Bankwest Home Loan Review for Expats
Founded in 1895, Bankwest has a long-standing reputation as a reliable and customer-focused lender. With decades of experience in the Australian market, the bank has earned the trust of thousands of homeowners, and they are now extending their support to you, the Australian expat yearning to own a piece of home.
Find out if you qualify for a home loan with Bankwest.
- Borrow up to 90% of the property purchase price
- Flexible repayment options available
- Get competitive home loan interest rates
Bankwest Home Loan Options
As an Australian expat, here are the home loan options available at Bankwest.
Standard Variable Home Loan
Expat Fixed Rate Home Loan
Expat Home Loan Package
The Expat Standard Variable Home Loan is a popular choice for Australian expats looking for flexibility and competitive interest rates. With this loan, you'll have the freedom to make extra repayments and access a redraw facility, giving you greater control over your finances. The variable interest rate ensures that you can take advantage of potential rate changes during the loan term.
For those seeking certainty and stability in their repayments, the Expat Fixed Rate Home Loan is an excellent option. You can lock in a stable interest rate for a specific period, providing peace of mind amidst fluctuating economic conditions. This allows you to plan your finances more effectively, knowing that your interest rate remains constant throughout the fixed-rate period.
Bankwest offers a comprehensive Expat Home Loan Package that bundles various financial products together, such as a home loan, transaction account, and credit card. This package often comes with discounted interest rates and fee waivers, providing you with a cost-effective and convenient solution.
Bankwest Home Loan Review
Choosing Bankwest for an overseas Australian home loan offers you various pros and cons.
| Pros | Cons |
|---|---|
Flexible repayment options | Additional documentation might be required due to your overseas residency |
Loan application process designed with Australian expats in mind | Limited access to in-person services |
Competitive interest rates for added affordability | Additional fees, such as international transaction fees, may apply when transferring funds to service your home loan from overseas accounts |
Tailored features that cater to the unique circumstances of Australian expats |
Allow us to find you the perfect home loan.
Apply online to get expert recommendations with real interest rates and repayments.
Bankwest Home Loan Features
Here are the main features of Auswide Bank’s home loan options.
| Feature | Details |
|---|---|
Interest Rate | They presents attractive interest rates that remain competitive in the ever-changing mortgage landscape, allowing you to make the most of your investment. |
Repayment Options | They offer flexible repayment options to align with your financial circumstances, providing you with peace of mind. |
Partial Offset Account | Gain the advantage of reducing interest payments with their partial offset account feature, an excellent tool for optimising your finances. |
Redraw Facility | Life can be unpredictable, and they acknowledge that. The bank's redraw facility allows you to access extra repayments when you need them most. |
Facts About Bankwest
Bankwest is a regional bank that operates in Western Australia, New South Wales, Queensland, and South Australia. The bank offers a range of financial products and services, including home loans, business loans, personal loans, savings accounts, investment accounts, and insurance.
It is a subsidiary of the Commonwealth Bank of Australia, which is a publicly-traded company. The bank's headquarters are located in Perth, Western Australia.
The bank is a member of the Australian Banking Association(ABA) and the Financial Services Council (FSC). The bank is also regulated by the Australian Prudential Regulation Authority (APRA).
How Do I Apply for an Expat Mortgage with Bankwest?
Here’s a step-by-step guide on applying for an expat mortgage with Bankwest.
- Initial Enquiry: Reach out to our mortgage brokers to express your interest and enquire about the expat home loan options available. Our team of experts will be more than happy to assist you.
- Gathering Documentation: Prepare the necessary documentation, including proof of identity, income, and residency status. We can provide you with a comprehensive checklist to guide you through this process seamlessly.
- Eligibility Assessment: Your eligibility will be assessed based on factors such as income, credit history, and residency status.
- Selecting the Right Loan: Work closely with your mortgage broker to identify the most suitable loan product for your needs.
- Submitting Your Application: Once you’ve made your choice, submit your application online or through a branch or with the help of your mortgage broker.
- Approval and Settlement: Upon approval, you’re one step closer to homeownership! Your broker will work diligently with the bank to finalise the settlement, making your dream home officially yours.
