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Bankwest Capped Rate Home Loan

Submitted by administrator on Thu, 10/09/2009 - 2:05pm

Bankwest have announced a new home loan interest rate concept.

Effective 9, September 2009

Description
The Capped Rate Home Loan is a variable rate product with a cap set on the interest rate. This means that the interest rate is guaranteed not to increase past a certain limit for a pre-determined period.

Eligibility
Eligibility Minimum loan amount $100,000.

Interest Rate
The interest rate is a variable rate with a cap set on the interest rate. Each tranche release will have a common cap expiry date and common cap interest rate. Please refer to the current interest rate fees and charges schedule for rate details or see below.

Interest rate example provided by Bankwest
Rate Type Rate Comparison Rate
Variable Rate  5.40% p.a.  5.56% p.a.
Capped Rate*  7.50% p.a. 7.65% p.a.

*The capped rate only applies until 10/11/2012. A loan may not be available on the above terms.

Loan Value Ratio (LVR) = Maximum 90% (plus capitalised LMI)
Owner Occupier loans* ; Investment loans*; construction of an investment dwelling*. (*May differ for country and regional areas).

Applicable Fees

* Application fee - $700
* A Capped Rate Home Loan Cap Purchase Fee is payable in order to cap the interest rate. The fee is 0.15% of the loan amount and is payable upfront at the time of application.
* Monthly loan maintenance fee of $12 applies to this home loan product.
* A Capped Rate Home Loan Prepayment Fee - Payable each time you repay 50% or more of your amount of credit (including any variation to it) before the capped term expiry date. The Capped Rate Home Loan Prepayment Fee is calculated as follows: 1% of the amount of the loan being repaid.
* Transfers available, standard transfer procedures and fees apply.

Online Redraw
Free, no minimum, $5K per day Pay Anybody maximum. Home Loan Access (over the counter) fees applicable.