Bankwest offers several home loan options, including variable loans, fixed loans and a package with useful offset features. However, its digital-only banking model may not suit borrowers who prefer visiting branches.
This guide examines Bankwest’s home loan products, costs, eligibility requirements and lending features. You’ll also learn how its loans compare with other lenders and which borrowers may benefit from considering Bankwest.
Bankwest Home Loan Key Takeaways
| Category | Key Finding |
| Overall verdict | Bankwest is worth comparing if you want digital banking and flexible loan features. |
| Variable loans | The Simple and Complete Variable loans offer different fee structures and optional offset accounts. |
| Fixed loans | Eligible fixed loans offer a distinctive 40% offset facility, subject to product conditions. |
| Fees | The Simple loan has no annual fee, while the Complete package has an annual fee. |
| Branch access | Bankwest transitioned to digital-only banking during 2024, limiting in-person service options. |
| First-home buyers | Eligible applicants can explore Bankwest’s lending criteria and applicable government support separately. |
| Casual and self-employed borrowers | Approval depends on documented income, expenses, credit history and repayment capacity. |
| Main drawback | You need to weigh the cost of optional features against the benefits you expect to receive. |
Bankwest Home Loan Review: Overview and Verdict
Bankwest is a division of Commonwealth Bank of Australia, offering home loans and everyday banking through digital channels. Its current range includes simple variable loans, complete package loans and fixed-rate options.
The strongest feature is flexibility. Eligible variable loans offer full offset facilities, while fixed loans provide a more limited offset option. However, the right choice depends on how you manage savings and repayments.
Bankwest is worth considering if you value online banking and want to compare several loan structures. Borrowers who rely on face-to-face service should consider its digital model carefully.
What Home Loans Does Bankwest Offer?
Bankwest offers several products for owner-occupiers and property investors. The main differences involve fees, offset accounts, repayment flexibility and package benefits.
| Home Loan | Best Suited To | Main Features |
| Bankwest Simple Home Loan | Borrowers who prefer fewer ongoing fees | Variable rate, unlimited extra repayments and redraw. |
| Complete Variable Home Loan | Borrowers who want package benefits | Variable rate, offset accounts and optional eligible credit card. |
| Fixed Rate Home Loan | Borrowers seeking repayment certainty | Fixed rate for a selected term and optional 40% offset facility. |
| Complete Fixed Home Loan | Borrowers wanting fixed repayments with additional features | Fixed rate, eligible offset accounts and package benefits. |
Product availability, eligibility and conditions apply. Check Bankwest’s current product documents before applying.
Bankwest Simple Home Loan
The Simple Home Loan focuses on flexibility without an annual package fee. You can make unlimited extra repayments and access available redraw funds.
You can also add an eligible offset account for a monthly fee. This may suit borrowers who maintain substantial savings but do not need a broader banking package.
Complete Variable Home Loan
The Complete Variable Home Loan combines variable-rate lending with additional package features. Eligible borrowers can access multiple offset accounts and an optional eligible credit card.
Bankwest currently advertises an annual package fee of $395. You should compare the value of its included benefits against this recurring cost.
Fixed-Rate Home Loans
Bankwest offers fixed-rate loans for borrowers who want greater certainty over scheduled repayments. During the fixed period, the interest rate remains fixed under the loan agreement.
However, fixed loans usually restrict some forms of repayment flexibility. Bankwest also limits the offset benefit on eligible fixed products, making the conditions particularly important.
Bankwest Home Loan Interest Rates
Bankwest offers variable and fixed interest rates. Your applicable rate depends on the product, loan purpose, loan-to-value ratio (LVR), repayment type and other lending criteria.
Variable rates can change over time. Consequently, your repayments or the amount of interest you pay may increase or decrease.
Fixed rates provide more certainty during the agreed term. However, you may not benefit immediately if variable rates fall after you fix your loan.
What Is The Comparison Rate In Australia?
The comparison rate Australia borrowers see combines the interest rate with certain loan fees and charges. It helps you compare the cost of similar products more fairly.
However, a comparison rate does not include every possible cost. For example, some government charges, redraw fees and early repayment costs may sit outside the calculation.
Compare loans using the same loan amount, term, repayment type and borrowing purpose. Also check whether a package fee or offset account changes the overall value.
Important: This review does not publish actual interest rates because lenders can change them. Check Bankwest’s official rate page for current offers and applicable conditions.
