Bankwest- Covid-19 customer support

How can we help as strategic mortgage brokers? 

Here are some ways that we can help as your strategic mortgage broker: 

  • Refinancing to a lower interest rate or interest-only repayments, especially whilst your income is unchanged. 
  • Releasing equity to give you cashflow if your income may be affected. 
  • Debt consolidation to make repayments manageable. 
  • Advice regarding your mortgage or buying a new property.  

Now is the best time in your lifetime to refinance and save yourself interest, increase cash flow and maximise your cash runway. 

Call us on 1300 896 045, email us directly or contact us here.

How can we help as a private banking team? 

  • Help you with extending your Interest only period with the bank and assist you through the process. 
  • Help you with fixing your loans to get the best of the rates cut offs that have been passed on by RBA. 
  • Negotiate better discounts from the banks for your loans. 
  • Contact lender to see what they are offering for mortgage relief. 
  • Remember, if you ever have any questions or need assistance with your lending, please feel free to contact us anytime. Think of us as your private banker for all of your lending needs.  


An update from Bankwest

Support is available for customers impacted by COVID-19

Customers with a retail home loan (regardless of income type) who may be in need of support can have their home loan repayments deferred for six months. All home loans regardless of product, purpose or repayment type can have a deferral applied.

What is a home loan payment deferral?

  • Customers do not need make any repayments to their home loan for 6 months unless they wish.
  • You can apply via your Bankwest mobile app and internet banking or by calling 13 17 19.
  • Interest will be capitalized. This means interest will continue to accrue at the daily interest rate and will be added to the loan limit on the date the interest would normally raise each month. The loan limit will increase by the interest amount at this time.
  • At the end of the six month period, the loan term will be extended in order to maintain a similar minimum monthly repayment to what they have today.
  • Ultimately the customer will need to repay the unpaid interest plus the additional interest that results from interest being capitalized. However, they will do so over the remaining term of the loan.
  • This means that the loan will take longer to pay off and customers will pay more interest over time.
  • Normal monthly repayments after this six-month deferral will apply (dependent on current interest rate).

Important things to know

  • Interest is capitalized and the remaining loan term will change (see above for more information).
  • Customers will receive notification from the bank that the deferral has been applied. This will be issued via post.
  • Taking advantage of this repayment deferral does not adversely impact a customer credit rating or appear on their credit file.
  • Customers must apply for the home loan payment repayment deferral which can be requested through:
      • Frontline (Contact Centre 13 17 19 or Branch)  OR
      • Customer self-service online form
  • If the customer’s request cannot be processed immediately, for any reason, Bankwest will contact the customer directly.

Support for businesses under the Coronavirus SME Guarantee Scheme

  • Bankwest is supporting the Australian Government’s Coronavirus SME Guarantee Scheme by extending additional support to small and medium business customers.
  • Under the Coronavirus SME Guarantee Scheme, eligible businesses can access unsecured business loans* of up to $250,000 for three years at historically low rates, given the Government’s support and the Reserve Bank’s recently announced term funding scheme.
  • Interest rates on unsecured business loans will be lower than current rates. No interest will apply unless the loan is used, no repayments will be required for six months, and there will be no establishment or monthly account fees.
  • Australian businesses with less than $50 million turnover are eligible.

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