In a bid to lift its market share in 2013, one of Australia’s banks has launched two new products.
On February 4, Bankwest will launch a brand new basic variable product, the Regular Saver Home Loan.
In addition, the lender has introduced the Double Deal Home Loan with a discount of 1.01 per cent off the standard variable rate for two years.
Both products offer an exclusive introduction application fee of $295, available for a limited time only, and a 100 per cent offset facility with a monthly fee of $15.
Bankwest head of specialist banking, Ian Rakhit, said the lender is excited to launch the Double Deal Home Loan with the largest introductory discount in the market and with a very sharp interest rate of 5.38 per cent p.a.
“Double Deal is a product with no ongoing fees; it has a minimum loan amount of $20,000; and it offers the flexibility to borrow up to 95 per cent of the property value where applicable,” he said.
“At Bankwest, we pride ourselves on providing our brokers with the most competitive products and urge our broker partners to take full advantage of this fantastic home loan. If brokers have not dealt with us in a while, we suggest they speak to their business development manager to obtain additional support and information.”
The Regular Saver Home Loan replaces the Lite Home Loan with an improved rate of 5.89 per cent p.a., comparison rate of 5.92 per cent p.a. and, unlike the Double Deal product, it is applicable to transfers from existing Bankwest home loans.
Bankwest is hosting a series of product launches in all states and encourages brokers who wish to attend and hear more about these products to contact their BDM.
“Over the past 12 months, Bankwest has spent significant time and effort focusing on back-end processes and implementing initiatives to ensure we are equipped to handle extra volumes. I can confidently say that Bankwest is ready and is thrilled to give our customers more value for money whilst providing our brokers with a greater choice in this ultra-competitive market,” Mr Rakhit said.