BankWest is continuing to drive competition and change in the banking industry by passing on the benefit of the Reserve Bank's cash rate increase and giving customers a better deal.
Increases are as follows:
- BankWest TeleNet Saver special introductory interest rate* to increase 0.40 per cent from 6.00 per cent to 6.40 per cent effective 12 May, with the standard rate increasing 0.25 per cent from 5.50 per cent to 5.75 per cent
- BankWest Business Bonus to increase 0.25 per cent offering rates up to 5.50 per cent effective 8 May
- BankWest AgriOne Account to increase 0.25 per cent offering rates up to 5.00 per cent effective 8 May
The new rates will apply to both new and existing customers.
Business Lending
Effective 8 May, interest rates on business lending products will increase by 0.25 per cent.
Home Loans
Effective 5 May, BankWest's variable home loan rates will increase by 0.25 per cent. BankWest's Lite Home Loan will increase from 6.65 to 6.90 per cent.
Fixed rates will also be increased from between 0.13 per cent and 0.24 per cent and will be a standard 6.99 per cent across all terms from 1 to 5 years.
Credit Cards
BankWest has absorbed the interest rate rise for the BankWest Lite MasterCard which remains 8.99 per cent, one of the lowest rates in the market (excludes cash advances). The variable interest rate on all other credit cards will increase by 0.25 per cent effective 5 May.
Personal Loans
Personal loan rates remain unchanged.
*TeleNet introductory rates are applicable to new TeleNet customers only
1 Does not apply to balances under $20,000
2 Does not apply to balances under $20,000
Notes to Editor:
The product disclosure statement for these products should be read by customers prior to opening an account. The Product Disclosure statements are available from the website www.abetterdeal.com.au or www.bankwest.com.au.
