Bankwest home loan review
Also known as Bank West
Bankwest is a good option if you want a simple variable loan with no annual fee and optional 100% offset accounts, backed by Commonwealth Bank. It also handles construction, bridging and self-employed borrowers. It isn't on the 5% Deposit Scheme lender list, so first home buyers with a 5% deposit should look at CommBank or another scheme lender instead.
Below we cover Bankwest's variable and fixed loans, the Complete package, how its fixed-rate offset works, and how Bankwest compares with CommBank.
By Better Rate Mate Editorial Team · Last reviewed · Checked against Bankwest's own website
General information only. It doesn't take into account your objectives, financial situation or needs. Check the lender's key facts sheet, credit guide and TMD before you apply. We don't compare every lender, and we may earn a commission if you apply through our links.
Latest Bankwest variable rate change
Bankwest raised its standard variable rate for new and existing home loans by 0.25% p.a. from 9 October 2026, after the RBA's 29 September decision. Bankwest's announcement (checked 10 October 2026). For today's rates, see Bankwest's rates page.
Bankwest home loans at a glance
| Feature | Bankwest |
|---|---|
| Offset account | Simple: optional 100% offsets at $10 a month each. Complete: up to nine with no monthly fee. Fixed: optional 40% offset |
| Redraw | Yes on variable; not on fixed |
| Extra repayments while fixed | Up to $10,000 a year |
| Package | Complete package, $395 a year |
| Fixed-rate LVR | Up to 90% including LMI |
| Construction | Yes; interest-only during the build; no progress payment fees in the package |
| Other | Bridging finance and self-employed loans |
| Ways to apply | Online, Bankwest home loan specialist, mortgage broker |
| 5% Deposit Scheme | Not a participating lender |
General information only. It doesn't take into account your objectives, financial situation or needs. Check the lender's key facts sheet, credit guide and TMD before you apply. We don't compare every lender, and we may earn a commission if you apply through our links.
Bankwest mortgage and home loan repayment calculator
Enter the rate for the Bankwest loan you're considering (from its rates page), your loan amount and term. The calculator uses the standard principal and interest formula lenders use, so for the same rate, amount and term it gives the same repayment as Bankwest's own calculator. It doesn't include fees or future rate changes. For the maths and assumptions, see our mortgage repayment calculator page, and test your buffer with the stress test calculator. If you're buying, you can also estimate your stamp dutyand work out how much you can borrow.
Mortgage repayment calculator
Repayments and total interest, with optional extra repayments, an offset account or an interest-only period.
Monthly repayment
$2,997.75
| Loan amount | $500,000 |
|---|---|
| Interest rate | 6.00% a year |
| Time to repay | 30 years |
| Total repayments | $1,079,191 |
| Total interest paid | $579,191 |
Year-by-year balance
| Year | Interest | Principal repaid | Balance |
|---|---|---|---|
| 1 | $29,833 | $6,140 | $493,860 |
| 2 | $29,454 | $6,519 | $487,341 |
| 3 | $29,052 | $6,921 | $480,420 |
| 4 | $28,625 | $7,348 | $473,073 |
| 5 | $28,172 | $7,801 | $465,272 |
| 6 | $27,691 | $8,282 | $456,990 |
| 7 | $27,180 | $8,793 | $448,197 |
| 8 | $26,638 | $9,335 | $438,862 |
| 9 | $26,062 | $9,911 | $428,951 |
| 10 | $25,451 | $10,522 | $418,429 |
| 11 | $24,802 | $11,171 | $407,257 |
| 12 | $24,113 | $11,860 | $395,397 |
| 13 | $23,381 | $12,592 | $382,805 |
| 14 | $22,605 | $13,368 | $369,437 |
| 15 | $21,780 | $14,193 | $355,244 |
| 16 | $20,905 | $15,068 | $340,176 |
| 17 | $19,975 | $15,998 | $324,178 |
| 18 | $18,989 | $16,984 | $307,194 |
| 19 | $17,941 | $18,032 | $289,162 |
| 20 | $16,829 | $19,144 | $270,018 |
| 21 | $15,648 | $20,325 | $249,693 |
| 22 | $14,395 | $21,578 | $228,115 |
| 23 | $13,064 | $22,909 | $205,205 |
| 24 | $11,651 | $24,322 | $180,883 |
| 25 | $10,151 | $25,823 | $155,060 |
| 26 | $8,558 | $27,415 | $127,645 |
| 27 | $6,867 | $29,106 | $98,539 |
| 28 | $5,072 | $30,901 | $67,638 |
| 29 | $3,166 | $32,807 | $34,831 |
| 30 | $1,142 | $34,831 | $0 |
Stress test this loan at higher rates, or see how much you can borrow.
An estimate: interest is charged at the repayment frequency and the rate never changes. It leaves out fees, redraws and rate changes, and assumes the lender accepts extra repayments. Check fixed rate loans for an extra repayment limit, and confirm figures with your lender.
