Powered by MOMENTUM MEDIA
SUBSCRIBE TO OUR NEWSLETTER SIGN UP
Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Second tier lender undercuts majors

Staff Reporter 3 minute read

By: Jessica Darnbrough

Bankwest has undercut the big four by announcing the cheapest three and five year fixed rates on the market.

The decision to slash its fixed rate products comes less than one month after CBA, ANZ, Westpac and St George all announced cuts to their fixed rate mortgages.

Speaking to The Adviser, Bankwest’s head of mortgages Dean Gillespie said the second tier lender had slashed more than 25 basis points off its three year fixed rate product.

Advertisement
Advertisement

Effective this week, Bankwest will slash 26 basis points from its three year fixed rate and 20 basis points from its five year fixed rate, taking them to 7.38 and 7.89 respectively.

“We wanted to deliver products to our customers that are market leading, and with these recent rate cuts, we believe we are doing just that,” Mr Gillespie said.

But despite the recent rate cuts, demand for fixed rates is still relatively low.

According to the Australian Bureau of Statistics, fixed loans represent just 2.1 per cent of all dwellings financed in March – the lowest level since December 2008.

This data aside, Mr Gillespie said the industry should start to see a greater shift towards fixed rate products in the coming months.

PROMOTED CONTENT


“We are already starting to see renewed interest in fixed rate products, and with the latest cuts, I believe demand will increase.”

Second tier lender undercuts majors
default
TheAdviser logo
default

 

more from the adviser
regulation rules AFCA amends complaints rules following court case

The financial services ombudsman has changed its rules after the ...

meeting top view ta 62c1 Half of home owners wary of bank refinance advice

One in two borrowers does not believe banks always have their bes...

house sold Hot Property: The biggest property headlines from the week 18-22 January

Here’s the weekly round-up of the biggest news stories from acr...

FROM THE WEB