Bankwest Home Loan Fees And Charges
Fees can change the overall cost of a loan, even when the advertised interest rate looks competitive.
Bankwest’s published variable-loan comparison identifies the following charges. Confirm each amount against the current fee schedule before applying.
| Fee Or Charge | Simple Home Loan | Complete Variable Home Loan |
| Annual package fee | $0 | $395 |
| Application fee | $0 under the published offer | $0 |
| Settlement fee | $350 | $350 |
| Loan increase fee | $295 | $0 |
| Redraw fee | $0 | $0 |
| Progress payment fee | $80 per payment | $0 |
| Offset account fee | $10 monthly per account | $0 monthly |
These figures reflect Bankwest’s published product information and may change. Other charges can apply, depending on your transaction and loan agreement.
Consider these costs before choosing a product:
- Lenders Mortgage Insurance (LMI): You may need to pay this when borrowing with a smaller deposit. It protects the lender rather than providing you with repayment protection.
- Government charges: Transfer duty and registration fees depend on your transaction and relevant state or territory rules. These costs sit outside the bank’s standard loan fees.
- Valuation costs: Additional property valuations may attract fees under some products. Check whether your purchase or construction requires extra valuations.
- Fixed-rate break costs: Ending a fixed loan early can trigger substantial costs. Ask Bankwest how the relevant conditions could affect refinancing or selling your property.
Home Loan Features And Benefits
A loan’s features matter most when they match your actual financial habits. Bankwest offers several features worth assessing before choosing a product.
Offset Account Benefits
An offset account is a transaction account linked to an eligible home loan. Its balance reduces the amount of the loan balance on which interest is calculated.
For example, suppose you owe $600,000 and maintain $40,000 in an eligible offset account. Interest would generally be calculated on $560,000, subject to the loan’s terms.
A full offset can provide meaningful savings when you regularly hold cash. However, the benefit depends on your balance, applicable interest rate and account fees.
The 40% Fixed Loan Offset
Bankwest’s 40% fixed loan offset facility is a distinctive feature of its fixed-rate products. Eligible Fixed Rate and Complete Fixed Home Loans allow an offset facility capped at 40%.
This is not a full offset. If your eligible loan balance is $600,000 and your offset balance is $100,000, only $40,000 would count towards the offset benefit, assuming the cap applies to that loan balance.
That could still help you retain some interest savings while enjoying fixed repayments. However, borrowers with larger savings balances may receive greater benefits from a suitable variable loan with a full offset.
Check the product-specific rules, eligible account limits and applicable fees before relying on this feature.
Redraw Facility
A redraw facility lets you access eligible extra repayments you have already made. It can provide flexibility if you pay more than your required minimum repayments.
Bankwest offers redraw on its variable home loans, subject to its terms. Redraw is unavailable during a fixed-rate period, although access may become available after the fixed term ends.
An offset account and redraw facility are not interchangeable. With an offset, your savings remain in a transaction account. With redraw, you access eligible additional loan repayments.
Extra Repayments And Repayment Options
Bankwest’s variable products allow unlimited extra repayments under the published product terms. This can help you reduce your outstanding balance faster.
Fixed loans restrict extra repayments to a specified annual amount. Bankwest’s published fixed products identify a limit of $10,000 per year.
Bankwest also offers different repayment frequencies on eligible products. Choose a schedule that fits your pay cycle and household budget.
Bankwest Home Loan Eligibility Requirements
Bankwest assesses whether you can afford the loan and meet its lending criteria. Meeting basic eligibility requirements does not guarantee approval.
You should generally prepare to demonstrate the following:
- Identity and age: Applicants must meet Bankwest’s identification and age requirements. Its published product documents generally specify a minimum age of 18.
- Residency status: Your citizenship, residency or other permitted status must meet the product’s requirements. Conditions can differ for particular applicants.
- Income and employment: Bankwest needs evidence of income and employment arrangements. The documents required depend on how you earn your income.
- Expenses and liabilities: The bank assesses living costs, existing loans, credit cards and other financial commitments. These obligations affect your capacity to repay.
- Credit history: Your credit profile may influence the assessment. Missed repayments or other adverse information can affect approval.
- Property security: The property must meet Bankwest’s valuation and security requirements. The amount you can borrow also depends on the property’s accepted value.
Prepare payslips, bank statements, identification and details of existing debts. Self-employed applicants may need tax returns and business financial records.
