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.

Bankwest cuts variable home loan rates

bankwest  bankwest
Charbel Kadib 5 minute read

The lender has dropped variable mortgage rates by up to 18 bps across its owner-occupied and investment home loan products.

Bankwest has reduced a number of its home loan acquisition rates, effective from 19 November.

The changes apply to both owner-occupied and investment home loan products.

For owner-occupiers, Bankwest has announced:

Advertisement
Advertisement
  • a reduction of 11 bps for Complete Home Loan Package P&I products with an LVR of 80 per cent or less and a loan size of over $200,000-$499,000, from 3.16 per cent to 3.05 per cent (3.50 per cent comparison rate)
  • a reduction of 10 bps for Premium Select P&I products with an LVR of 80 per cent or less and a loan size of over $200,000, from 3.25 per cent to 3.15 per cent (3.17 per cent comparison rate)

For investors, Bankwest has announced:

  • a reduction of 12 bps for Complete Home Loan Package P&I products with an LVR of 80 per cent or less and a loan size of less than $500,000, from 3.61 per cent to 3.49 per cent (3.93 per cent comparison rate)
  • a reduction of 18 bps for Premium Select P&I products with an LVR of 80 per cent or less and a loan size of over $20,0000, from 3.77 per cent to 3.59 per cent (3.61 per cent comparison rate)

Bankwest is the latest lender to announce variable rate reductions following a swathe of cuts in response to the Reserve Bank of Australia’s (RBA) latest cut to the cash rate.

Mortgage rate reductions are set to continue, with analyst expecting the RBA to lower the cash rate at least once in the coming months.

AMP Capital senior economist Shane Oliver is expecting the RBA to adjust the cash rate twice in the months ahead, forecasting reductions in both December and February, which he said could accompany quantitative easing.

[Related: ‘Interest rate gap’ sending broker volumes to non-majors]

PROMOTED CONTENT


Bankwest cuts variable home loan rates
bankwest
TheAdviser logo
bankwest
Charbel Kadib

Charbel Kadib

Charbel Kadib is the news editor on The Adviser and Mortgage Business.

Before joining the team in 2017, Charbel completed internships with public relations agency Fifty Acres, and the Department of Communications and the Arts.

Email Charbel on: This email address is being protected from spambots. You need JavaScript enabled to view it.

 

more from the adviser
tractor farm asset finance

Breaking News

Semper hits high in agri transactions

The business lender has reported a record quarter of agricultural...

NAb building logo

Breaking News

Vocus founder to join NAB board

The major bank has confirmed that the founder of Australia’s fo...

digital signatures

Breaking News

Non-major bank launches digital signatures

From today, customers of the non-major bank will be able to digit...