Non-major drops rates on owner-occupied loans

by Julia Corderoy09 Oct 2015
Bankwest has announced a range of new owner-occupied home loan rates available to brokers.

In a statement released yesterday, Bankwest announced its Complete Variable Home Loan rate for owner-occupied borrowers below 80% LVR will be dropped to 4.08% with a comparison rate of 4.49%. 

In addition, the Complete three-year Fixed Home Loan rate will drop to 3.95%, with a comparison rate of 4.92%.

“With so much attention and increasing competition in the home loan market, this is great news for our customers and the broker channel,” Bankwest general manager broker sales, retail, Stewart Saunders said.

“We’ve been working closely with the broker channel for a long time and we’re proud of our ongoing relationship with brokers and customers. I am confident they will acknowledge that these changes further reinforce why Bankwest is great to do business with.”

Effective Wednesday 7 October 2015, the Complete Variable Home Loan will also offer differential pricing for owner occupied as compared to investor loans for lending below 80% LVR.

Further, the maximum LVR on the Premium Select Home Loan will reduce from 95% including LMI to 90% including LMI.
 

COMMENTS

  • by George 9/10/2015 9:52:21 AM

    Boring. Honestly why bother we can see through these short term rate grabs. Much prefer a decent rate maintained for existing customers and new.

  • by SEQ Broker 9/10/2015 10:40:58 AM

    Here's an example of how comparison rates work. 3.95% fixed loan must have a bucket of fees attached to be a comparison rate of 4.92%. Almost 1% yikes.

    Hey regulators, to make things easier for consumers, why don't you regulate what the comparison rates must be worked on like $300,000 lending over 30 years P&I.

  • by Papery 9/10/2015 11:53:42 AM

    Has Bankwest drop their accreditation fee & do they have minimum lodgement/settlement hurdles for brokers?