokers
- Approves low deposits for First home buyers
- Fast loan approvals
- High loan-to-value ratio (LVR) loans. It can reach 90% (inclusive of LMI)
- Accepts 100% of allowance income and overtime income for those working in health care and emergency services
- Comprehensive Credit Reporting available for all customers
- Offers discounted LMI fee for first-home buyers
- Accepts rental payments instead of genuine savings
- No income shading if you have casual employment for up to a year
- Home buyers can borrow up to 95% of the property value
- Not suitable for people with bad credit
- Not ideal for self-employed borrowers that cannot prove their income
- Demands good credit scoring
- Commission income, bonus, and overtime are shaded
Bankwest offers the best home loans for intended homeowners and investors with good credit. Check out Bankwest’s application submission checklist to learn more about the loans and start applying.