Customer champion Bankwest has injected further competition into the mortgage market with the introduction of its new Rate Tracker Ultra home loan.
Rate Tracker Ultra currently offers a low variable rate of 5.92 per cent p.a. (comparison rate of 6.63 per cent p.a. ) for the first three years of the loan making it one of the most competitive mortgages available in Australia.
With the ability to save thousands each year off the average standard variable rate home loan, Bankwest's Rate Tracker Ultra variable interest rate is tracked against the Major 4 Banks. The Bankwest Rate Tracker Ultra aims to beat the average blended standard variable rate of the Major 4 Banks (in Australia) by 90 basis points for the first three years from disbursal, subject to a minimum rate of 3.00 per cent p.a.
Bankwest Head of Strategy and Products, Selina Duncalf said, "Rate Tracker has been an immensely popular product and now the new Rate Tracker Ultra's low rate over three years is a real incentive to help first homebuyers get a foothold in the market."
"Rate Tracker Ultra is also a great product for investors and with interest rates at their lowest in ten years, there's never been a better time to get a great mortgage deal and we think this is one of the most competitive mortgages available at the moment," she said.
Recent Bankwest / Mortgage and Finance Association research found that 45.8 per cent of potential first-time buyers believe now is a good time to buy and more than 50 per cent of first-time buyers believe the Government's First Home Owners Grant increase will help them buy their own home.
"There is no doubt that falling interest rates and an increase in First Home Owners Grant has spurred first homebuyers back into the housing market," Mrs Duncalf said.
Bankwest introduced Rate Tracker, the first of its kind in Australia, in February 2008.
"We believe this is a great product and we are offering Rate Tracker Ultra across all channels to ensure customers have access to the product through their chosen channel," she said.