Is Bankwest good for home loans?
Bankwest is a good option if you want a simple variable loan with no annual fee and optional 100% offset accounts, backed by Commonwealth Bank.
Pros
- +No annual fee on the Simple Home Loan, with optional 100% offsets
- +A 40% offset on fixed loans, which most lenders don't offer
- +Construction, bridging and self-employed lending
- +Backed by Commonwealth Bank
Cons
- -Not on the 5% Deposit Scheme lender list
- -No redraw on fixed loans
- -Offsets on the Simple loan cost $10 a month each; fee-free offsets need the $395 Complete package
Who Bankwest suits
- Borrowers who want a no-annual-fee loan with a full offset
- People building a home who want construction-friendly package terms
- Borrowers who want some offset benefit while fixed
About Bankwest
Bankwest is a division of Commonwealth Bank of Australia, so its loans are made by an APRA-regulated major bank under CommBank's credit licence. It sells home loans for owner-occupiers and investors, including first home buyers, refinancers, construction and bridging borrowers and self-employed applicants.
The range is small: the Bankwest Simple Home Loan (variable), a Complete Variable Home Loan inside a $395-a-year package, and Fixed Rate Home Loans with or without the package.
- Ownership
- A division of Commonwealth Bank of Australia.
- Lender and licence
- Bankwest, a division of Commonwealth Bank of Australia ABN 48 123 123 124, Australian credit licence 234945
Bankwest home loan products
Bankwest Simple Home Loan
A variable loan with no annual fee, a $20,000 minimum, unlimited extra repayments and redraw, and optional 100% offset accounts at $10 a month each. Bankwest lists a $0 application fee (usually $695) and one standard valuation included.
Complete Variable Home Loan (package)
A variable loan inside Bankwest's package for one $395 annual fee, with a $200,000 minimum: up to nine 100% offset accounts with no monthly fees, an eligible credit card with its annual fee waived, no valuation fees, and no progress payment fees on construction loans.
Fixed Rate Home Loan
Fixed terms with no annual fee, extra repayments up to $10,000 a year, no redraw, and an optional 40% Offset Transaction Account. Available up to 90% of the property value including LMI. It can also be taken inside the $395 package.
Construction loans
A variable loan that releases money in progress payments as the build is completed. You pay interest only until construction finishes and all progress payments are made, then principal and interest, unless you choose interest-only for a further three or five years.
Bankwest home loan rates: how they are set
Bankwest prices by product, purpose, repayment type and LVR band. Its headline Simple Home Loan rate is quoted for borrowing between 60.01% and 80% of the property value, and fixed rates are quoted for borrowing up to 90% including LMI.
Fixed-rate comparison rates are much higher than the fixed rate itself because they assume the loan reverts to Bankwest's variable rate at the end of the fixed term. Look at the revert rate before you fix.
For a benchmark, the RBA's average rate on new owner-occupier variable loans across all lenders was 6.23% in August 2026, and 6.40% for investors (published 8 October 2026). The RBA's cash rate target was 4.60% as at 10 October 2026, after a 0.25 point rise effective 30 September 2026; its next decision is due on 3 November 2026.
Bankwest Complete Variable Home Loan: what the $395 package adds
The Complete Variable Home Loan is Bankwest's packaged loan: you pay $395 a year and need to borrow at least $200,000, and in return offsets, valuations and construction progress payments are free and you can add an eligible credit card without its annual fee. It suits larger loans with several offset accounts; on a smaller loan with one offset, the Simple loan's $10-a-month offset costs less than the package fee.
| Simple Home Loan | Complete Variable Home Loan | |
|---|---|---|
| Annual fee | $0 | $395 |
| Minimum loan | $20,000 | $200,000 |
| Offset accounts | 100% offset, $10 a month each | Up to nine 100% offsets, no monthly fee |
| Eligible credit card | Not included | Optional, annual fee waived |
| Valuation | One standard valuation included | No valuation fees |
| Loan increase fee | $295 | $0 |
| Construction progress payment fee | $80 per payment | $0 |
| Settlement fee | $350 | $350 |
Bankwest fixed rate home loans: 40% offset and $10,000 extra repayments
Bankwest's Fixed Rate and Complete Fixed home loans can have an offset of up to 40%: 40% of the balance in the linked account is offset against the loan. As an illustration, $50,000 in the account counts as $20,000. Most lenders we review offer no offset at all during a fixed term.
You can make extra repayments of up to $10,000 a year during the fixed term at no charge. Break costs are calculated separately if you break the fixed rate early, plus a $50 break administration fee, and interest-only repayments are available for up to 5 years. Compare the fixed and revert rates on Bankwest's rates page, and see fixed vs variable home loans for how break costs work.
