Non-major launches new product

by AB15 Apr 2014
Bankwest has launched a new loan product after acting on broker feedback.

The bank is now offering its Complete Home Loan Package, which allows for any combination of variable, fixed and equity loans plus a depreciation schedule for investors, prepared by property depreciation company Deppro at a 50% discount.

The fixed loan also has a 40% offset facility.

The variable rates begin at 4.74% per annum – comparison rates of 5.13% per annum for loans above $750,000 and below 80% LVR.

It has one annual fee of $395 but no home loan application fees, ongoing loan maintenance fees, valuation fees, monthly offset transaction account fees or annual fee on the bank’s Qantas Platinum MasterCard or More Platinum MasterCard.

Bankwest broker head Ian Rakhit said the product is already attracting interest from investors and customers looking for flexibility.

“Sales of the new Complete product have been very impressive, delivering an 11% increase in volumes.”

The bank developed the product after listening to brokers at workshops and forums run over the last six months.

“We have responded to broker needs to fulfil those customers who are looking for flexibility in a package as well as competitive interest rates,” Rakhit said.

Other lenders have also been busy making changes.

Specialist lender Pepper announced yesterday its cut its rates by 100bps from its Flexi Advantage jumbo product, with rates now starting at 6.54%. LVR extends to 55% and the mortgage risk fee starts at 1% of the loan amount.

ME Bank has slightly decreased its three-year fixed rate by 0.05%. The new rate is 4.69% per annum with a comparison rate of 5.21%.

But niche education lender Teachers Mutual Bank has gone the other way – increasing its three-year fixed interest rate by 15bps from today. Its new rate is 4.64%, with a comparison rate of 5.43%.
 

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