Bankwest today announced it will lower its standard variable home loan interest rate by 1.00% pa following the Reserve Bank of Australia's decision to reduce the cash rate.
The bank's new standard variable rate of 5.80% pa will save Bankwest home owners $145 per month on an average $250,000 loan over 25 years.
Bankwest's benchmark Rate Tracker Ultra Home Loan will also fall by 1.00% pa to 4.92% pa, one of the lowest rates offered in Australia.
Rate Tracker Ultra offers a 0.9% pa discount to the average of the standard variable rates of the big four banks for the first three years.
The new rates are effective from 20 February 2009.
Bankwest Managing Director Jon Sutton said "we are pleased that Bankwest customers will benefit from the full interest rate cut on its variable home loan products".
"Bankwest offers some of the most competitive rates in the market including the Rate Tracker Ultra available at 4.92% pa.
"As market conditions allow, we will continue to pass on further reductions although we need to be mindful of higher costs of funds as a result of the world financial crisis."
