Finance - Bankwest

Hey guys,

I had a meeting with my broker the other day, and during the meeting he made the assertion that I would be best to bank with CBA, given all of my current banking was with them.

The day after, during a discussion he told me that CBA were appearing to be tricky to deal with in my situation as they were after a fair bit of info around my hire purchase etc, and it would be easier to deal with Bankwest, and their products are similar.

I've done a little bit of research about Bankwest, and I found this which was a little disheartening:

http://www.productreview.com.au/showitem.php?item_id=42200

I guess I'm after an idea around what peoples opinions are on Bankwest..

I'm after a loan for a property that will likely be my PPOR initially, and then will most likely be rented out after a year or so...

Thanks,

Adrian
 
Hiya

Not enough info im afraid

The hHP thing is a little confusing

Like for like CBA and Bankwest arent that much different in terms of product per se.

BWA is even owned by BW

Personally, all things being equal the CBA is probably easier to deal with for me

ta
rolf
 
Hiya

Not enough info im afraid

The hHP thing is a little confusing

Like for like CBA and Bankwest arent that much different in terms of product per se.

BWA is even owned by BW

Personally, all things being equal the CBA is probably easier to deal with for me

PS Be aware that this site does look a little like a cover for an ad campgain for other products so im not surprised that the BWA product rates so poorly.

ta
rolf
 
I have all my cash accounts with Bankwest. In this regard I have found them easy to deal with and customer service is good. I haven't used any of their loan products, however I do know someone with 5+ IP loans with them, no complaints.

CBA own Bankwest.
 
thanks. regarding the HP, apparently CBA were after a lot of info around the liability (ie 12 months of statements, 12 months of credit card statements etc) and my broker told me the feeling he had was that they were going to be tougher to get a loan approved through than BWA, who apparently were treating my situation as "straight forward".
 
Without knowing the fully story Aijii it's tough to comment on as Rolf mentioned. Personally the 2 mentioned would be my fisrt port of call but each scenario is different.
 
12 mths of card statements sounds odd

most recent would usually do

CBA do have a higher paper requirement than CBA thats true, but CBA in my view has a more consistent and reliably flexible credit policy.

ta
rolf
 
I've had a BankWest Lite Plus loan for about 3 years, found it to be a decent product with good features (not the lowest interest rate around tho).

Have always found BW good to deal with, mostly communicate via secure bank email and got my IP revalued to pull out a LOC with no dramas early last year.
 
I've had a BankWest Lite Plus loan for about 3 years, found it to be a decent product with good features (not the lowest interest rate around tho).

Have always found BW good to deal with, mostly communicate via secure bank email and got my IP revalued to pull out a LOC with no dramas early last year.

When pulling out a LOC do they all need to be with the same bank?
 
Yes if the LOC is to be on a property already mortgage with another lender.

Wont get a 2nd mortgage if that is what you mean.
 
When pulling out a LOC do they all need to be with the same bank?

Olive, what you would do is apply for a LOC with the lender you originally purchased the property with, so the LOC security is the original property however its purpose is to purchase a different property.
 
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