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Also known as Bank West
Bankwest is a good option if you want a simple variable loan with no annual fee and an optional 100% offset account, 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
| Feature | Bankwest |
|---|---|
| Offset account | Optional 100% offset on Simple; multiple offsets in the package; optional 40% offset on fixed |
| 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 |
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.
A variable loan with no annual fee, unlimited extra repayments and redraw, plus an optional 100% Offset Transaction Account.
A variable loan inside Bankwest's package for one $395 annual fee: multiple offset accounts, an eligible credit card, and no application, valuation or progress payment fees on construction loans.
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.
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 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 6.24% in July 2026, and 6.40% for investors (published 7 September 2026). The cash rate was 4.35% as at 28 September 2026, unchanged since 6 May 2026; the RBA's next decision is due on 29 September 2026.
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.
Estimate your repayments for any loan amount, rate and term.
Monthly Repayment
$2,997.75
| Loan Amount | $500,000.00 |
| Interest Rate | 6.00% p.a. |
| Loan Term | 30 years |
| Repayment Frequency | Monthly |
| Total Repayments | $1,079,190.95 |
| Total Interest Paid | $579,190.95 |
This calculator provides an estimate for principal and interest repayments only. It does not account for fees, redraw activity, rate changes, or other loan features. Verify with your lender before making financial decisions.
Both are Commonwealth Bank. CommBank has a wider range (Digi, Simple, Standard Variable, Fixed), takes part in the 5% Deposit Scheme and charges $10 a month for offset on its cheaper loans. Bankwest's Simple loan has no annual fee and an optional 100% offset, and its fixed loans can have a 40% offset. If you need the 5% Deposit Scheme, use CommBank; if you want a simple loan with offset and no package, Bankwest is worth comparing. See our CommBank review.
Also both CommBank-owned. Unloan has no fees and no offset; Bankwest offers offset, fixed rates and construction loans. See our Unloan review.
Check your borrowing power and gather your documents
Start an application online, talk to a Bankwest specialist, or use a broker
Bankwest assesses serviceability and values the property
For construction, provide the building contract and plans; progress payments are released as stages complete
Sign and settle
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.
Yes. Bankwest is a division of Commonwealth Bank of Australia and lends under CommBank's Australian credit licence 234945.
Yes. The Simple Home Loan can have an optional 100% Offset Transaction Account, the package allows multiple offsets, and fixed loans can have an optional 40% offset.
No. Bankwest isn't on Housing Australia's participating lender list. Commonwealth Bank is.
Up to $10,000 a year. Redraw isn't available on fixed 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.
