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- Bankwest cuts mortgage rates by up to 45 basis points
Bankwest cuts mortgage rates by up to 45 basis points
Bankwest has announced cuts to its variable interest rates for new investor home loans as well as cuts to fixed rates for owner occupier mortgages.
From Friday 24 August 2018, investors with a Loan to Value Ratio (LVR) of 80% or less can take out a principal and interest Complete Variable Home Loan from Bankwest with an interest rate of just 4.09% (comparison rate 4.51%) – a drop of ten basis points.
Interest-only investors can also enjoy a 4.39% interest rate (4.77% comparison rate), following a reduction by five basis points.
Bankwest has also slashed fixed rates on its principal and interest home loans for both owner occupiers and investors.
The biggest cut was to the 2-year fixed rate investor home loan, which fell by 45 basis points to a fixed interest rate of just 4.13% (comparison rate 5.76%).
| Loan | Current interest rate (p.a.) | Current comparison rate (p.a.) | New interest rate (p.a.) | New comparison rate (p.a.) | Rate movement (p.a.) |
|---|---|---|---|---|---|
| Complete Variable Home Loan Investor ≤ 80% LVR (P&I) | 4.19% | 4.61% | 4.09% | 4.51% | -0.10% |
| Complete Variable Home Loan Investor ≤ 80% LVR (IO) | 4.44% | 4.82% | 4.39% | 4.77% | -0.5% |
| Fixed Rate Home Loan – P&I (OO, 1 year) | 4.51% | 5.38% | 4.36% | 5.37% | -0.15% |
| Fixed Rate Home Loan – P&I (OO, 2 year) | 4.39% | 5.29% | 4.03% | 5.22% | -0.36% |
| Fixed Rate Home Loan – P&I (OO, 3 year) | 4.38% | 5.21% | 4.13% | 5.14% | -0.25% |
| Fixed Rate Home Loan – P&I (OO, 4 year) | 4.65% | 5.23% | 4.54% | 5.19% | -0.11% |
| Fixed Rate Home Loan – P&I (OO, 5 year) | 4.69% | 5.20% | 4.64% | 5.18% | -0.05% |
| Fixed Rate Home Loan – P&I (Investor, 1 year) | 4.61% | 5.98% | 4.46% | 5.96% | -0.15% |
| Fixed Rate Home Loan – P&I (Investor, 2 year) | 4.58% | 5.84% | 4.13% | 5.76% | -0.45% |
| Fixed Rate Home Loan – P&I (Investor, 3 year) | 4.70% | 5.76% | 4.43% | 5.69% | -0.27% |
| Fixed Rate Home Loan – P&I (Investor, 4 year) | 4.90% | 5.73% | 4.75% | 5.68% | -0.15% |
| Fixed Rate Home Loan – P&I (Investor, 5 year) | 5.04% | 5.71% | 4.89% | 5.65% | -0.15% |
Bankwest, which is owned by the Commonwealth Bank, announced earlier this year that it would close 29 branches on Australia’s east coast in August, cutting 200 staff, to focus on digital channels and broker relationships.
Disclaimer
This article is over two years old, last updated on August 24, 2018. While RateCity makes best efforts to update every important article regularly, the information in this piece may not be as relevant as it once was. Alternatively, please consider checking recent home loans articles.
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