Bank matches discount with no application fee

by Mackenzie McCarty19 Nov 2012

Bankwest sharpened pricing this week on their Premium Select home loan and reintroduced a nil application fee for any customer applying for a fixed rate home loan, valid until January 31, 2013.

The bank has increased the discount currently available above 75% LVR tiers for the Premium Select product. Any customer applying for a Premium Select Home Loan with an LVR above 75% will receive a minimum 0.75%p.a. discount off the bank’s standard variable rate for the life of the loan.

The new pricing offers a standard variable rate of 5.84%p.a (5.89%p.a. comparison rate based on a loan of $150,000 for a term of 25 years) for aggregate borrowings between $200,000 and $750,000 (75-95% LVR plus capped LMI).

Further discounts are available for clients seeking aggregate borrowings above $750,000.

Bankwest head of specialist banking Ian Rakhit said the Premium Select home loan is the bank’s number one home loan product   

 “Bankwest has spent time focusing on back end processes and implementing initiatives to ensure we are equipped to handle extra volumes.”

Customers applying for a fixed rate loan will save $695 on application fees due to the fee waiver.


  • by Broker 20/11/2012 1:55:18 PM

    They would be better served seriously focusing on their service ( or lack of) offering to Brokers versus gimmicks like this

  • by 1martym1 21/11/2012 12:49:39 PM

    Agree with Broker. Dont want to always be negative but their processes are beyond broken. A simple fee waiver means nothing to me. I think they need to exit the broker market or have a complete overahaul of how they process "loan" applications. It's like a dirty word!