Lender

Lender Name

BANKWEST

Product Name

MORTGAGE SHREDDER

Product Type

VARIABLE

Interest Rates

Latest Interest Rates

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Target Market

Variable interest rate housing loan for customers purchasing a residential property for owner-occupier, investment or construction purposes with discounted introductory rates for 12 months

Repayment Type

Principal & Interest
12 month Intro Rate Variable or Fixed
Interest Only during construction 1-5 years reverting to Principal & Interest
Interest Only is also available for Owner Occupied & Investment Loans for up to 5 years.

Repayment Options

Weekly, Fortnightly or Monthly.

Repayment Method

Free automatic payment deductions from a BankWest account.

Extra Repayments

Extra payments can be made at any time

Special Offers

BankWest Auto-Approved Credit Card

Introducing the BankWest Auto-Approved Credit Card -where every

time you sell an approved home loan, you can simply invite the

customer to apply for a credit card, which will be automatically

approved. There are only a few simple requirements to qualify for this

fantastic cross sell:

It is a new home loan to BankWest (not a refinance or increase of a BankWest loan)

It is a personal home loan (not for business)

Customer(s) have no existing BankWest credit card(s)

The Primary cardholder is one of the home loan borrowers (in Gold package, primary cardholder must be main income earner)

Income can be verified

The Home Loan is approved by BankWest

If any one of these conditions is not satisfied, it cannot be auto-approved. It will be assessed in full.

On all Home Loan Products (except a Gold Home Loan) the Auto-Approved credit card limit is $3,000.

Term

1 year to a maximum of 30 years.

Loan Size

$20,000 minimum
No maximum
Loans above $1mil to $1.5mil LVR 90% - must have multiple security
Loan Types Principal & Interest Equity Line component limited to $750K

Mortgage Insurance

Metropolitan: Required on loans greater than 80% LVR.

Acceptable Income

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

100% offset optional with Mortgage Shredder Home Loan with a Mortgage Shredder Offset Account- fees apply) otherwise 0% v 40% Offset on Fixed Rate Home Loan and Standard Variable Home Loan

Redraw Facility

Available
Minimum amount $1K redraw fee $50

Product Change

Not applicable

Statements

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

Portability

Yes

Split Loan Facility

Yes

Special Notes