Bank West

[IndexFund]

Im about to sign up with Bank West Rate Tracker Home Loan 8.38% variable and Fixed Rate Home Loan 8.49% 3 Year Fixed.

Im going to fix it because I hear the rates are going up again within a couple of months...

I can still pay $5000 extra every year which is great.

Any advice about this lender/loan?

Cheers.

 

[alexlee]

I can still pay $5000 extra every year which is great.

1) Will you be saving an extra 5k or more than that on top of your payments, and
2) Wouldn't an offset be better if you're saving more than 5k?
Alex

 

[Rolf Latham]

Hiya Index

bankwest is ok, the product is generally too

BUT

whats the property being used for ?>

PPOR or IP ?

ta
rolf

 

[IndexFund]

Hiya Index

bankwest is ok, the product is generally too

BUT

whats the property being used for ?>

PPOR or IP ?

ta
rolf

Im going to live there. Possibly with my GF or rent it to someone else as well to share with me.

 

[IndexFund]

1) Will you be saving an extra 5k or more than that on top of your payments, and
2) Wouldn't an offset be better if you're saving more than 5k?
Alex

1. It depends, maybe not innitially but after a while hopefulyl yes.

2. What does that mean?? lol

 

[letiha]

I wouldn't use Bank West even if their interest rate was 5% they are just useless.

 

[Property Mogul]

I have been using BankWest for a couple of years now and have had no problems.

 

[alexlee]

1. It depends, maybe not innitially but after a while hopefulyl yes.

2. What does that mean?? lol

An offset account. Do some research. A loan that only allows you to make $5k in extra payments doesn't seem very good when an offset would give you much more flexibility.
Alex

 

[Minxdamanx]

No problems with BankWest - except they can be a bit slow and a bit dilly with the paperwork. Nothing that a nag like me can't fix

Their rates and packages available seem to be as good if not better than the big 4.

 

[rossdc]

I checked out bankwest and it costs application fee of $700 per new loan and also valuation, so if I refinance there is also break costs etc at least $10000 just to refinance.

 

[geoffw]

I have a business loan with BankWest. Without their loan I would not have been in Subway (though that may not have been a bad thing).

They offered a loan based on the value of the business only (an existing Subway franchise)- LVR 70%, when other banks only offered 50%.

The 10 year P&I has proved to be a cashflow drain, though we will see the benefit in the future.

 

[dantheman]

You can get an offset with Bankwest, but you need to add a "Lite Plus" loan to your account. There's two options:

1. Wait until the honeymoon period on the rate tracker is over - you can then convert that to lite-plus and attach an offset.

2. Take a loan split as "Lite Plus" and pay the annual fee now. The offset will be on the "Lite Plus" portion. The annual fee will prevent you from having to pay application fees. It will also mean you pay no monthly fees on any of the loans.

Keep in mind that the minimum split is normally $70,000

Cheers

 

[IndexFund]

You can get an offset with Bankwest, but you need to add a "Lite Plus" loan to your account. There's two options:

1. Wait until the honeymoon period on the rate tracker is over - you can then convert that to lite-plus and attach an offset.

2. Take a loan split as "Lite Plus" and pay the annual fee now. The offset will be on the "Lite Plus" portion. The annual fee will prevent you from having to pay application fees. It will also mean you pay no monthly fees on any of the loans.

Keep in mind that the minimum split is normally $70,000

Cheers

I wasnt actually told about the honeymoon period on this loan... hmm.

I need to look more into this.

 

[padfoot22]

Does this product (Rate Tracker / Lite Plus Home) have any break cost? I checked their website and found none. Is that true or is it under a different name?

 

[Rolf Latham]

no deferred establishment fee, after the intor period, which makes it quite attractive in that Genre

ta
rolf

 

[IndexFund]

no deferred establishment fee, after the intor period, which makes it quite attractive in that Genre

ta
rolf

So in the end, is it a good product?

Im borrowing about 280 K and will need to fix the loan because the rates will be going up again.

Ill be on 8.49 %.

 

[Rolf Latham]

Hiya

Rate tracker is only available on variable I thought .................how much of the loan split will be variable pls ?


ta
rolf