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Bankwest announces new rates for brokers

by James Mitchell4 minute read

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.

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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

James Mitchell

AUTHOR

James Mitchell has over eight years’ experience as a financial reporter and is the editor of Wealth and Wellness at Momentum Media.

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