Bankwest Home Loans: The 2026 Review
Unlock competitive rates with Bankwest's 5.44% p.a., well below market average. Beware of hidden fees in fixed loans. Ready to save? Explore your options today!
Bheja Verdict
Very Good
Bankwest Home Loans At a Glance
5.44%
Variable • Owner Occupied
$295
Upfront fee applies
$12
Ongoing service fee
Current Bankwest Home Loan Rates
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* Comparison rate is calculated on a loan amount of $150,000 over 25 years. Rates and fees are subject to change. Terms and conditions apply.
+ Only key fees (application, discharge, ongoing) are displayed - other fees such as redraw, administration, and processing fees may also apply.
Bankwest Product Statistics
Real-time insights and market analysis
Average Variable Rate
6.23%
26 products
Average Fixed Rate
6.57%
78 products
Best Available Rate
5.44%
Variable • Owner Occupied • P&I
Total Products
4
104 variations
Fee Summary
Application Fee
$295
Monthly Fee
$12
Discharge Fee
$38.2
Late Payment Fee
$50
Key Features
Product Ranges
How Bankwest Compares to Big 4 Banks
| FEATURE | Bankwest | ANZ | CommBank | Westpac | NATIONAL AUSTRALIA BANK |
|---|---|---|---|---|---|
| Best Variable Rate | 5.44% | 5.64% | 5.34% | 3.74% | 5.69% |
| Best Fixed Rate (3yr) | 5.99% | 5.34% | 6.04% | 5.69% | 5.84% |
| Application Fee | $295 | $0 | $300 | $0 | $0 |
| Monthly Admin Fee | $12 | $0 | $10 | $0 | $0 |
| Offset Account | |||||
| Redraw Facility | |||||
| Product Variations | 104 | 133 | 90 | 138 | 112 |
Bheja Insight: Bankwest offers offset accounts, matching Big 4 offerings
Is Your Rate Too High?
Regularly reviewing your home loan rate can ensure you're not paying more than necessary. With Bankwest health check tool, you can easily assess whether your rate remains competitive in today's market. Stay informed and potentially save on your repayments by checking your rate today.
About Bankwest
Company overview and contact information
Bankwest, a major bank and part of the Commonwealth Bank of Australia, operates as an authorised deposit-taking institution (ADI) with headquarters in Perth, WA. With a strong presence both online and through branches, Bankwest is well-positioned within the Big 4 ownership structure, ensuring robust financial backing and comprehensive service delivery.
Bankwest offers a diverse range of home loan products, featuring 105 variations with interest rates ranging from 5.44% to 8.02%. Notable features include no annual fees for basic loans, multiple offset accounts, and flexible repayment options, catering to a wide array of customer needs. Their offerings are designed to provide competitive and adaptable solutions for homebuyers.
What sets Bankwest apart is their commitment to innovation and customer satisfaction. They leverage real-time financial insights and AI to enhance transparency and outcomes for brokers and clients alike. Additionally, their MORE Rewards program offers enticing benefits, such as 130,000 bonus points for eligible spending, adding extra value to their financial products.
Company Details
Key Features
Bankwest home loans offer flexible financial solutions with features like multiple offset accounts and unlimited extra repayments, designed to help you save on interest and manage your mortgage effectively.
Offset Accounts
Link up to 9 offset accounts to your home loan, reducing the interest charged by offsetting your loan balance. This can save you significant interest over the life of your loan.
Extra Repayments
Make extra repayments up to $10,000 per year on fixed loans without any charges, allowing you to pay off your loan faster and reduce overall interest costs.
Flexible Repayment Options
Choose from weekly, fortnightly, or monthly repayments to align with your pay cycle, providing you with greater control over your cash flow.
No Annual Fee Credit Card
Opt for an eligible credit card with no annual fee, adding convenience and potential rewards without extra costs.
Unlimited Redraw Facility
Access surplus funds anytime with unlimited redraws via online banking, offering financial flexibility when you need it most.
Loan Splits
Split your loan between fixed and variable rates to balance stability and flexibility, allowing you to manage interest rate fluctuations effectively.
Digital Banking Features
Use the Bankwest App and Online Banking to manage your loan and track applications in real time, ensuring convenient and efficient loan management.
