Following the Reserve Bank of Australia's decision to reduce the cash rate by 100 basis points, BankWest is applying a 0.85 per cent p.a. decrease across its entire variable mortgage portfolio, effective 12 December 2008.
BankWest's popular Rate Tracker home loan will decrease by 0.91 per cent p.a. bringing the new rate down to 5.82 per cent p.a, effective 17 December.
Last week BankWest reduced its fixed rate home loan for two years to 5.49 per cent p.a. (comparison rate of 7.38 per cent p.a.), and its one year fixed rate home loan to 5.99 per cent p.a. (comparison rate of 7.65 per cent p.a), effective 27 November 2008.
BankWest Head of Strategy and Products Selina Duncalf said BankWest was pleased to be able to pass on the reduction to customers and BankWest continued to offer competitive mortgage products with its Rate Tracker home loan, one of the best in market.
