Bankwest Commercial Loans Review for Australian Expats
Bankwest Commercial offers a wide range of products and services, including business loans, overdrafts, credit cards, and transaction accounts. It also provides specialist advice and support on a variety of topics, such as finance, accounting, and marketing.
Is Bankwest Commercial the lender for your Australian expat commercial loan?
- Borrow up to 80% of the property purchase price
- Competitive rates and fees
- Focus on customer service
Bankwest Commercial Loan Options
Bankwest Commercial offers the following commercial loan products. Please note that these may not be available for borrowers from overseas. Speak with us to discuss your best options.
Business Loans
Commercial Property Loan
Development Loans
Bankwest Commercial offers a range of business loans to suit the needs of businesses of all sizes, from small businesses to large corporations. Business loans can be used for a variety of purposes, such as:
- Starting a new business
- Expanding an existing business
- Purchasing equipment or inventory
- Refinancing existing debt
Bankwest Commercial business loans are available for a variety of business terms, including short-term (up to 3 years), medium-term (up to 5 years), and long-term (up to 10 years). The interest rate on a business loan will vary depending on the loan term, the amount borrowed, and the security offered.
Bankwest's commercial property loans are designed to assist Australian expats in purchasing or refinancing commercial properties in Australia. Whether it's an office space, retail outlet, or industrial facility, Bankwest provides competitive loan options with flexible terms.
Bankwest Commercial development loans are designed for businesses that are looking to develop a new commercial property. Development loans can be used to finance the purchase of land, the construction of a new building, or the renovation of an existing building.
Bankwest Commercial development loans are typically available for a term of up to 24 months. The interest rate on a development loan will vary depending on the loan term, the amount borrowed, and the security offered.
Bankwest Commercial Loans Review
Here are the pros and cons of choosing Bankwest Commercial to buy property in Australia.
| Pros | Cons |
|---|---|
Flexible repayment options | Limited product range |
No upfront fees | Strict eligibility criteria |
Online application process | May require foreign income guarantee |
Dedicated expat team | Slow processing times |
Allow us to find you the perfect home loan.
Apply online to get expert recommendations with real interest rates and repayments.
Bankwest Commercial Loan Features
Bankwest Commercial can help you get the following commercial loan features.
| Feature | Details |
|---|---|
Progress Drawdowns | Allows you to access funds from your loan account as you need them, rather than receiving the full amount in one lump sum. |
Extra Repayments | Allows borrowers to make extra repayments on their home loan at any time without penalty. This can help you to pay off your loan faster and save money on interest. |
No Annual Reviews | Does not require annual reviews for most of its commercial loans. This means that you can avoid the hassle of having to provide financial documentation to the bank each year. |
Flexible Repayment Options | Offers a range of flexible repayment options, such as weekly, fortnightly, and monthly repayments. Borrowers can also choose to make repayments on the same day as they receive their salary. |
Facts About Bankwest Commercial
Bankwest Commercial is a division of Bankwest, one of the largest retail and commercial banks in Australia.
It was established in 1985 as a specialist bank to provide financial services to businesses of all sizes.
In 2012, Bankwest was acquired by Commonwealth Bank of Australia (CBA), but it has continued to operate as a separate brand.
How Do I Apply for an Expat Mortgage with Bankwest Commercial?
To apply for an Australian expat home loan with Bankwest Commercial, you can follow these steps.
- Contact a Commercial Loan Mortgage Broker: It’s best to contact a commercial loan mortgage broker first because they can help you
- Gather the Required Documentation: Bankwest Commercial will require you to provide certain documentation to support your application, such as proof of income and employment.
- Complete a Loan Application: Once you have gathered the required documentation, you can complete a loan application online or over the phone.
- Submit your Application for Review: Once you have submitted your application, it will be reviewed by a Bankwest Commercial loan assessor. If your application is approved, you will be able to settle your loan and purchase your property.
Here are some additional things to keep in mind when applying for an Australian expat home loan with Bankwest Commercial:
- You may need to provide a larger deposit than a resident Australian borrower.
- You may need to provide additional documentation to verify your income and employment status.
- You may be charged a higher interest rate than a resident Australian borrower.
- You may need to have a foreign income guarantee.
You can also contact a mortgage broker who specialises in helping Australian expats get home loans. A mortgage broker can help you to compare different lenders and products and find the best loan for your individual needs.
