Bankwest Broker & Statuses

Does Bankwest have different statuses for mortgage brokers?

Bankwest assigns different statuses to their brokers based on the quality and quantity of loans that a mortgage broker will write. The highest level that a mortgage broker can receive is the “Platinum” status. Reservoir Finance is a Bankwest Premium Broker. This was achieved through the high level of quality that our brokerage submits to Bankwest for home loans, which in turn indirectly provides high approval rates from Bankwest.

What are the benefits of working with a Bankwest Premium Broker?

There are a couple of key benefits with applying for a Bankwest home loan through a Bankwest Premium Broker. The main benefit is a waiver of the upfront valuation fee. Typically when purchasing a property, a lender will ask a valuer to perform a valuation of the proposed property being purchase. This is to ensure that the property will retain its value in case the borrower defaults (in other words, the lender is acting to protect itself).

In most cases, the cost of hiring a valuer to provide a valuation of a property is passed onto you, the borrower. This can range from $300 to $1000 depending on the location. By applying for a Bankwest home loan through a Bankwest Premium Broker, this fee will be waived!

The other benefit of applying for a home loan through a Bankwest Premium Broker is that you can be at ease knowing that the mortgage broker will be familiar with Bankwest’s credit policies and will compile the application in such a way it will satisfy the requirements of the lender, thus saving time on application and approval.

Should I get a Bankwest Home Loan?

Bankwest is one of the top lenders we like to work with. Our customers love them and they are a decent all-rounder lender for people who have strong credit histories. However, there are a couple of things you need to watch out for as covered in our Bankwest home loan review.

Reservoir Finance is a Bankwest Premium Broker. This means you can be assured that we know the ins and outs of Bankwest’s credit policies and have the upfront valuation fee waived if you apply for a Bankwest loan through us! We are an independent mortgage broker based in the Sydney CBD but service all of Australia! Our values based approach is unique as we seek to education and help you achieve your financial goals!

Contact us using the form below or call us on (02) 8288 9123 for an obligation free chat today!

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