How Much Can You Borrow With Bankwest?
Your borrowing capacity depends on your income, expenses, existing debts, deposit and the proposed loan structure. Bankwest also assesses your ability to manage repayments if interest rates rise.
For example, a household earning $150,000 annually may qualify for a different loan amount from another household earning the same income. Higher living expenses or larger existing debts can reduce borrowing capacity.
Your deposit also matters. Lenders commonly consider the LVR, which compares the loan amount with the property’s accepted value.
Suppose you purchase a property for $800,000 and borrow $640,000. Your LVR would be 80%, before accounting for any adjustments to the accepted property value.
A smaller deposit may require LMI unless an exemption or eligible guarantee applies. Do not assume you qualify for a particular borrowing amount based on income alone.
Which Government Scheme Does Bankwest Participate In?
Bankwest is not listed as a participating lender in the Australian Government 5% Deposit Scheme, formerly called the Home Guarantee Scheme. Commonwealth Bank is listed, but Bankwest is not—you should not assume that Commonwealth Bank’s participation extends to Bankwest.
What assistance does Bankwest mention?
Bankwest’s home-buying guidance points to these government assistance options:
- First Home Owner Grant—a one-off government grant, with amounts and eligibility varying by state or territory.
- Home Buyers Assistance Account—a Western Australia-only option that may provide up to A$2,000 towards eligible home-buying expenses.
Bankwest also offers a Family Guarantee home loan, but this is not a government scheme: a family member provides additional security using equity in their property.
Pros And Cons Of Bankwest Home Loans
Bankwest’s strengths centre on digital access and product flexibility. Its limitations mainly concern service preferences, product restrictions and the cost of optional features.
| Pros | Cons |
| Multiple loan structures | A digital-only model may not suit everyone. |
| Unlimited extra repayments on variable loans | Fixed loans limit extra repayments during the fixed term. |
| Full offset available on eligible variable products | Offset accounts may attract fees on some products. |
| A capped offset option on eligible fixed loans | The 40% cap limits the interest-saving potential. |
| Complete package includes additional benefits | The annual package fee may outweigh the benefits for some borrowers. |
| Redraw available on eligible variable loans | Redraw is unavailable during the fixed-rate period. |
The best choice depends on how you use your loan. A borrower who maintains substantial savings may value offset access more than a borrower seeking the lowest ongoing fees.
Bankwest Customer Service And Reputation
Bankwest completed its transition to digital-only banking during 2024. The change followed its March 2024 announcement that its branch network would close, with some regional locations converting to Commonwealth Bank branches.
This transition has important consequences for borrowers.
You can manage eligible banking services through digital channels rather than relying on traditional Bankwest branches. Bankwest has also invested in its digital banking experience and broker services.
However, online convenience does not guarantee a smooth experience for every customer. Some borrowers prefer face-to-face discussions when resolving complex lending issues or navigating settlement problems.
When assessing customer service, consider more than online reviews. Look at how the bank handles application updates, document requests, settlement timelines and post-settlement enquiries.
Check recent customer feedback across independent platforms, paying attention to recurring issues rather than isolated complaints. Also confirm the available support channels before applying.
Is Bankwest Good For First-Home Buyers?
Bankwest may suit first-home buyers who want digital banking and flexible repayment features. Its Simple Home Loan may appeal to buyers who prefer avoiding an annual package fee.
However, first-home buyers should compare the full purchase cost before choosing a lender. A smaller deposit can mean higher LMI costs, while offset accounts and package fees may affect long-term value.
Government assistance is another important consideration. Since Bankwest is not listed among current participants in the Australian Government’s 5% Deposit Scheme, eligible buyers should compare participating lenders if they need that support.
When Buying a house, consider the deposit, purchase costs, emergency savings and future repayments together. A loan that offers attractive features may still be unsuitable if repayments leave too little room in your budget.
Is Bankwest Good For Casual Employees?
Casual employees may qualify if they can demonstrate sufficient, reliable income. However, irregular hours and changing shifts can complicate a lender’s assessment.
Bankwest may request recent payslips, employment details and bank statements. It may also consider how long you have worked in your current role and whether your earnings remain consistent.
Prepare evidence of your employment history and typical working hours. If your income includes overtime or allowances, ask how the bank assesses those amounts.
Casual workers should avoid assuming every dollar of recent income will count towards borrowing capacity. The lender must assess whether your income can support repayments over time.
