Customer champion BankWest has once again shown its competitive nature launching a market leading 5.99 per cent p.a. (comparison rate of 7.49%p.a.) fixed rate home loan for two years, effective 17 November 2008.
The loan beats its nearest rival by 60 basis points and is the lowest two-year fixed rate the market has seen from a major bank since September 2003.
BankWest's Head of Mortgages and Savings Paul Vivian said BankWest was still focussed on increasing competition in the mortgages market and the new fixed rate offer was one of the best around.
"Rates have been coming down and it's a good time for customers to make sure that they are getting the best deal possible," he said.
BankWest is also reducing the interest rate on other fixed rate loan terms with its one year fixed rate home loan reduced by 140 basis points to 6.29 per cent p.a. (comparison rate of 7.68 per cent p.a.) and its three, four and five year fixed rate home loans reduced by 120 basis points to 6.69 per cent p.a (comparison rate of 7.54 per cent p.a, 7.47 per cent p.a. and 7.39 per cent p.a. respectively), effective 17 November 2008.
In addition to the new low fixed rate home loan, BankWest has also launched a new-look website to help first home buyers.
The one-stop online hub provides detailed information for those trying to crack into the property market.
"BankWest understands the difficulties faced by first home buyers and we designed the new website to provide some clarity and assistance," Mr Vivian said.
"Taking out a loan for your first property can be very daunting so we created a service that will act as a one-stop online hub for buyers where they will be able to access valuable information such as tips to finding your own home, property checklists, moving guides, borrowing calculators and stamp duty data," he said.
The website also has detailed information for investors and those wishing to refinance or switch their home loan.
"We are delighted with the new website - it's filled with exciting new tools that will really help our customers get into their new homes," Mr Vivian said.
The new website can be accessed from the home loans section at www.bankwest.com.au.
