Bankwest launches new home loan that gets better with age
30 August 2010
With housing affordability worsening across the country, Bankwest is launching a new product to help Aussies achieve their home ownership dreams, at a much lower cost.
The Bankwest Rate Cutter Home Loan will "get better with age", with an increasing discount the longer the customer stays on the product.
The mortgage will start with a 0.40% p.a. discount off the Bankwest standard variable rate, and then increase by 0.10% p.a. each year for the next four years - to a maximum discount of 0.80% p.a. - which will apply for the remaining life of the loan.
Bankwest Head of Mortgages, Dean Gillespie, said the innovative new product rewards a wide range of home buyers.
"If you are looking for a lower interest rate, buying your first or second home, or even investing in property, this home loan will be the perfect choice", he said.
"More and more customers are keeping their loans with us longer, and we think it's appropriate for a bank to give something back," he said.
"The main benefit and difference from our other home loans is that this mortgage gets better with age.
"And if you keep the loan for just four years, you'll secure the 0.80% p.a.discount for as long as you keep the loan."
The launch of this competitive mortgage means at the end of the first four years, a customer with an average $285,000 loan will have already saved an amazing $5,510.
"We've listened to our customers, and they've told us they want a bank that looks after them over the long term. So that's exactly what we've delivered", said Mr Gillespie.
Notes to Editor:
Lending criteria, fees and charges apply. Terms and conditions apply and are available on request.
About the Product
The standard variable rate is the Bankwest Mortgage Shredder Reference rate.
Minimum loan amount is $20,000