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Non-major cuts home loan rates

by Nick Bendel9 minute read

Competition in the third-party space remains strong, with another non-major lender cutting rates.

Bankwest has cut five basis points from some of its Complete Variable products.

The interest rate on Complete Variable loans that are between $500,000 and $750,000 and have an LVR under 80 per cent has been reduced to 4.79 per cent.

The rate on loans between $750,000 and $1 million with an LVR under 80 per cent have been cut to 4.74 per cent.


Head of broker Ian Rakhit said sales of the new Complete product have been very impressive, delivering 11 per cent in increased volumes.

“The product is already attracting both the growing investor market and those customers looking for a flexible offer which affords them the flexibility to design their own banking package,” he told The Adviser.

“Brokers have helped Bankwest build this product through workshops and forums run over the last six months.

“We have responded to broker needs to fulfil those customers who are looking for flexibility in a package as well as competitive interest rates."

Bankwest is one of many lenders to have cut rates in 2014.

NAB, Homeloans, ING Direct, Adelaide Bank, Nationalcorp Home Loans and Investec in the last six weeks alone.


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