Bankwest investment loans
Bankwest doesn't sell a separate investment product: investors can take the Simple, Complete Variable, Fixed Rate and Complete Fixed loans, at investment rates that Bankwest publishes separately for principal and interest repayments. Interest-only repayments are available for up to 5 years, at different rates. Bankwest treats a loan as an investment loan where most of it is used to invest in shares, land, construction or an established property.
For how lenders assess investors and what you can claim, see our investment loans guide.
Bankwest bridging loans
Bankwest describes a bridging loan as a temporary loan, usually for up to 6 months, to buy your next home before you sell the current one. Bridging finance is only available with a Bankwest Simple Home Loan, and you need your existing home loan with Bankwest or to refinance it to Bankwest.
Its Target Market Determination for the bridging loan says interest can be capitalised, so no repayments are required during the loan term, or you can pay interest-only monthly, with unlimited extra repayments and a 100% offset available. Budget for interest on both properties, and for a sale that takes longer or fetches less than you expect.
Bankwest complaints and what borrowers raise
The Australian Financial Complaints Authority (AFCA) publishes complaint numbers for each financial firm in its Datacube, and it lists Bankwest (Bank of Western Australia Limited) separately from Commonwealth Bank. For 1 July to 31 August 2026 it showed 170 complaints received about Bankwest across all its products, and 88 resolved at the referral stage. Counts aren't adjusted for how many customers a bank has, so compare them with care.
If you have a problem with a Bankwest home loan, complain to Bankwest first. If it isn't resolved, you can take it to AFCA, which describes itself as a free, fair and independent service for consumers and small businesses: it costs you nothing to lodge a complaint (AFCA, checked 11 October 2026). We don't summarise review-site ratings, because they aren't verified.
Is it better to use a mortgage broker or go through a bank?
Either can work. Since 1 January 2021 mortgage brokers have been legally required to act in your best interests when they suggest a loan (ASIC's best interests duty), and a broker can compare several lenders for you. Going direct suits you if you already know the lender and loan you want. Bankwest lends both ways: online, through its own home loan specialists, and through brokers.
Bankwest vs CommBank
Both are Commonwealth Bank. CommBank has a wider range (Digi, Simple, Standard Variable, Fixed), takes part in the 5% Deposit Scheme and charges no offset fee on its Digi and Simple loans. Bankwest's Simple loan has no annual fee and optional 100% offsets at $10 a month each, and its fixed loans can have a 40% offset, which CommBank's fixed loans don't offer. If you need the 5% Deposit Scheme, use CommBank. See our CommBank review.
Bankwest vs Unloan
Also both CommBank-owned. Unloan has no fees and no offset; Bankwest offers offset, fixed rates and construction loans. See our Unloan review.
How to apply for a Bankwest home loan
- 1
Check your borrowing power and gather your documents
- 2
Start an application online, talk to a Bankwest specialist, or use a broker
- 3
Bankwest assesses serviceability and values the property
- 4
For construction, provide the building contract and plans; progress payments are released as stages complete
- 5
Sign and settle
Check how much you could borrow with our borrowing power calculator; Bankwest's own calculator applies its own lending policy, so its figure can differ.
Buying in Western Australia? The WA stamp duty calculator works out the duty and any first home buyer relief.
Budget for stamp duty: NSW stamp duty calculator · VIC stamp duty calculator · QLD stamp duty calculator · WA stamp duty calculator · SA stamp duty calculator · TAS stamp duty calculator · ACT stamp duty calculator · NT stamp duty calculator
Before you apply, ask for the key facts sheet for your loan amount. Every lender must provide one in the same format, which makes loans easy to compare side by side.
Bankwest home loan questions
Is Bankwest owned by CommBank?
Yes. Bankwest is a division of Commonwealth Bank of Australia and lends under CommBank's Australian credit licence 234945.
Is Bankwest good for home loans?
It suits borrowers who want a no-annual-fee variable loan backed by Commonwealth Bank, offsets on fixed as well as variable loans, or construction and bridging finance. It doesn't suit first home buyers relying on the 5% Deposit Scheme, because Bankwest isn't a participating lender.
Has Bankwest dropped or raised its interest rates?
Raised. Bankwest's standard variable rate for new and existing home loans rose by 0.25% p.a. from 9 October 2026, after the RBA's cash rate rise.
Does Bankwest have an offset account?
Yes. The Simple Home Loan can link 100% offset accounts at $10 a month each, the Complete Variable Home Loan allows up to nine with no monthly fee, and fixed loans can have an optional 40% offset.
Is Bankwest part of the 5% Deposit Scheme?
No. Bankwest isn't on Housing Australia's participating lender list. Commonwealth Bank is.
How much extra can I repay on a Bankwest fixed loan?
Up to $10,000 a year. Redraw isn't available on fixed loans.
Does Bankwest do construction loans?
Yes. Funds are released in progress payments, you pay interest only during the build, and Complete package construction loans have no application, valuation or progress payment fees.