The Complete The Complete Home Loan Home Loan Package Package guide.guide.

Choosing the right home loan.There are a lot of home loans out there and the process of choosing the right one for you can be a daunting one. Making sure you understand your home loan and the way it is set up is vital to ensure your money is working as hard as it can for you.

The Bankwest Complete Home Loan Package is just that, a package. It not only gets you a home loan, but it’s bundled with an eligible credit card and allows up to nine Offset Transaction Accounts per loan.

ContentsChoosing the right home loan. 3

What is an Offset Transaction Account? 4

What is the difference between a variable or fixed rate? 5

Managing your mortgage. 7-9

Offset Transaction Accounts and Credit Cards. 10-11

Bankwest Credit Cards. 12-13

32

The Complete Home Loan Package includes your home loan, chosen eligible credit card and up to 9 Offset Transaction Accounts for an annual fee of $395. There are no application fees for your Home Loan, annual fees on your credit card or account keeping fees on your Offset Transaction Accounts.

What is an Offset Transaction Account? An Offset Transaction Account can help you reduce the interest you pay on your home loan. It works like any normal transaction account, except it’s linked to your home loan.

An offset account is a transaction account that’s linked to your home loan. As interest on your home loan is calculated daily, the more you have in your offset account on any given day, the less interest you’ll be charged for that day. For example, if you have a Bankwest Complete Variable home loan with $300,000 owing and an Offset Transaction Account with a credit balance of $5,000 and 100% offset, interest for that day will be calculated on a loan balance of $295,000.

What’s the difference between a variable or fixed rate?You can choose from a variable or fixed rate, or if you like the idea of covering all bases, you can split your borrowings across the two.

A variable rate loan means that your repayments may fluctuate as the rate is subject to change. There are many benefits, including freedom to make unlimited extra repayments, flexibility to redraw your surplus and option of a 100% offset with a Offset Transaction Account.

A fixed rate loan on the other hand, means that no matter whether interest rates are increasing or decreasing, your rate is locked in for an agreed term (one to five years). Again, there are many benefits, including ease of budgeting, option of a 40% offset with a Offset Transaction Account, and the ability to make up to $10,000 worth of extra repayments each year.

Take into consideration that if you decide to leave during the fixed rate period break fees and costs may be applicable.

54

How to make the most of your package.There’s a reason we’ve bundled all of these great products together. When each one is set up well and utilised as it’s intended you can reap the benefits. Let’s take a closer look at some of the ways you can use these products to get better bang for your buck.

Managing yourmortgage.

Make weekly, fortnightly or more frequent repayments, instead of monthly.

This is a good way to save on home loan interest with minimal effort.

Here’s the maths behind it. Because your interest is calculated daily and raised on your due date every month if you split your monthly repayments into two fortnightly repayments, or even four weekly repayments, you’re making repayments on your loan more frequently. This means the balance we calculate your interest on every day will be lower.

An added bonus for anyone who gets paid weekly or fortnightly is that your loan repayments can be more aligned to your pay cycle, which can help when budgeting.

This is also a good method for those who like to see the progress they are making on their home loan balance. The more frequently you make a repayment, the more often you’ll see the amount owing decrease.

76

Make extra repayments.

The more you pay off, the less interest you’ll be charged on your home loan. Even if you make a small extra repayment to your loan every week, the savings can be huge.

An added benefit to making extra repayments on your home loan is that this money builds up as surplus (excess funds), meaning you have the peace of mind knowing you can access it if you need to through what’s called a redraw facility.

Consider splitting your loan

If you’re worried about fluctuating interest rates, you could choose to fix a portion of your borrowings for an agreed term of one to five years while keeping the rest variable for extra flexibility. One great benefit of a fixed rate loan is that your repayments won’t change for the entirety of the fixed term, which can help you to budget.

Our Complete Home Loan Package lets you split or switch between fixed and variable any time with no transfer fee. Keep in mind that other fees and charges, such as break fees on a fixed rate loan, may apply.

Reasons to redraw?

Any surplus you build may come in handy to pay for expenses you didn’t see coming, like an emergency or investment opportunity. Or you might want to spend the money on planned things like renovations, holidays or a new car.

Redrawing the surplus funds in your home loan means you may not have to apply for another loan.

There are no online redraw fees if you take out a variable Complete Home Loan Package.

Keep in mind, however, that redrawing your extra repayments will mean those funds are no longer reducing the interest on your home loan.

