Bankwest home loan review
Bankwest is an established Australian lender, and Ratesniffers tracks 48 of its home loan products across variable, fixed and interest-only options. Its lowest variable rate Ratesniffers tracks is 6.49% p.a., and its lowest fixed rate is 6.69% p.a. That sits about 30 basis points above the market median of 6.19% p.a., so sharper variable rates exist elsewhere today.
Is Bankwest a good home loan lender?
Bankwest suits borrowers who want several offset accounts on one variable loan and are content to bank in an app. Ratesniffers checked its published product and fee pages on 3 Sept 2026. The trade-off is channel and scale: Bankwest closed its branches in 2024, and its packaged loan starts at a $200,000 minimum.
What we looked at
Ratesniffers ranked and described this lender from the verified rate snapshot on this page, then read the lender's own published product pages and fee documents listed under Sources below. Sources were checked on 3 Sept 2026. There are no scores, no stars and no user reviews here, only what the lender publishes and what the snapshot shows.
WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is based on a loan of $150,000 over a term of 25 years.
The information provided on this site is general in nature and does not take into account your objectives, financial situation or needs. Before acting on any information, consider whether it is appropriate for you and read the relevant Credit Guide and lender disclosures.
Bankwest home loan interest rates by term
The lowest owner-occupier, principal and interest rate Bankwest has published per term, from the same rate snapshot as the panel above.
| Term | Interest rate | Comparison rate |
|---|---|---|
| Variable | 6.49% p.a. | Not available |
| 1-year fixed | 6.89% p.a. | 7.32% p.a. |
| 2-year fixed | 6.99% p.a. | 7.29% p.a. |
| 3-year fixed | 7.09% p.a. | 7.29% p.a. |
| 5-year fixed | 7.19% p.a. | 7.28% p.a. |
The case for
- The Complete Home Loan Package costs $395 a year and covers an eligible home loan, one optional eligible credit card per customer, and up to nine offset transaction accounts per loan with no monthly offset fee. On the Complete Variable Home Loan the minimum loan is $200,000.
- Application fee is currently $0 on both the Bankwest Simple Home Loan and the Complete Variable Home Loan, against a published usual application fee of $695.
- Redraw on a variable rate loan carries no fee, has no minimum amount, and runs through the Bankwest app or online banking.
- Owner occupier rate tiers are published from 60% LVR up to 98% of the property value including lenders mortgage insurance. Investor tiers stop at 95% including lenders mortgage insurance.
- Interest only terms of up to 5 years and loan terms of up to 30 years are published across the variable and fixed ranges.
What to weigh up
- Its sharpest variable rate sits above the market median of 6.19% p.a. in the rate snapshot on this page.
- Bankwest closed 45 branches by October 2024 in its move to a digital bank, so there is no branch counter for servicing.
- Offset accounts on the Bankwest Simple Home Loan cost $10 a month each, so running several of them can cost more over a year than the $395 package fee.
- Fixed rate loans offset a maximum of 40% of the balance, and redraw is not available until the fixed term ends.
- The Fixed Rate Home Loan carries a $12 monthly loan maintenance fee during the fixed term.
- A $350 settlement fee applies across the variable and fixed ranges, and the Complete Variable Home Loan has a $200,000 minimum loan against $20,000 on the Simple Home Loan.
Who Bankwest suits and who it does not
Bankwest tends to suit borrowers comfortable running a loan through an app, and particularly anyone who will use more than one offset account, because the $395 package covers up to nine of them with no monthly offset fee. It suits less well where branch servicing matters, where the loan is under the $200,000 Complete Variable minimum, or where the plan is a fixed rate with a full offset, since fixed loans offset a maximum of 40% and lock redraw until the term ends.
Bankwest products in detail
Bankwest Complete Variable Home Loan
The Complete Variable Home Loan is Bankwest's packaged variable loan, sitting inside the Complete Home Loan Package at $395 a year. Bankwest publishes a $0 application fee, a $350 settlement fee, a $0 loan maintenance fee, a $0 redraw fee, a $200,000 minimum loan and a maximum 30 year term on it. The package covers the loan, one optional eligible credit card per customer with the annual card fee waived, and up to nine offset transaction accounts per loan. The alternative is the Bankwest Simple Home Loan, which has a $0 annual fee and a $20,000 minimum but charges $10 a month per offset account.
Bankwest offset account fees
What an offset costs depends on the loan it is linked to. On the Bankwest Simple Home Loan each linked offset transaction account costs $10 a month. Inside the Complete Home Loan Package the monthly offset fee is $0. On the Fixed Rate Home Loan no offset fee applies during the fixed term, though a $12 monthly loan maintenance fee does, and a $10 monthly offset fee per account starts once the fixed term ends. Up to nine offset accounts can be linked per eligible loan, offset is 100% against a variable rate loan and a maximum of 40% against a fixed rate loan, and any offset fee is charged to the offset account rather than to the home loan.
Bankwest home loans: our verdict
Bankwest is a credible choice whose lowest variable rate of 6.49% p.a. currently sits about 30 basis points above the market median, so it's worth comparing before you commit (last updated 23 Sept 2026). Whether it's right for you comes down to your deposit, the features you'll use, and how its real approved rate compares, so treat the headline as a starting point, not the final answer.
Sources checked 3 Sept 2026: Bankwest, Variable rate home loans; Bankwest, Fixed rate home loans; Bankwest, Offset account; Bankwest, How to redraw from your home loan; Bankwest, Transition to a digital bank. Fees and product terms change, so confirm them with Bankwest before applying.
See if you can do better than Bankwest
The advertised rate isn't always the rate you'll be approved for. Compare Bankwest against the wider panel, or have your scenario negotiated, at no cost.