Is Bankwest Good For Self-Employed Borrowers?
Self-employed applicants can consider Bankwest, provided they meet its lending and documentation requirements. The main challenge is demonstrating stable income after business expenses and tax obligations.
You may need to provide:
- Personal tax returns: These help establish your reported income and financial position over time.
- Business financial statements: These can demonstrate business performance and profitability.
- Business tax returns: These provide supporting evidence of business income and expenses.
- Bank statements: These may help verify cash flow and existing financial commitments.
The bank may request additional evidence if your income fluctuates or your business has recently changed. A strong turnover figure alone does not guarantee approval.
If your income varies significantly between years, discuss your circumstances before making commitments. Compare lenders’ self-employed policies if your latest financial results do not reflect your current earnings.
Is Bankwest Good For Property Investors?
Bankwest offers home loan options for eligible investment purposes. Investors should compare the applicable loan structure, fees and interest treatment with their broader investment strategy.
A variable loan with an offset account may suit investors who keep spare cash available. A fixed loan may provide greater repayment certainty during a selected period.
However, property investors should also assess rental income, vacancy risks, maintenance costs and interest rate changes. These factors influence cash flow beyond the lender’s advertised product features.
Tax treatment depends on your circumstances. Obtain appropriate tax advice rather than assuming every interest expense or property cost is deductible.
Is Bankwest Good For Refinancing?
Bankwest may be worth considering if you want to refinance an existing loan and change its features. For example, you might move from a basic variable loan to a product offering an offset account.
However, refinancing is not automatically beneficial. You should compare your current loan’s remaining costs against the new loan’s fees and expected interest savings.
Check these factors before switching:
- Discharge costs: Your existing lender may charge fees when closing the current loan. Include these costs in your comparison.
- Break costs: Leaving a fixed-rate loan early may trigger substantial charges. Obtain a written estimate before proceeding.
- New valuation: The new lender may assess your property’s value differently. A lower valuation can affect your LVR and approval.
- Loan term: Extending the term may reduce scheduled repayments but increase total interest over time. Compare the total cost across realistic timeframes.
Refinancing may also involve a fresh credit assessment. Changes in income, expenses or credit history could affect approval even if you have repaid your existing loan consistently.
Bankwest Home Loans Compared With Other Lenders
Comparing Bankwest with other major lenders helps you identify meaningful differences. The right comparison focuses on features, fees and service rather than headline rates alone.
| Feature | Bankwest | Commonwealth Bank | ANZ | Westpac |
| Digital banking | Digital-focused banking model | Digital banking plus branch services | Digital banking plus branch services | Digital banking plus branch services |
| Variable loan choice | Simple and Complete options | Multiple variable products | Multiple variable products | Multiple variable products |
| Offset options | Full offset on eligible variable loans | Available on eligible products | Available on eligible products | Available on eligible products |
| Fixed-rate flexibility | Eligible fixed loans offer a capped 40% offset | Product-specific conditions apply | Product-specific conditions apply | Product-specific conditions apply |
| Package options | Complete package with an annual fee | Package options available | Package options available | Package options available |
| In-person banking | No Bankwest branch network | Branch network available | Branch network available | Branch network available |
Product conditions vary, so this table provides a high-level comparison rather than a guarantee of identical features across every loan.
Bankwest’s capped fixed-rate offset is a useful point of difference. However, another lender may offer a more suitable package, a different service experience or better overall pricing for your circumstances.
Compare current product disclosures and personalised offers before deciding.
Who Should Consider Bankwest Home Loans?
Bankwest may be worth considering if you:
- Prefer digital banking, because the bank focuses on online and broker-based services.
- Want a simple variable loan, because the Simple Home Loan avoids an annual package fee.
- Maintain cash savings, because eligible offset facilities can reduce the balance used to calculate interest.
- Prefer fixed repayments, because Bankwest offers fixed-rate products with defined repayment terms.
- Want package benefits, because the Complete products offer additional features for an annual fee.
You may prefer comparing alternatives if you need regular branch access, require a government guarantee through a participating lender, or want a full offset on your fixed-rate loan.
Ultimately, your income, deposit, expenses and expected use of loan features should determine your shortlist.
How To Apply For A Bankwest Home Loan
Applying for a home loan requires preparation and a clear understanding of your finances. Bankwest may request different documents depending on your employment and purchase circumstances.
- Review your finances. Calculate your deposit, ongoing expenses and existing debts before estimating a comfortable repayment level.
