How to apply for your Bankwest Fixed Rate Home Loan
Navigating the Australian property market demands careful planning—especially when it comes to one of your biggest financial commitments: your mortgage. The appeal of a fixed rate home loan lies in its ability to offer certainty in a world of shifting interest rates.
Bankwest, with its longstanding presence and trusted reputation in Australian banking, presents the Fixed Rate Home Loan as a safeguard against unpredictable market swings. This product enables borrowers to “lock in” an interest rate for a chosen term—between one and five years—meaning your repayments will remain unchanged for the fixed period, regardless of what happens to broader market rates.
This financial stability can be a game-changer for families, first home buyers, and investors alike. With the security of fixed repayments, you can confidently manage your household budget, plan long-term, and sidestep any unpleasant surprises that a fluctuating interest market might otherwise bring.
Advantages of the Bankwest Fixed Rate Home Loan
The fixed rate home loan delivers the coveted combination of predictability and peace of mind. Foremost among its benefits: borrowers enjoy fixed repayments, eliminating the risk of sudden jumps in mortgage costs. Flexible repayment options accommodate your pay cycle, while optional offset facilities help reduce the interest payable. Notably, Bankwest’s offering allows extra repayments (up to $10,000 p.a. during the term) without penalty—empowering proactive customers to pay down their loans faster.
Detailed List of Loan Benefits
- Repayment Certainty: Fixed rate periods ranging from 1–5 years mean your monthly repayments will remain consistent, which is invaluable for budgeting and long-term financial planning.
- Optional Offset Account: Take advantage of up to 40% offset—allowing you to link your savings or transaction account to your home loan and reduce interest on the principal. With the Complete Home Loan, up to nine offset accounts can be used with no offset account fee.
- Flexible Payment Options: Choose your repayment frequency—weekly, fortnightly, or monthly—to match your cash flow needs. Both principal & interest and interest-only options available (the latter up to five years).
- No Ongoing Fees (Complete Package): The Complete Fixed Home Loan waives monthly loan servicing and offset account fees (though there is a $395 annual package fee).
- Additional Repayments: Repay up to $10,000 extra annually during the fixed term at no cost, giving you a chance to clear your debt earlier.
- Digital Management: Monitor and control your loan via the award-winning Bankwest app for Android (Google Play Store) and iOS (App Store).
- Low Entry Barriers: Minimum loan amounts start at $20,000 for the basic loan, or $200,000 for the Complete Package; borrow up to 98% of the property value with Lenders Mortgage Insurance (LMI).
- Customer Support: Dedicated lending specialists are available seven days a week, including evenings, for digital or in-branch assistance.
Requirements & Eligibility
To apply for a Bankwest Fixed Rate Home Loan, borrowers must:
- Be at least 18 years old
- Be an Australian citizen or permanent resident
- Provide proof of regular, ongoing income
- Submit details of assets, liabilities, and expenses for a comprehensive serviceability assessment
- Meet the minimum loan size ($20,000 for basic or $200,000 for package)
- Offer sufficient deposit to meet loan-to-value ratio (LVR) thresholds; up to 98% LVR possible with LMI
About Bankwest – Australia’s Trusted Mortgage Specialist
Bankwest boasts over 125 years of financial service excellence, having evolved from a specialist rural lender in 1895 to a modern, digital-first institution. Now a wholly-owned subsidiary of Commonwealth Bank, Bankwest has a national reach with the backing of one of Australia’s “big four.” Their competitive advantage lies in streamlined digital banking, highly-rated customer service, and innovative lending solutions, including tailored mortgage offerings for both owner-occupiers and investors.
The Bankwest brand is synonymous with security, transparency, and commitment to responsible lending. For customers, this translates to smooth application journeys, quick approvals, and clear, up-to-date product information across all channels.
In addition to its home loans portfolio, Bankwest offers a full suite of banking products: transaction/savings accounts, credit cards (including Qantas and More Rewards options), insurance, and business services—making it a one-stop, trusted home for your finances in Australia.
