One of Australia’s non-major lenders has re-introduced its popular ‘nil application fee’ feature in a bid to drum up greater business.
Last week, Bankwest announced it would sharpen the pricing on the Premium Select Home Loan and re-introduce a nil application fee for any customer applying for a fixed-rate home loan.
In addition, the bank has increased the discount currently available above 75 per cent LVR for the Premium Select product.
This means any customer applying for a Premium Select Home Loan with an LVR above 75 per cent will receive a minimum 0.75 per cent p.a. discount off the bank’s standard variable rate for the life of the loan.
This improved pricing will offer a standard variable rate of 5.84 per cent p.a for aggregate borrowings between $200,000 and $750,000.
Greater discounts are available for clients seeking aggregate borrowings above $750,000.
Bankwest’s head of specialist banking, Ian Rakhit, said the lender had spent time focusing on back-end processes and implementing initiatives to ensure it is equipped to handle any extra volumes that may arise as a result of the new offer.
“The Premium Select Home Loan is the number one home loan product in our suite, with over 55,000 customers choosing the Premium Select as their preferred mortgage option,” Mr Rakhit said.
“For customers wanting to take advantage of our very competitive fixed rates, Bankwest offers a sharp two-year fixed rate at 5.29 per cent p.a. To coincide with this, it is a great opportunity for customers to capitalise on a nil application fee and save $695.”