Who is Eligible?
To be eligible for a home loan with Bankwest Commercial in Australia, you must meet the following criteria.
- Be at least 18 years old
- Have a good credit history
- Be able to afford the monthly repayments
- Have a deposit of 20% of the property value
- Be able to demonstrate that you have a viable business plan and that you can afford to make the monthly repayments on your loan.
- Offer security for your loan, such as a mortgage on the property you are buying or a personal guarantee from a third party.
Australian expats and Aussie permanent residents living overseas are eligible for commercial loans from Bankwest Commercial. However, you may be subject to stricter lending criteria than Australian residents. For example, you may be required to provide a larger deposit or offer additional security for their loan.
Foreign investors living overseas are also eligible for commercial loans from Bankwest Commercial. However, you may be subject to even stricter lending criteria than Australian expats and permanent residents. For example, you may be required to provide a larger deposit or offer additional security for your loan. You may also be required to have a local business partner or representative in Australia.
What Documents Do I Require?
The specific documents that Bankwest Commercial in Australia requires for a commercial loan from overseas will vary depending on your individual circumstances. However, some common documents that may be required include the following.
Proof of Identity
This could include a passport, driver's license, or birth certificate.
Proof of Income
This could include your most recent tax returns, pay slips, or bank statements from your overseas bank account.
Proof of Visa Status
If you are not an Australian citizen, you will need to provide proof of your visa status.
Evidence of Assets and Liabilities
This could include bank statements, investment statements, or credit reports.
Business Plan
This will help them understand your business and its risks, and it will also give them confidence that you are able to repay the loan.
In addition to these common documents, Bankwest Commercial may also require additional documentation from overseas borrowers, such as a foreign income guarantee.
Other Related Products from Bankwest Commercial
Investment Property Loans
Bankwest Commercial investment property loans are designed for investors who are looking to buy a property in Australia to rent out. Investment property loans can be used to purchase a variety of property types, including houses, apartments, commercial properties, and industrial properties.
Bankwest Commercial investment property loans are available for a variety of loan terms, including short-term (up to 3 years), medium-term (up to 5 years), and long-term (up to 10 years). The interest rate on an investment property loan will vary depending on the loan term, the amount borrowed, and the security offered.
Construction Loans
Bankwest Commercial construction loans are designed for businesses that are looking to build or renovate a commercial property. Construction loans can be used to finance the cost of materials, labour, and other expenses associated with building or renovating a commercial property.
Bankwest Commercial construction loans are typically available for a term of up to 24 months. The interest rate on a construction loan will vary depending on the loan term, the amount borrowed, and the security offered.
Need a Mortgage With Bankwest Commercial?
Bankwest Commercial offers a range of business loans, development loans, investment property loans, and construction loans to suit the needs of businesses of all sizes. They offer a range of features and benefits, including competitive interest rates, flexible repayment options, and no upfront fees. This lender is a good option to consider, but it is important to compare their loans to other lenders to find the best option for your particular situation.
Our team of specialists have years of experience in securing commercial loans for Aussie expats, permanent residents and foreign investors living overseas. Speak with us today for tailored lender recommendations and advice for your unique circumstances so you can get started right away on your commercial goals in Australia!
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Allow us to find you the perfect home loan.
Apply online to get expert recommendations with real interest rates and repayments.
FAQs About Bankwest Commercial Home Loans
Can Australian expats apply for Bankwest commercial loans from overseas?
Yes, Bankwest allows Australian expatriates to apply for commercial loans while residing overseas. They have a user-friendly online application process designed to accommodate expat applicants.
What are the typical interest rates for Bankwest commercial loans?
Interest rates for Bankwest commercial loans can vary based on the type of loan and prevailing market conditions. It’s advisable to check the current rates on Bankwest’s official website.
How long does it take for loan approval at Bankwest?
The time it takes for loan approval can vary depending on the complexity of your application. However, Bankwest strives to process applications efficiently, and expats can expect a reasonable turnaround time.
Are there any penalties for early loan repayment?
Bankwest provides flexibility in repayment, but it’s essential to review your loan agreement for specific terms regarding early repayment penalties.
What sets Bankwest apart from other lenders for Australian expats?
Bankwest’s strong customer service and tailored loan solutions are key differentiators. Their commitment to assisting expatriates in achieving their financial goals is highly regarded.
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