Following the Reserve Bank of Australia's decision to reduce the cash rate by 75 basis points, BankWest is applying a 0.60 per cent p.a. interest rate decrease across its entire variable mortgage portfolio, effective 10 November 2008. This includes our standard variable rate down by 0.60 per cent p.a. from 8.25 per cent p.a. to 7.65 per cent p.a, effective 10 November 2008.
BankWest's popular Rate Tracker home loan will decrease by 0.82 per cent p.a. bringing the new rate down to 6.73 per cent p.a, effective 17 November. This decrease includes the 21 basis point decrease as a result of the out-of-cycle rate change as recently advertised by the Big Four banks.
BankWest Chief Executive Ian Corfield said BankWest was pleased to be able to pass on the reduction to customers and the decrease made the bank's Rate Tracker home loan, one of the best in market.
