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Bank cuts fees

by Staff Reporter9 minute read
The Adviser

Staff Reporter

One of Australia’s non-major lenders has removed its application fees for a limited time on certain products in a bid to drive business demand.

Yesterday, Bankwest announced it would offer a nil application fee on all Premium Select and Double Deal Home Loan applications including top ups on an existing Premium Select facility and customers transferring to this product from another Bankwest facility.

To coincide with this, Bankwest is also discounting all Premium Select home loan tiers by five basis points.

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Bankwest’s head of specialist banking, Ian Rakhit, said the changes should demonstrate the bank’s commitment to the broker market.

“With the reduction of five basis points on our Premium Select tiers, this means the minimum discount a customer will be entitled to on this product is 0.80 per cent per annum off our standard variable rate, regardless of LVR,” he said.

“Bigger discounts do apply for larger aggregate borrowings below and above 75 per cent LVR, with a sharp rate of 5.59 per cent per annum (comparison rate 5.60 per cent per annum with 75 to 95 per cent LVR plus capped LMI) for aggregate borrowings between $200,000 and $750,000.”

The Double Deal and Premium Select home loans offer both short- and long-term attractiveness for customers. Both products offer no ongoing fees, flexibility to borrow up to 95 per cent of the property value, plus cap LMI and a 100 per cent offset facility with a low monthly fee.

“Bankwest continues to deliver our broker customers with more value for money, and we are committed to listening to and acting upon our brokers’ feedback. We understand our broker partners want competitive products with consistent service levels, and we are fully dedicated to delivering this. We encourage brokers to take advantage of our sharp pricing and get in contact with their business development manager should they require additional support and information,” Mr Rakhit said.

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