Big bank subsidiary deal offers 'strong commitment' to broker market

by AB22 Mar 2013

Bankwest has announced 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, effective March 23.

The lender is also discounting all Premium Select Home Loan tiers by 5 basis points.

Bankwest head of specialist banking, Ian Rakhit, says the product changes demonstrate ‘strong intentions and commitment’ to the broker market as a key distribution channel for the bank. 

“With the reduction of 5bps on our Premium Select tiers, this means the minimum discount a customer will be entitled to on this product is 0.80%p.a off our standard variable rate, regardless of LVR.”

Rakhit says bigger discounts apply for larger aggregate borrowings below and above 75% LVR, with a rate of 5.59%p.a (comparison rate 5.60%p.a. with 75-95% LVR plus capped LMI) for aggregate borrowings between $200,000 and $750,000.

“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.”