An Australian challenger bank has just announced a raft of fresh home loan rates available to brokers.
In a statement released today, Bankwest said it is now providing some of the lowest rates in the market for owner-occupiers under 80 per cent loan-to-value ratio (LVR) and has also made changes to lending for owner-occupiers over 80 per cent LVR.
Bankwest’s Complete Variable Home Loan rate for owner-occupied borrowers below 80 per cent LVR drops to 4.08 per cent, with a 4.49 per cent comparison rate.
In addition, the Complete three-year Fixed Home Loan rate drops to 3.95 per cent, with a 4.92 per cent comparison rate.
The bank said its new offering gives borrowers the option of splitting their loan into a combination of both variable and fixed rate.
Bankwest general manager broker sales, retail, Stewart Saunders said the new rates reaffirmed Bankwest’s commitment to providing great products to the broker channel with sharp interest rates that support brokers and their customers, whether they be investors or owner-occupiers.
“With so much attention and increasing competition in the home loan market, this is great news for our customers and the broker channel,” Mr Saunders said.
“We’ve been working closely with the broker channel for a long time and we’re proud of our ongoing relationship with brokers and customers. I am confident they will acknowledge that these changes further reinforce why Bankwest is great to do business with.”
Effective Wednesday, 7 October 2015 the Complete Variable Home Loan will offer differential pricing for owner-occupiers as compared to investor loans for lending below 80 per cent LVR.
Maximum LVR on the Premium Select Home Loan will reduce from 95 per cent including LMI to 90 per cent including LMI on the same day.
Bankwest advised brokers to contact their relevant BDM for further details.
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James Mitchell has over eight years’ experience as a financial reporter and is the editor of Wealth and Wellness at Momentum Media.
He has a sound pedigree to cover the business of mortgages and the converging financial services sector having reported for leading finance titles InvestorDaily, InvestorWeekly, Accountants Daily, ifa, Mortgage Business, Residential Property Manager, Real Estate Business, SMSF Adviser, Smart Property Investment, and The Adviser.
He has also been published in The Daily Telegraph and contributed online to FST Media and Mergermarket, part of the Financial Times Group.
James holds a BA (Hons) in English Literature and an MA in Journalism.
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