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Bankwest cuts fixed rates by 75 points

by Staff Reporter7 minute read
The Adviser

Bankwest has become the latest bank to cut its five-year rates, while it has also made changes to its other fixed rates.

The bank has cut up to 75 basis points from its Complete Home Loan Package.

The three-year rate has fallen from 5.04 to 4.84 per cent, the four-year rate from 5.59 to 4.99 per cent and the five-year rate from 5.79 to 5.04 per cent.

Bankwest has also altered its suite of Fixed Rate Home Loan rates, although one of the rates has actually gone up.

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The one-year rate has decreased from 5.09 to 4.98 per cent, while the two-year rate has increased from 4.84 to 4.98 per cent.

The three-year rate has fallen from 5.14 to 5.04 per cent, the four-year rate from 5.59 to 5.19 per cent and the five-year rate from 5.79 to 5.24 per cent.

These rates are available for loans of up to 90 per cent LVR, including LMI, and take effect on August 8.

Bankwest's new rates come in the wake of cuts from numerous lenders since the Commonwealth Bank unveiled the lowest five-year rate in its history on July 23.

[Related: Mortgage books keep growing and growing]

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