An Australian bank has today launched a new home loan product which offers a discount against the combined average standard variable rates offered by three of the major banks.
The new Bankwest Equaliser Home Loan, which is available to both owner occupiers and investors, offers a fixed discount off the combined average standard variable rate of three major banks (ANZ, NAB and Westpac).
With a discount for three years of 1.35 per cent per annum for owner occupiers and 1.00 per cent per annum for investors and a floor rate of 2.5 per cent per annum, Bankwest general manager broker sales Stewart Saunders said the new product demonstrated the lender’s ability to innovate in a challenging market.
“The banking sector needs to continually innovate and adapt to customers' needs in our fast-changing world. Our new Equaliser Home Loan is designed to give brokers and customers a competitive home loan option they have been asking for,” Mr Saunders said.
“With so much uncertainty in the markets — on a state, national and international level — this new home loan gives people peace of mind they’ll be getting a competitive rate,” he said.
“We’ve listened to what our brokers and our customers are telling us and we know there’s a demand for a simple, no frills home loan which offers competitive rates that align consistently with the major banks.
“This product isn’t meant to be a ‘hero product’ but addresses a growing segment of customers who are looking for certainty in competitive rates.”
The new Bankwest Equaliser Home Loan offers a discount against the average standard variable rate of three major banks for three years and then reverts to a competitive life of loan discount off the Bankwest standard variable rate and is available for new loans over $200,000 borrowing up to 80 per cent of the property value, with principal and interest repayments only.