- Compare loan products. Decide whether you need variable or fixed repayments, redraw access or an offset account.
- Prepare your documents. Gather identification, income evidence, bank statements and information about your liabilities.
- Submit your application. Provide the requested details through Bankwest’s available application or broker channels.
- Complete the assessment. The bank reviews your finances, credit position and proposed property security before making a decision.
- Arrange settlement. Once approved, satisfy outstanding conditions and provide any required insurance documents before settlement.
Pre-approval can help you understand your potential budget, but it is not a guarantee of final approval. The lender may still need to assess the property and confirm your circumstances.
Final Verdict: Is Bankwest Worth Considering?
Bankwest offers a competitive range of home loan structures for borrowers who value digital banking and repayment flexibility. Its Simple Home Loan suits borrowers seeking fewer ongoing fees, while the Complete package may benefit those who use its additional features.
The capped offset facility on eligible fixed loans is a notable feature. It allows borrowers to retain some offset benefits while enjoying a fixed interest rate. However, the cap and product conditions limit its value compared with a full offset.
The biggest trade-off is Bankwest’s digital-only model. Borrowers comfortable managing their finances online may appreciate the convenience, while those who prefer branch access may favour another lender.
Before choosing Bankwest, compare the total cost of the loan, eligibility rules, offset benefits and customer service options. The strongest loan is the one that fits your financial position and remains manageable over time.
Frequently Asked Questions About Bankwest Home Loans
Is Bankwest A Good Bank For Home Loans?
Bankwest may suit borrowers who value digital banking, flexible repayments and offset accounts. Whether it is a good choice depends on its current offer and how the features fit your needs.
Does Bankwest Offer A 100% Offset Account?
Yes, eligible Bankwest variable home loans offer a 100% offset facility. Account eligibility, fees and product conditions apply.
Can You Get An Offset Account With A Bankwest Fixed Home Loan?
Yes, eligible fixed-rate products offer an offset facility capped at 40%. Check the relevant product terms to understand how the cap and account conditions apply.
Does Bankwest Charge An Annual Home Loan Fee?
The Simple Home Loan has no annual fee under the published product schedule. The Complete Home Loan package has an annual fee, so confirm the current amount before applying.
Can Casual Workers Get A Bankwest Home Loan?
Casual workers can apply if they meet Bankwest’s lending criteria. Approval depends on their income evidence, employment circumstances, expenses and ability to repay.
Can Self-Employed Borrowers Apply For A Bankwest Home Loan?
Yes, self-employed applicants can apply subject to eligibility and credit assessment. They may need to provide tax returns, business financial statements and other supporting documents.
Does Bankwest Participate In The Australian Government’s 5% Deposit Scheme?
Bankwest does not appear on the current published list of participating lenders. Check the official list before relying on the scheme to purchase a property.
Can You Refinance Your Home Loan To Bankwest?
You can explore refinancing to Bankwest if you meet its lending criteria. Compare the new loan’s fees, features and total interest costs against your existing loan before switching.
Disclaimer
This article provides general information about Bankwest home loans and the Australian property market. It does not constitute personal financial, credit, legal or tax advice.
Interest rates, fees, eligibility requirements and product features can change. Confirm current details directly with Bankwest and review the relevant product documents before making a decision.
Borrowing involves financial risk, and approval is not guaranteed. Consider your income, expenses, future plans and ability to manage repayments before entering a home loan contract.
More Resources For Homebuyers
- ANZ home loan review
- Auswide home loan review
- Bank of Melbourne home loan review
- What is Lenders Mortgage Insurance?
- Calculator – How much deposit do you need to buy a home in Australia
Sources Used In This Article
The following official resources support the product details, fees, eligibility information and government scheme discussion in this review.
- Bankwest Home Loans — outlines the available loan products, key features, fees and package options.
- Bankwest Variable Rate Home Loans — compares the Simple and Complete Variable Home Loans, including their fees and offset facilities.
- Bankwest Fixed Rate Home Loans — explains fixed-rate options, repayment limits and the capped offset facility.
- Bankwest Home Loan Interest Rates — provides current rate information and explains LVR and comparison rates.
- Australian Government 5% Deposit Scheme: Participating Lenders — identifies lenders authorised to offer the scheme.
- Australian Government 5% Deposit Scheme — explains the scheme’s purpose, eligibility and ongoing obligations.
