flagFounded: Founded in 1895, acquired by CBA in 2008

businessOwned by: CBA

monetization_onFunded by: Retail deposits and wholesale capital markets

securityLMI Provider: QBE LMI

account_balanceLender type: Major Bank

BankWest was a major home loan provider on the West Coast until their success with mortgage brokers enabled them to lend Australia wide. During the GFC, their parent company faced tough times and sold BankWest to CBA.

BankWest has a range of simple and competitive home loans for first home buyers and investors. They operate separately to CBA with their own home loans, pricing and lending policy.

How do BankWest’s home loans compare?

They’re great at

But they’ve got some drawbacks…

What home loans types do they have?

The majority of BankWest’s home loans are designed for home buyers and investors. They have their Complete Variable and Premium Select Home Loans which are great options for most home buyers.

Their Complete Fixed Home Loan often has competitive interest rates, however it always pays to shop around if you are locking your rate in for an extended period of time.

They also have some niche products such as their Senior’s Equity Release which is designed to help retired people to access the equity in their own and for interest to capitalise until they sell their property later.

In addition to this they have some flexible lending policies such as the ability to approve larger properties on a case by case basis and to accept some people who didn’t save their deposit themselves.

Tips for getting a great rate with BankWest

BankWest offers much better interest rate discounts if you have a larger deposit or lots of equity in your home!

In other words if you have a small deposit, then you may be better off choosing another bank.

If you have a larger loan over $750,000 then a mortgage broker may also be able to put in a request for negotiated pricing.

Use BankWest’s application submission checklist to prepare for your home loan application.

Note: This is the latest submission checklist effective January 2017. Please refer to BankWest for their most up-to-date document requirements.

Bankwest client story: Belinda, VIC


  • Refinance her two properties and remove her ex-husband from the title.
  • To get a better valuation than the one provided by two other lenders so they could avoid LMI (Lenders Mortgage Insurance).


Buying out an ex-partner, refinance, investment, free bank valuation.


After 10 years of marriage, Belinda and her husband made the tough decision to separate.

During the legal battle, Belinda was awarded the family home and an investment property they owned.

Both mortgages needed to be refinanced so they were just in Belinda’s name but after two valuations by two separate lenders came in under value, the Loan to Value Ratio (LVR) for the refinance came in over 90% for each of the property values.

This meant a large LMI bill that the couple felt they could avoid or at least reduce if they could get a better valuation.


Our broker was able to refinance Belinda and her husband from Commonwealth Bank (CBA) to Bankwest, who was offering free upfront valuations at the time.

Coming from a regional part of Melbourne, the broker found that even though CBA and St George ordered their own valuations, they were actually done by the same valuer!

Bankwest actually used a different valuer for the area and was able to refinance Belinda at 85% LVR for the owner-occupied and 88% LVR for the investment property.

Not only was Belinda able to reduce her LMI bill but she was able to get a sharp 3 year fixed interest rate (one of the lowest on the market at the time) and cash out a total of $40,000 from both properties as extra funds for the offset account.

Compare BankWest to other lenders

Not sure which lender is right for you? Not sure which BankWest home loan you should choose? Our Home Loan Experts can help!

Talk to one of our mortgage brokers by calling us on 1300 889 743 or complete our free assessment form.

  • fitz

    Is it possible to get a personal loan and use it as a home loan deposit?

  • Hi fitz,

    Yes, it is possible to use a personal loan as part of your deposit to buy a home. Although it is always better to save a deposit of your own, if you can afford the repayments of both loans and you want to buy now, you can use a personal loan as a leg up to get into the market. Please check out the personal loan as a deposit page if you want to learn more:

  • Andrew

    I’m still 3-4 months away from the end of my fixed rate term but I really want to refinance. Should I go for it?

  • Hey Andrew,
    Despite the break costs and early exit fees, it sometimes makes sense financially to refinance within the fixed period, especially if you recoup these costs within 2 years of refinancing. Please call 1300 889 743 to speak with an expert mortgage broker about your situation if you’re considering this as this can be tricky.

  • Dan

    When going for a commercial loan, do BankWest have compulsory annual reviews?

  • Actually no, BankWest have no annual reviews on most of their commercial loans.

  • Rourke

    I’m glad BankWest are good at approving large sized properties. I was thinking of buying one of around 200 acres. What’s the max I can borrow?

  • Hello Rourke,
    For a property with a land size of over 60 hectares / around 148 acres and up to 100 hectares / around 247 acres, you can usually borrow up to 70% or 80% of the purchase price on a case by case basis. You may be able to borrow up to 100% with the help of a guarantor with a few select lenders. Please feel free to contact us if you’d like to discuss this with an expert mortgage broker.

  • Emilio

    I had perfect credit until last year after which a mixup led to a few late payments and default on my credit file. It was all sorted out but the record is still on my file though I feel it shouldn’t be. I actually wanted to apply with BankWest earlier, since I have a few accounts with them already, but I didn’t because of my credit history. What should I do? Just apply anyway or try with another bank?

  • Well Emilio, you can actually improve your credit score and remove any disputable, unfair or contestable listings from your credit file through credit repair services. If you really think it can be disputed, you can go for that and then apply with BankWest. If that doesn’t work out, take caution before applying with BankWest because they aren’t great with approving mortgages for people with bad credit. We can help you assess your situation and find out if you can qualify with BankWest or other potential lenders so feel free to call 1300 889 743 to discuss with a mortgage specialist.

  • Piche

    I need a construction loan and I want to make interest only repayments for as long as possible. I’ve heard of another lender’s policy regarding interest only loans have changed and I want to know if this is the case with Bankwest as well.

  • Hey Piche
    Well, effective from 27 April, Bankwest now offer interest only repayments on construction loans only during the construction period. So if the construction period ends, you will not be able to make interest only repayments.

  • Beggs

    My family has been using BankWest all their life and so I too want to apply for a home loan with them. Thing is, I’ve recently transitioned into being self employed and it’s been just over a year now. Will this be a problem?

  • Hey Beggs,

    Unfortunately, yes because BankWest won’t accept applicants that have been self employed for less than 2 years. However, we can help you find a lender that can accept your employment situation. Then, once you’re eligible and if they do indeed have an offer you like, we can help you refinance to BankWest. Please feel free to call our office if you’d like to discuss this with an expert mortgage broker.