Bankwest
Simple Home Loan
First Home Buyer Variable Principal & Interest 0 Years 80% LVR
6.34%
Interest rate
6.36%
Comparison rate
Rates as at 28 Sep 2026
Ratings
★ ★ ★ ★ ★ (1 reviews)
About this rate option
This Bankwest Simple Home Loan rate option is designed for first home purchases, with a variable interest rate of 6.34% (comparison rate 6.36%) that can move if the lender changes its rates. Repayments are principal and interest, reducing the loan balance over time, and borrowing is available up to 80% of the property value, meaning a deposit of at least 20%. The loan offers unlimited extra repayments, weekly or fortnightly repayment options, and one standard valuation included.
This summary was generated from Bankwest’s published product data for this specific rate option. Always confirm current rates with the lender.
About Simple Home Loan
Interest only loans have traditionally been tailored to investors so they can reduce their mortgage repayments and maximise their tax benefits and overall return on investment (ROI). However, getting home loan with interest only (IO) has its place and some lenders are willing to consider your application if you can provide valid reasons.
LVR is an acronym for Loan-To-Value Ratio. The LVR is the amount you are borrowing against the property value being used as security, represented as a percentage.
Fees & Costs
- A 100% offset account is an account linked to your home loan where you can park your savings and spare cash to reduce the interest you pay. Then, when interest is calculated on your home loan, the balance in your offset account is deducted from the loan amount owing, and interest is only charged on what remains.
- Bankwest charge a discharge fee of $338.2, which covers the cost for removing the mortgage that has been registered on the title of your property.
- There is upfront costs of $250 to apply for Bankwest Simple Home Loan, with no ongoing account keeping fees.
- There is upfront costs of $350 to apply for Bankwest Simple Home Loan, with no ongoing account keeping fees.
Borrowing Limits
- An LVR of 90% is a high risk, whereas an LVR of 80% or less is considered safe by most lenders. The majority of lenders will require you to pay Lenders Mortgage Insurance (LMI) if you borrow over 80% LVR.
- An LVR of 98% is a high risk, whereas an LVR of 80% or less is considered safe by most lenders. The majority of lenders will require you to pay Lenders Mortgage Insurance (LMI) if you borrow over 80% LVR.
Eligibility
- Interest only repayment option is not available with Bankwest Bankwest Simple Home Loan for buying next home.
- Interest only repayment option is not available with Bankwest Bankwest Simple Home Loan for construction loan.
- Interest only repayment option is not available with Bankwest Bankwest Simple Home Loan for refinance.
💡 Tip: To get approved for an interest only home loan you need to have a strong enough income to afford principal and interest (P&I) repayments once your interest only term expires. Sometimes extending your interest only period can be tough and getting approved for a P&I refinance is a lot easier.
IMPORTANT:Lenders change their policy from time to time so this information is current only accurate at the time that it was written. You should always check with Bankwest or a mortgage broker just to be sure. This information should be used as a guide only.
Other rate options for Simple Home Loan
Refinance
Variable · Principal & Interest
0 Years · 60% LVR
6.29%
Refinance
Variable · Principal & Interest
0 Years · 70% LVR
6.34%
Refinance
Variable · Principal & Interest
0 Years · 80% LVR
6.34%
Refinance
Variable · Principal & Interest
0 Years · 90% LVR
6.54%
Refinance
Variable · Principal & Interest
0 Years · 95% LVR
7.14%
Refinance
Variable · Principal & Interest
0 Years · 98% LVR
8.77%
Investment
Variable · Interest Only
0 Years · 90% LVR
8.02%
Investment
Variable · Principal & Interest
0 Years · 60% LVR
6.44%
Investment
Variable · Principal & Interest
0 Years · 70% LVR
6.49%
Investment
Variable · Principal & Interest
0 Years · 80% LVR
6.49%
Investment
Variable · Principal & Interest
0 Years · 90% LVR
6.79%
Investment
Variable · Principal & Interest
0 Years · 95% LVR
7.49%
Frequently Asked Questions
Are there costs when I exit or refinance to another lender?
Bankwest charge a discharge fee of $338.2, which covers the cost for removing the mortgage that has been registered on the title of your property.
Does Bankwest Bankwest Simple Home Loan comes with an offset account?
Yes, Bankwest Simple Home Loan comes with a 100% offset account. A 100% offset account is an account linked to your home loan where you can park your savings and spare cash to reduce the interest you pay. Then, when interest is calculated on your home loan, the balance in your offset account is deducted from the loan amount owing, and interest is only charged on what remains.
What are the costs to apply for Bankwest Bankwest Simple Home Loan?
There is upfront costs of $250 to apply for Bankwest Simple Home Loan, with no ongoing account keeping fees. Settlement fee: $250
What are the costs to apply for Bankwest Bankwest Simple Home Loan?
There is upfront costs of $350 to apply for Bankwest Simple Home Loan, with no ongoing account keeping fees. Settlement fee: $350
Fees
- Application fee
Important Information
Lenders change their policy from time to time so this information is current only accurate at the time that it was written. You should always check with Bankwest or a mortgage broker just to be sure. This information should be used as a guide only.