Broker News

Bankwest challenges majors with new loan

Bankwest is upping the ante in the competition stakes with a new home loan product it claims offers a fixed discount off the combined average standard variable rate of three major banks: Westpac, NAB and ANZ.

The Bankwest Equaliser Home Loan offers a discount for three years of 1.35% per annum for owner-occupiers and 1% per annum for investors, and a floor rate of 2.5% per annum.

The CBA-owned lender says the discount against the average standard variable rate of three major banks applies for three years and then reverts to a competitive life of loan discount off the Bankwest standard variable rate. It is available for new loans over $200,000 borrowing up to 80% of the property value, with principal and interest repayments only.

“Our new Equaliser Home Loan is designed to give brokers and customers a competitive home loan option they have been asking for,” says Bankwest general manager of broker sales, Stewart Saunders.

According to Saunders, feedback from both customers and brokers indicated a strong demand for a “simple no frills home loans with competitive rates” that align with the majors.

“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,” he adds.

 

Published on: Wednesday, December 21, 2016

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