Who is Eligible?
To ensure a seamless application process, familiarise yourself with the bank’s eligibility criteria.
- Australian Citizenship or Permanent Residency: To apply for an expat home loan, you must hold Australian citizenship or permanent residency.
- Foreign Income Assessment: The bank will evaluate your foreign income to determine your borrowing capacity.
- Country-Specific Criteria: The eligibility requirements might vary depending on the country you reside in. It’s essential to check with the bank for country-specific details.
What Documents Do I Require?
Prepare the following documents to support your application.
Identification
Valid passport and other identification documents.
Income Verification
Payslips, tax returns, and employment contracts.
Residency Status
Proof of your residency status in the country you currently live in.
Financial Statements
Bank statements and financial records. Property Information: Details of the property you intend to purchase.
Other Related Products from Bankwest
Expat Equity Access Home Loan
If you already own a property in Australia and wish to access the equity for investment opportunities or other financial needs, the Expat Equity Access Home Loan could be the perfect solution. This loan allows you to tap into the equity you’ve built up in your property and use it for various purposes, making it a flexible and practical option.
Expat Construction Loan
For those looking to build their dream home in Australia, their Expat Construction Loan provides the necessary financial support. This loan caters specifically to Australian expats who want to embark on a construction project. The loan can be tailored to your specific construction needs and offers a convenient transition to a standard home loan once construction is complete.
Expat Bridging Loan
If you’re in the process of selling your current property in Australia while simultaneously purchasing a new one, the Expat Bridging Loan can help bridge the financial gap. This loan allows you to access funds to facilitate the purchase of your new property until the sale of your existing property is finalised.
Applying for an Expat Home Loan with Bankwest?
As you embark on this exciting journey towards owning your dream home in Australia, Bankwest stands as a steadfast companion, ready to support you every step of the way. Don’t let distance be a barrier; embrace this golden opportunity with their tailored expat home loan options for Australian expats living overseas.
Start your homeownership journey today. Contact our team of expat home loan specialists and unlock the door to your dream home in Australia.
Other Australian Lender Reviews
Allow us to find you the perfect home loan.
Apply online to get expert recommendations with real interest rates and repayments.
FAQs About Bankwest Home Loans
Can I apply for a Bankwest expat home loan if I'm living in a country not listed on their website?
While Bankwest caters to many expats, their eligibility criteria might vary depending on the country you reside in. Reach out to us to receive clarification on your specific situation.
Will my foreign income be considered when applying for an expat home loan with Bankwest?
Yes, they will assess your foreign income to determine your borrowing capacity and eligibility for their expat home loans.
How long does the application process usually take with Bankwest?
The application process duration can vary depending on individual circumstances and the completeness of the provided documents. They strive to make the process as efficient as possible, keeping you informed every step of the way.
Can I make additional repayments on my expat home loan?
Absolutely! Bankwest allows you to make additional repayments on your expat home loan. This gives you the flexibility to pay off your loan faster or reduce the interest burden.
Are there any fees associated with Bankwest's expat home loans?
They may charge fees related to the application, valuation, and ongoing administration of your home loan. It’s essential to review their fee schedule and discuss any concerns with their team.
Can I use Bankwest's expat home loan for investment properties?
Yes, their expat home loans can be used for purchasing both owner-occupied and investment properties in Australia. You can explore different property investment options with their expert guidance.
How often can I access the redraw facility?
You can access Bankwest’s redraw facility as often as you like, as long as you have enough available funds in your redraw account. There are no limits on the number of times you can redraw or the amount you can redraw.
However, there are a few things to keep in mind:
- You will be charged an interest rate on the funds you redraw. This rate is usually the same as your home loan interest rate.
- If you redraw too much, you may not be able to make your minimum repayments. This could lead to your home loan becoming delinquent.
- If you redraw during the fixed rate period of your home loan, you may be charged a break fee.
Can I get pre-approval for a expat home loan?
Yes, Bankwest offers pre-approval for their expat home loans. Pre-approval gives you the confidence to house hunt with a clear budget in mind.
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