Interest-Only Periods
Opt for interest-only repayments for up to 5 years, reducing initial outgoings and providing financial breathing room if needed.
No Valuation Fees
Enjoy no valuation fees with the Complete Home Loan Package, reducing upfront costs and simplifying the loan process.
Top-Up Facility
Increase your loan amount by borrowing against your property's equity, unlocking additional funds for renovations or other needs.
Home Loan Application Tracker
Track your loan application online in real time, providing transparency and peace of mind throughout the approval process.
Rate Discounts
Benefit from rate discounts after the fixed rate period, transitioning to a competitive standard variable rate minus the outlined discount.
MORE Rewards Program
Join Bankwest's MORE Rewards program and earn 130,000 bonus points by spending $5,000 on eligible purchases within the first 90 days, adding value to your financial activities.
Fees & Charges
Bankwest offers a variety of home loan products with a range of fees that can vary significantly depending on the specific loan type. While some fees are upfront, others are ongoing, and borrowers should be aware of potential hidden costs, especially with fixed-rate loans.
Fees subject to change. Refer to lender documentation for current rates.
Eligibility Criteria
Bankwest offers home loans to Australian citizens and permanent residents who meet specific age, residency, and financial criteria. Their loans are accessible to individuals who can demonstrate financial stability and the ability to manage repayments without hardship.
Important Notes
- Lenders Mortgage Insurance (LMI) is required for loans with an LVR above 80%.
- Bankwest offers special programs like the MORE Rewards program for eligible purchases.
- Transition to a digital-only bank may impact customers relying on physical branches.
- New lending to self-employed clients with LVR over 80% is currently paused.
Bankwest Home Loan Pros & Cons
Our expert take on whether Bankwest is right for you
Pros
- +Rates below market average, offering significant savings
- +Multiple offset accounts available
- +No application or annual fees
- +Flexible repayment options
- +Ability to split or switch between fixed and variable rates
Cons
- –Inconsistent loan approval criteria
- –Poor communication and transparency
- –Significant break costs for fixed – rate loans
- –Limited online transactions per day
Best For
- Borrowers seeking multiple offset accounts
- Those looking for flexible repayment options
- Customers interested in tech-savvy banking solutions
- Borrowers who value no application or annual fees
Not Ideal For
- Self-employed borrowers with high LVR
- Customers requiring consistent communication and transparency
Bheja Verdict: Bankwest offers competitive rates below the market average, but potential borrowers should be cautious of inconsistent approval processes and communication issues.
Best Bankwest Home Loan
Our recommendation based on rates, features, and flexibility
Complete Variable Home Loan Package
The Complete Variable Home Loan Package offers a competitive rate of 5.44% p.a., which is significantly below the market average. It allows linking up to 9 offset accounts, providing substantial interest savings. This product is ideal for borrowers seeking flexibility, as it supports unlimited extra repayments and includes an optional credit card with no annual fee, enhancing its value proposition.
Also Worth Considering
Ability to link up to 9 offset accounts with a fixed rate
Simple structure with competitive variable rate and offset account
Competitive fixed rate with split or switch option
Expert Secrets (Why Use Us?)
Insider knowledge about Bankwest that most borrowers don't know
LMI Cost Examples
Fee Waivers
Offset Benefits
Admin & Logistics (The Help Desk)
Everything you need to manage your loan
Application Process
5 StepsProcessing Times
Pro Tips
- Request the discharge at least 2 weeks before your desired settlement date.
- Ensure all fees are paid to avoid delays.
- Contact customer service for any clarifications.
- Prepare all necessary documents in advance.
- Monitor the progress of your discharge request regularly.
Still Unsure? Let a human handle it.
Not sure if Bankwest is right for you? Our brokers can help you compare options.
Go Direct to Bank
- You do the paperwork alone
- You get the "Advertised Rate"
- You sit on hold for 40 mins
Use Bheja Expert
- We negotiate discounts
- We check LMI waivers
- We have zero waiting time
Zero Cost. Zero Obligation. Just friendly advice from experts who know Bankwest home loans inside out.
Frequently Asked Questions
Conditional approval typically takes 5 to 10 business days, with full approval taking an additional 5 to 7 business days. Settlement usually occurs 4 to 6 weeks after full approval.