Non-major drops owner occupier rates

The bank has introduced a significant three-year discount for owner occupiers taking out a principal and interest loan

Non-major drops owner occupier rates



CBA-owned Bankwest has lowered the three-year introductory rate for owner-occupiers on its Equaliser Home Loan product.

Effective from last Thursday (18 May), the three-year introductory rate for owner-occupiers has been decreased from 3.95% to 3.79% with the new comparison rate sitting at 4.20% (down from 4.25%).

This means the Equaliser Home Loan offers owner occupiers a discount of 1.51% per annum off the standard variable rates of the other major banks (ANZ, NAB and Westpac) for the first three years. This is to down a minimum rate of 2.50% and is an increase from the previous discount of 1.35%.

After this introductory period, the rate will revert back to Bankwest’s Standard Variable Rate for owner occupiers (also called the mortgage shredder reference rate) minus a discount of 1.35%.

The Equaliser Home Loan is available to individuals taking out a new owner occupier principal and interest loan of over $200,000 for up to 80% of the property value.

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