If you're after a fully featured home loan with package benefits, then the BankWest Complete Fixed Home Loan Package is worth considering. As part of a broader home lending package and one of Bankwest's most comprehensive home loan offerings, it features fixed interest rates across the Owner Occupier and Investor categories, and the ability to split your loan with Bankwest's variable rates. Further details about the BankWest Complete Fixed Home Loan Package options and benefits are outlined below.
Package overview, Owner Occupied and Investor loans:
A key feature offered under the Package is the ability to use an offset account to minimise interest charged. This can, over the life of the loan, save borrowers significant money. Under the Package, there is the option to split the loan into Variable and Fixed rate components, plus being able to make extra repayments. In terms of repayments Interest Only repayments and Principal and Interest repayments are available.
Specifically for Owner Occupier loans, under the package:
Pricing includes a $395 annual fee, and a reasonable variable rate starting from 5.89% p.a. (7.15% p.a. comparison rate) on Principal and Interest repayments. Alternatively a range of fixed rates are available, including 5.89% p.a. fixed for 3 years (7.05% p.a. comparison rate). Upon expiry of the fixed rate period, the loan will revert to a variable rate, currently starting from 6.99% p.a. (7.37% p.a. comparison rate), or a lower rate if you have negotiated one. Keep in mind that these rates should be negotiable if you are borrowing a sizeable amount, particularly if you also hold a large deposit or equity in the property. Also, the BankWest Complete Fixed Home Loan Package does require a minimum of either 2% deposit or 2% existing equity. Often anything above these amounts will help you further negotiate a lower interest rate.
Specifically for Investor loans, under the package:
Pricing includes a $395 annual fee, and a reasonable variable rate starting from 6.19% p.a. (7.91% p.a. comparison rate) on Principal and Interest repayments. An Interest Only repayment option is also available, featuring a reasonable variable rate starting from 6.29% p.a. (7.92% p.a. comparison rate). Seperately there's a range of fixed rates available, including 5.89% p.a. fixed for 3 years (7.05% p.a. comparison rate). Upon expiry of the fixed rate period, the loan will revert to a variable rate, currently starting from 6.99% p.a. (7.37% p.a. comparison rate), or a lower rate if you have negotiated one. Please note, this investor loan requires a minimum 2% deposit or 2% existing property equity. For lending above these amounts, you'll be positioned well to negotiate a lower interest rate.
Summary
Considering the range of options available with this product under the package, this home loan will appeal to a range of people, either as a home owner or as an investor. It will also appeal to someone where the established Bankwest brand and service is important, or for those who prefer a traditional bank home loan, rather than borrowing through a smaller or less known lender.