Crunch the numbers yourself to see how much money and time you could save at bankwest.com.au/repayments-calculator.

8 98

Making the most of your Offset Transaction Accounts and Credit Cards.

Keep as much money as possible in your Offset Transaction Accounts.

The benefits of doing this are similar to making more frequent home loan repayments, however, this money will still be accessible for you to use when needed. Essentially though, the more money you have in your Offset Transaction Accounts, the more your home loan interest will be reduced.

Getting your salary paid straight into your Offset Transaction Account is a great way to bump up your balance.

Use more than one Offset Transaction Account.

With our Complete Home Loan Package, you are eligible to have up to nine Offset Transaction Accounts per Home Loan. Having multiple accounts set up gives you options for managing your finances the way you want to. For example, you can bucket your money into a holiday savings account.

Use the credit cards within your Complete Home Loan Package for daily expenses.

This means you can leave more money in your Offset Transaction Account, plus you’ll be earning reward points too.

As part of the Complete Home Loan Package you can either take out a Bankwest Qantas Platinum Mastercard or a Bankwest More Classic or Platinum Mastercard. Compare the benefits and details of each to decide which one is right for you.

To avoid being charged purchase interest on your credit card, make sure you pay your statement balance (excluding any balance transfer amount) before the due date.

Tip: Set up your Bankwest Easy Alerts in the Bankwest App to receive an alert before your credit card payment is due.

Offset Transaction Accounts

$ Amount in Offset Transaction Accounts*

Interest saved (appx.)*

Time saved (appx.)*

$500 $1,226 0 months

$1,000 $2,447 1 month

$5,000 $11,981 7 months

$10,000 $23,346 1 year 3 months

$30,000 $63,448 3 years 4 months

$50,000 $96,476 5 years 2 months

$100,000 $156,870 8 years 4 months

Based on a loan value of $320,000 over 30 years at 4.14%p.a. (4.56%p.a. comparison rate). *Over the lifetime of your loan.

1110

Bankwest Qantas Mastercard® Bankwest More Mastercard®

Card Benefits Earn Qantas Points on your everyday spending Earn and redeem More Rewards points bankwestmorerewards.com.au

Credit card types

Platinum Classic Platinum

Bonus points

Annual bonus points

19,5006

Min. Spend Applies. 75,0006

Features

Interest-free days on purchases2 Up to 44 days Up to 44 days Up to 44 days

Points earned on everyday spending

0.75 Qantas Points per $1 on your first $2,500 spent on eligible purchases per month,

0.3 Qantas Points per $1 spent on eligible purchases per month thereafter

1.5 More Rewards points per $1 spent

on eligible purchases7

2 More Rewards points per $1 spent

on eligible purchases7

Complimentary Overseas Travel Insurance3

Complimentary Extended Warranty3

Complimentary Price Guarantee Insurance3

Bankwest Qantas Mastercard® Bankwest More Mastercard®

Credit card types Platinum Classic Platinum

Rates and fees

Annual fees4 $0 (usually $160) $0 (usually $100) $0 (usually $160)

Ongoing purchase rates

20.49% p.a. 19.99% p.a. 19.99% p.a.

Intro balance transfer rates

2.99% p.a. intro balance transfer rate for first 9 months8

0% p.a. intro balance transfer rate for first

6 months (1% balance transfer fee applies)5

0% p.a. intro balance transfer rate for first

6 months (1% balance transfer fee applies)5

Ongoing balance transfer rates

20.49% p.a. 19.99% p.a. 19.99% p.a.

Minimum credit limits

$3,000

$1,000 To earn Annual Bonus Points you must have

a minimum credit limit of $3,000.

$6,000

Cash advance rates 21.99% p.a. 21.99% p.a. 21.99% p.a.

Foreign transaction fees

Waived1 2.95% of the transaction amount Waived1

Cash advance fees2% of transaction amount

or $4 (whichever is greater)

2% of transaction amount or $4

(whichever is greater)

2% of transaction amount or $4

(whichever is greater)

Rates are subject to change. Other fees and charges may apply. A full list of fees will be outlined in your credit card contract.

