Lender

Lender Name

BANKWEST

Product Name

LITE HOME LOAN

Product Type

VARIABLE /FIXED

Interest Rates

Latest Interest Rates

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Target Market

The BankWest Lite Home Loan gives you BankWest ’s lowest ongoing variable interest rate for both owner occupiers and residential investors wishing to purchase land, purchase an existing home, construct a new one or for any other personal purpose

Packaged together with the BankWest Lite MasterCard, the BankWest Lite Home Loan offers customers the BankWest Lite MasterCard fee free*for the first 12 months.

Repayment Type

Principal & Interest
Interest Only during construction
Interest Only maximum term 5 years

Repayment Options

Monthly,Fortnightly or weekly
Interest Only Loan repayments only be made monthly
Additional lump sum repayments at any time.
Direct Salary Crediting

Repayment Method

Payments can be made via Fast Phone BankWest Online Banking or Bpay ATM Cards access is available on this home loan for deposits only.
Deposits can be made to the home loan via the Australia Post Giro Post network.

Extra Repayments

Additional repayments permitted
Early payout:  NIL

Special Offers

Term

1 Year to a maximum of 30 years.

Loan Size

Minimum Loan Amount $20K
Loans above $1mil to $1.5mil LVR 90% - must have multiple security
Loan Types Principal & Interest Equity Line component limited to $750K

Mortgage Insurance

Required on loans greater than 80% LVR

Acceptable Income

Self Employed applicants to provide last 2 years financials, Salary and Standard wage earners. Rental income. Dividends from shares and long term deposits.

Fees

Application Fee $500 (Includes 1 valuation and prepare all documentation) BankWest Lite Home Loan customers will be refunded the full cost of their application fee on the third anniversary of their loan.

Application Fee in South Australia $350

Note Valuation for properties >than $1million contact lender for quote

Loan Maintenance Fee  NIL

Valuation Fee  If the valuation fee is above $200  or if the customers legal costs are above $300 the customer  will be required to pay the additional costs

Discharge Mortgage Fee Doc Prep  $300

Discharge Mortgage Settlement Attendance Fee WA Only  $300

Progress payments  $80

MasterCard Lite  Annual Fee is $49 after the first year , where it will be waived if taken out with homeloan.

Transactions  $6 per month if the account balance falls below $1000

10 free electronic transactions per month after that $0.65 per electronic transaction

MasterCard Lite Statement is issued monthly

Valuation Fees

For all States, the maximum fee that will be absorbed as part of the application fee for the first valuation is as follows:

Western Australia $175 + GST Queensland $200 + GST New South Wales $200 + GST Tasmania $200 + GST South Australia $175 + GST Victoria $200 + GST Canberra $200 + GST Northern Territory $210 + GST

Note Valuation for properties >than $1million contact lender for quote

Company / Trust Fee $300

Rework fee $100 to be charged when a customer initiates a change to the terms of their application after Loan documents have been issued.

Express Courier Fee $7.87 (payable for all non WA Based Housing Loan)

Settlement Fee $50 applicable to East Coast Only

Offset

Offset:  N/A

Redraw Facility

Online Redraw facility available No redraw fee no minimum redraw amount $0.25cents for internet transaction applies

Product Change

Switching available for $350

Statements

Issued  6 monthly
Duplicate Statement Fee
Customers who request additional statements printed with original (includes faxes) will pay a revised fee of $4 per statement.

Portability

Available for $350

Split Loan Facility

Split Loan Facility:  is available, LITE loan must be min of $20k
Application Fee of $500 applies if fixed split part of Lite Loan.