Powered by MOMENTUM MEDIA
the adviser logo
Lender

Bankwest cuts variable home loan rates

by Charbel Kadib4 minute read
Bankwest

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]

bankwest

Charbel Kadib

Charbel Kadib

AUTHOR

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

JOIN THE DISCUSSION

You need to be a member to post comments. Register for free today

MORE FROM THE ADVISER

CEO Sleepout Pepper Money

Mortgage industry raises more than $160k in CEO Sleepout

On 23 June 2022, several CEOs and directors in the mortgage and finance industry spent a night without shelter to...

READ MORE
alex whitlock

New membership program revealed for The Adviser

Members will be able to access exclusive sales and marketing strategy, business intelligence and exclusive market...

READ MORE
Hot property TA

Hot Property: The biggest property headlines from the week 27 June to...

Welcome to The Adviser’s weekly round-up of the headline stories and news that are important not only for the...

READ MORE
magazine
Read the latest issue of The Adviser magazine!
The Adviser is the number one magazine for Australia's finance and mortgage brokers. The publications delivers news, analysis, business intelligence, sales and marketing strategies, research and key target reports to an audience of professional mortgage and finance brokers
Read more