Bankwest offers home loan discounted against major banks

Adam Smith 21 December 2016

currency chess money notes bankBankwest has launched a new product offering a home loan rate discount against the rates offered by three major banks.

The lender’s Equaliser Home Loan will offer a three-year 1.35% discount for owner occupiers and 1.00% discount for investors off the combined average standard variable rate of ANZ, NAB and Westpac. The product has a floor rate of 2.5%.

Bankwest general manager for broker sales Stewart Saunders said the product demonstrated an ability to innovate in a challenging home loan market.

“With so much uncertainty in the markets on a state, national and international level, this new home loan gives people peace of mind they’ll be getting a competitive rate,” Saunders said.

The loan offers the discount for three years, at which time it converts to the bank’s life of loan discounted variable rate. The loan is available for new loans over $200,000, and at a loan-to-value ratio of up to 80%.

“We’ve listened to what our brokers and our customers are telling us and we know there’s a demand for a simple, no frills home loan which offers competitive rates that align consistently with the major banks,“ Saunders said. “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.”

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