Challenger bank unveils new loan product

by AB21 Dec 2016
Today Bankwest has launched a new home loan product which offers a discount against the combined average standard variable rates offered by three of the major banks.
 
The new Bankwest Equaliser Home Loan, which is available to both owner occupiers and investors, offers a fixed discount off the combined average standard variable rate of three major banks (ANZ, NAB and Westpac).
 
With a discount for three years of 1.35% p.a. for owner occupiers and 1.00% p.a. for investors and a floor rate of 2.5% p.a., Bankwest general manager of broker sales Stewart Saunders said the new product demonstrated Bankwest’s ability to innovate in a challenging market.
 
“The banking sector needs to continually innovate and adapt to customers' needs in our fast changing world. Our new Equaliser Home Loan is designed to give brokers and customers a competitive home loan option they have been asking for,” said Saunders.
 
“With so much uncertainty in the markets – on a state, national and international level – this new home loan gives people peace of mind they’ll be getting a competitive rate.
 
“We’ve listened to what our brokers and our customers are telling us and we know there’s a demand for a simple, no frills home loan which offers competitive rates that align consistently with the major banks.
 
“This product isn’t meant to be a ‘hero product’ but addresses a growing segment of customers who are looking for certainty in competitive rates. 
 
“The Bankwest Complete package remains a very competitive offer which gives a competitive life of loan discount.”
 
The new Bankwest Equaliser Home Loan offers a discount against the average standard variable rate of three major banks for three years and then reverts to a competitive life of loan discount off the Bankwest standard variable rate and is available for new loans over $200,000 borrowing up to 80% of the property value, with principal and interest repayments only.

COMMENTS

  • by Ed Ridge 21/12/2016 8:08:32 AM

    Challenger bank!? C'mon it's this constant misrepresentation in the media that causes so much confusion and YOU know better. FYI they are owned by CBA. Now for the rest of the headline....it's not new just renamed.

    Noticed that the only name on the article is AB...so even your own staff don't want to put their name to this shameful post.