For a limited time, Bankwest may offer:
P&I owner occupied loans up to 90% lend with multiple offset facility:
- 3.70% for loans >$750,000
- 3.85% for loans >$300,000
This is particularly competitive for mortgaged insured loans where many bank charge an interest rate premium.
P&I investment loans up to 80% lend with multiple offset facility:
- 4.29% for loans >$750,000
- 4.39% for loans >$500,000
1. Lenient cashout policy. Many lenders require written substantiation of what funds are to be used for when >$50,000 - $100,000 is cashed out from a property. Bankwest allows cash out up to 50% of the property's value.
2. Bankwest uses purchase price for purchases if the lending ratio is <75% for up to $1m purchase i.e. no valuation required.
3. Bankwest generally does not require proof of funds to complete for non mortgaged insured loans.
1. Like many smaller lenders, Bankest may only lend up to 60-70% lend for high density off the plan purchase.
2. Hard Policy of not lending for high density apartments with <50sqm of living space.
3. Tougher lending criteria for the self-employed, especially one in self employment for less than 3 years