Line of Credit Home Loans - BankWest - Equity Access |
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to select a different loan amount and loan term. Currently: $150,000 over 30 years |
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| Home Loan Lender |
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BankWest Home Loan |
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| Home Loan Product Name |
Equity Access |
| Interest Rate |
9.28% |
Comparison Rate
Estimated |
9.53% |
| Amount |
$150,000 |
| Term |
30 years |
Monthly Payment
Estimated |
$1,237.28 |
Total Paid
Estimated |
$455,070 |
| Establishment Fee |
$0.00 |
| Enquire/Apply |
 
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| Target Market |
Equity Access is an ongoing source of instant, low cost finance which is secured against the equity in your house.The facility is a revolving line of credit with the option of a MasterCard Debit. The loan has a fully fluctuating variable rate which can be used for personal purposes. The facility must not go in to credit at any time. |
| Acceptable Income |
Acceptable income: Self employed the last 2 years financials for all related parties where possible. Individual directors and any guarantor involved in the deal. Salary and wage earners. |
| Loan Term |
Subject to annual review. |
| Loan Size |
Minimum Loan $20K |
| Repayment Type |
Minimum requirement of Interest Only if limit is fully drawn.
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Interest only available for investment loans up to a maximum of 5 years |
| Repayment Options |
Weekly, fortnightly, or monthly |
| Extra Repayments |
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| Split Loan Facility |
Yes |
| Offset |
Not available |
| Redraw Facility |
Home loan access to any surplus funds accumulated on the loan fees and conditions apply. |
| LVR |
Owner Occupied: Max 90% LVR.
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Investment: Max 90% LVR.
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Construction 90% LVR
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Debt consolidation 90% LVR
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Land 90% LVR
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If split with other BankWest products maximum total LVR not to exceed 95% (Equity portion not to exceed 20% of borrowings) |
| Fees |
Application Fee: Nil
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Annual Maintenance $325 paid in advance
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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
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Access Withdrawal Fee 50 free transactions per month. (Transactions include all customer initiated withdrawals.) For each withdrawal over the limit, $2.00 will be charged to the account
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When Equity Access is taken the maintenance fee on existing and new BankWest home loans is waived. If subsequent home loans are applied for, the application fee is waived on these as well. When two Equity Access accounts are taken the up-front and annual maintenance fee on the second account is waived.
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Discharge Mortgage Fee Doc Prep $300
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Discharge Mortgage Settlement Attendance Fee WA Only $300
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Progress payments $80
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Valuation Fees
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For all States, the maximum fee that will be absorbed as part of the application fee for the first valuation is as follows:
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Western Australia $180 + GST Queensland $200 + GST New South Wales $200 + GST Tasmania $200 + GST South Australia $200 + GST Victoria $200 + GST Canberra $200 + GST Northern Territory $210 + GST
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Note Valuation for properties >than $1million contact lender for quote
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Company / Trust Fee $300
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Rework fee $100 to be charged when a customer initiates a change to the terms of their application after Loan documents have been issued.
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Express Courier Fee $7.87 (payable for all non WA Based Housing Loan)
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Legal Disbursement Fee $60 applicable to East Coast Only |
| Enquire/Apply |
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| Other Line of Credit Home Loans |
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| Other BankWest Home Loan Products |
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This Comparison Rate applies only to $150,000 with a loan term of 30 years. The loan amount and term will affect the comparison rate calculation. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparsion rate calculation but may influence the cost of the loan.
This rate is to be used as a guide only and we recommend that you confirm it with the lender before acting upon it.
The information provided in this website is a guide only and may not be complete for your purposes. ratesonline.com.au is not licensed to provide investment advice and recommends that you consult an independent financial adviser.
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