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About Bankwest

Starting out in 1895 as the Agricultural Bank of Western Austsralia servicing farmers in WA, Bankwest has since grown into a national operation offering a wide range of personal and business banking products – including home loans.

Since 2008, Bankwest has operated as a division of the Commonwealth Bank Group, and by the end of 2024 it will transition to being an online-only bank.

Bankwest home loans at a glance

Split rate home loans
Interest-only home loans
Offset accounts available
Redraw facilities available
Line of credit available
Green loan available
Ability to make extra repayments
Internet banking available
Salary crediting
Choice of repayment flexibility
Refinance available
Services first home buyers

What types of home loans does Bankwest offer?

Bankwest’s range of home loan products on offer currently includes:

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Who does Bankwest lend to?

Bankwest offers home loans that may be appropriate for first home buyers, refinancers, prospective home-builders, borrowers looking for bridging finance, property investors and more.

However, when it comes to what types of borrowers Bankwest lends to, there are a few points that prospective borrowers should keep in mind.

The first is that Bankwest has a minimum required loan-to-value ratio (LVR) of 95%, meaning it is unlikely that you will be approved for a home loan with Bankwest if your saved deposit is less than 5% of your total proposed loan size.

Bankwest also likely won’t lend to you if you don’t have the capacity to repay your proposed home loan at a rate 3% higher than the advertised interest rate. This is because the Australian Prudential Regulation Authority (APRA) requires all lenders to assess an applicant’s ability to service their proposed home loan in the event of interest rate hikes.

Can I get a Bankwest home loan as a first home buyer?

Yes, Bankwest provides home loans to first home buyers. While they don’t have a specific home loan product designed for this purpose, they have several tools and resources available to help first home buyers navigate the process of buying a home for the first time.

Does Bankwest offer the Home Guarantee Scheme?

No, Bankwest is not one of the 33 participating lenders chosen by the Federal Government to offer the Home Guarantee Scheme. Subsequently, if you’re looking to access the Home Guarantee Scheme you may want to consider working with a different lender.

The Home Guarantee Scheme helps certain home buyers secure a home loan with a deposit smaller than 20%, so they don’t have to pay lenders mortgage insurance (LMI).

The Home Guarantee Scheme is made up of three separate initiatives:

  • The First Home Guarantee, which allows eligible first home buyers to purchase a home with a deposit of as little as 5%.
  • The Family Home Guarantee, which allows eligible single parents to purchase a home with a deposit of as little as 2%, regardless of whether they’re a first home buyer or not.
  • The Regional First Home Buyer Guarantee, which allows eligible first home buyers to purchase homes in regional areas with a deposit of as little as 5%.

Applications for one of these schemes can only be made through a participating lender or a mortgage broker acting as an authorised representative of a participating lender.

Can you refinance your home loan with Bankwest?

Yes, you can switch your home loan from another bank to Bankwest by refinancing. Borrowers refinancing their loan with Bankwest can choose either a fixed or standard variable rate loan to switch to and can add an offset account to eligible loans.

To refinance with Bankwest, you’ll need to have a minimum of 10% in equity and an LVR of 90% or less.

Does Bankwest charge Lenders Mortgage Insurance (LMI)?

Bankwest advises that they require a borrower to take out LMI if the borrower’s deposit is less than 20% of the total loan value. Bankwest allows borrowers to either pay their LMI upfront or roll it into their home loan amount (this is called capitalising your LMI).

What home loan fees does Bankwest charge?

As of 14 May, 2024, Bankwest charges the following home loan fees and charges on its home loans:

  • Application fee – $295 for Bankwest’s Fixed Rate Home Loan, $0 for the rest of their home loans
  • Home loan limit increase fee – $295
  • Offset facility fee – $10 per month per offset account
  • Settlement attendance fee – $250
  • Annual package fee – $395
  • Loan maintenance fee – $12 per month

Please note that not every fee listed will be charged on every home loan offered by Bankwest, and that these fees may change without warning.

Interested in a Bankwest home loan? Compare with us today!

If you want to learn more about Bankwest home loans, you can use our home loan comparison tool to compare them against a wide range of other loan products from nearly 20 other lenders!

Comparing home loans with us means only being shown home loans you’re eligible to apply for, and having a dedicated team of Home Loan Specialists on-hand to help you with any questions you may have. And if you find a home loan that you think might be appropriate for you, you can apply for it then and there – entirely online, with no physical paperwork!

So, if you’re in the market for a home loan, compare your options today with Compare the Market!

Meet our home loans expert, Stephen Zeller

Stephen has more than 30 years of experience in the financial services industry and holds a Certificate IV in Finance and Mortgage Broking. He’s also a member of both the Australian and New Zealand Institute of Insurance and Finance (ANZIIF) and the Mortgage and Finance Association of Australia (MFAA).

Stephen leads our team of Home Loan Specialists, and reviews and contributes to Compare the Market’s banking-relating content to ensure it’s as helpful and empowering as possible for our readers.

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