1312

Important things to know: Bankwest is a division of the product issuer, Commonwealth Bank of Australia ABN 48 123 123 124 AFSL/Australian credit licence 234945. Lending and eligibility criteria, fees and charges apply. Terms and conditions apply and are available on request. The Complete Home Loan Package is available to individuals and eligible family trusts. Minimum loan size $200,000. Other exclusions apply. Consider the Offset Transaction Account Product Disclosure Statement (PDS) and whether the product is right for you. A PDS is available from your local Bankwest branch, from bankwest.com.au or by calling 13 17 19. Under the package, only one Bankwest More Mastercard or Bankwest Qantas Mastercard account is allowed per customer. Package does not include a Bankwest Qantas World Mastercard and Bankwest More World Mastercard. Mastercard and World Mastercard are registered trademarks, and the circles design is a trademark of Mastercard International Incorporated. 1. Foreign transactions are transactions occurring outside of Australia whether in foreign currency or Australian dollars including if you are in Australia (for example, online) where the merchant or the financial institution or entity processing the transaction is located overseas. No foreign transaction fees apply for Platinum customers. Other fees and charges may apply, including when using overseas ATMs. 2. You qualify for interest free days on purchases if you pay the closing balance owing (excluding any balance transfer amount) on your current statement in full by the due date. Section 24 of our Conditions of Use further outlines how this interest-free period is calculated. 3. Limitations, exclusions and eligibility criteria apply. See the Credit Card Insurances Product Disclosure Statement and Information Booklet (PDF) for details.From 9 December 2019 we’re making some important changes to complimentary overseas travel insurance cover and eligibility criteria. Visit the Bankwest website for more information. 4. Annual fee waived as part of the Complete Home Loan Package. Annual fee will apply once package is closed.For the Bankwest More Mastercard: 5 Introductory rate on balance transfers is only available to new Bankwest More Mastercard customers who apply from 15 May 2017 until the promotion ends, and are approved. A 1% Balance Transfer Fee is payable on all transactions to which that balance transfer rate applies. Introductory rate on balance transfers applies from the date the card is opened, regardless of when any balance transfer is processed by us. After the introductory period, the interest rate on any outstanding transferred balance will be charged at the ongoing balance transfer rate as outlined in your credit card schedule. Minimum balance transfer amount is $500. A request will only be processed up to 95% of your approved limit. Only non-Bankwest-branded credit cards can be balance transferred to Bankwest Mastercard credit cards. 6 Annual Bonus Points are only available to new customers who apply for a Bankwest More Mastercard on or after 15 May 2017 and meet minimum spend requirements in any Year from Card Account opening. Eligible customers will earn: 19,500 Points if your Card is a Classic Card and you spend a minimum of $24,000 on Eligible Purchases in that Year; 75,000 Points if your Card is a Platinum Card and you spend a minimum of $48,000 on Eligible Purchases in that Year; and 115,000 Points if your Card is a World Card and you spend a minimum of $84,000 on Eligible Purchases in that Year. See Bankwest More Rewards Terms and Conditions for more information. 7 More Rewards Points are earned in accordance with and subject to the Bankwest More Rewards Terms and Conditions. Exclusions, limitations and points caps apply. More Rewards points are earned on eligible purchases only. Points earned and redemption values subject to change. The total More Rewards points (including any bonus points) that can be earned in each year are: 150,000 Points if your Card is a Classic Card, and 400,000 Points if your Card is a Platinum Card. More Rewards points (outside any bonus points) will only be credited to your account once you have spent at least $1,500 on eligible purchases and your account has been opened for at least 2 months. For the Bankwest Qantas Mastercard: 8 Introductory rate on balance transfers applies from the date the card is opened, regardless of when any balance transfer is processed by us. After the introductory period, the interest rate on any outstanding transferred balance will be charged at the ongoing balance transfer rate as outlined in your credit card schedule. Minimum balance transfer amount is $500. A request will only be processed up to 95% of your approved limit. Only non-Bankwest-branded credit cards can be balance transferred to Bankwest Mastercard credit cards. 9 You must be a member of the Qantas Frequent Flyer program to earn and redeem Qantas Points. A joining fee usually applies. However, complimentary membership is available from Bankwest if you join at qantas.com/joinffbankwest. Membership and the earning and redemption of Qantas Points are subject to the Qantas Frequent Flyer program terms and conditions. Qantas Points are earned in accordance with and subject to the Bankwest Qantas Rewards terms and conditions available at bankwest.com.au. Qantas Points are earned on eligible purchases only. Exclusions and limitations apply. Points earned and redemption values subject to change. Qantas Points (outside any bonus points) won’t be transferred to your Qantas Frequent Flyer Account until: you have spent an initial $1,500 on eligible purchases using your card; and your account has been opened for at least 2 months. F890_IKOC0106 011219 BRO_AACOMP - Complete Home Loan A5