Who Is This Loan For?
The Bankwest Fixed Rate Home Loan targets Australians seeking repayment certainty. Ideal customers include first home buyers looking to protect themselves from interest rate rises, families managing fixed household budgets, investors keen on securing stable property cash flows, and refinancers seeking to lock in favourable 2025 market rates. With flexible criteria and high LVR options, this product fits those who may have smaller deposits, as well as established property owners. Borrowers uncomfortable with fluctuating repayments, or who value methodical, transparent mortgage management, are best suited.
Step-by-Step Guide to Apply
- Initial Inquiry: Visit the official loan page or connect with a Bankwest lender online or in person. Use the home loan calculators to estimate borrowing power and repayments.
- Pre-Approval: Submit basic details for ‘approved in principle’ pre-approval or conditional approval. This helps clarify your property search budget.
- Complete Application: Provide required documentation: identification, income proof, asset/liability statements, and property purchase details.
- Assessment: The bank conducts a serviceability analysis and property valuation. Further information or documentation may be requested.
- Approval & Settlement: Upon approval, documents are signed electronically or in-branch. The loan is then advanced at settlement, locking in your fixed rate and agreed term.
- Digital Management: Set up your Bankwest online banking and/or app to manage repayments, offset facilities, and receive ongoing support.
Pros and Cons of the Loan
Pros:
- Absolute repayment certainty for the fixed term (1–5 years).
- Offset feature allows up to 40% offset (or up to nine accounts/package), saving on interest.
- No ongoing monthly or offset fees in the Complete Package option—the only major ongoing charge is the $395 package fee (or $12/month basic).
- Opportunity to repay extra (up to $10,000/year fixed) at no penalty.
- Superior digital access (app, calculators, live support) and strong brand trust.
Cons:
- Redraw facility is unavailable during fixed periods—flexibility is lost if you need to access extra/cashback funds.
- Break fees can be significant if exiting or refinancing before the fixed term ends (including $50 admin + calculated break cost).
- Application and settlement fees apply (basic loan: $295 app + $350 settlement).
- The Complete Package annual fee ($395) may be costly for smaller loans.
- Interest rates after the fixed term are subject to market adjustment and can jump unexpectedly if variable rates have increased.
- Loan increase during fixed period incurs both a $295 fee and possible break costs.
Fees and Charges
- Loan Maintenance Fee: $12/month during the fixed term (basic), or $0 (Complete Package).
- Annual Fee: $0 (basic) or $395 (Complete Package).
- Application Fee: $295 (basic, discounted from $695) or $0 (Complete).
- Settlement Fee: $350 (both options).
- Loan Increase Fee: $295 (basic) or $0 (Complete), but break fees may apply.
- Offset Facility Fee: $0 during the fixed term, then $10/month per account (post-term for basic).
- Early Repayment/Break Fees: $50 admin fee plus a break cost if you pay out, switch, or refinance before the end of the fixed rate.
- Lenders Mortgage Insurance: One-off, if borrowing more than 80% LVR.
- Other: Property valuation (1 free standard, extra/specialist at cost), government fees, and legal disbursements. Download key facts sheet for a full fee list.
Customer Service & Support
Bankwest delivers award-winning customer support accessible 24/7. Channels include:
- Phone: 13 17 19 (local, seven days; overseas: +61 8 9449 2840)
- Live Online Chat: Via official website
- In-Branch & Lending Specialist Bookings: Book an appointment
- Bankwest App: Android | iOS
About the author
With a background in Law and Marketing, I work in strategic content creation, branding, and social media. I'm deeply passionate about finance and communication, and I enjoy making complex ideas more accessible and practical. I'm a communicative and well-organised person who also loves fashion and a good shopping experience. In my free time, I enjoy being in nature, cooking, travelling, and exploring content that fuels my curiosity and desire to learn.
