Bankwest announces support package for customers

23 March 2020

The wellbeing of Bankwest customers, colleagues and the community remains our number one priority during this time of uncertainty surrounding Coronavirus.

Bankwest has announced new measures to support households and small businesses including:

  • 0.60% p.a. interest rate reduction to the Complete Fixed Home Loan Package for owner occupiers paying principal and interest. The reduced three-year fixed rate will be 2.33% p.a. (comparison rate: 3.51% p.a.). Understand the comparison rate.
    • The reduced fixed rate will only apply to new three-year fixed applications for the Complete Fixed Home Loan Package for owner occupiers paying principal and interest that settle from 27 March 2020; and
    • existing variable rate customers who wish to switch their interest rate to a fixed rate.
  • Special rate of 0.45% p.a. increase in 12-month online term deposits to 1.70% p.a. for personal customers, available from 27 March 2020 for a limited time only;
  • 1.00% p.a. interest rate reduction for all new and existing variable business loans, effective 3 April 2020.

Our standard variable rates remain unchanged, as we are taking deliberate steps to further support parts of the economy most in need. In particular, we want to ensure that we help keep small businesses open so that they can keep Australians employed, as well as do everything we can to support households and older Australians.

Get in touch with us at any time via our secure in-app messaging service in your Bankwest Mobile App, or our 24/7 Contact Centre (13 17 19). Please see the Contact Us page for all the ways in which you can reach us.

Bankwest is also supporting small business customers who may be facing financial difficulty at this time with a specific package of support measures available, which may include:

  • Deferring loan repayments on business loans and home loans held by small business customers for six months for customers in need of support;
  • Automatic merchant fee waiver for three months for eligible businesses impacted by restrictions due to Government ordered change of operations;
  • Waiving any reduction in interest for early pre-payment of business term deposits for customers in need of support;
  • Waiving establishment fees on Temporary Overdraft products for customers in need of support;
  • Deferring repayments on vehicle and equipment finance loans for customers in need of support;
  • Providing tailored restructuring options that meet customers' specific needs.
  • Please be aware, these support measures for small business customers will not be automatically activated and customers seeking assistance will need to contact Bankwest.

Support for businesses under the Coronavirus SME Guarantee Scheme:

  • Bankwest is supporting the Australian Government’s Coronavirus SME Guarantee Scheme by extending additional support to small and medium business customers.
  • Under the Coronavirus SME Guarantee Scheme, eligible businesses can access unsecured business loans* of up to $250,000 for three years at historically low rates, given the Government’s support and the Reserve Bank’s recently announced term funding scheme.
  • Interest rates on unsecured business loans will be lower than current rates. No interest will apply unless the loan is used, no repayments will be required for six months, and there will be no establishment or monthly account fees.
  • Australian businesses with less than $50 million turnover are eligible.

Small Business customers should call 13 70 00 to enquire about our support measures, and relationship-managed business customers should contact their relationship manager for more information.

Bankwest Executive General Manager Sinead Taylor said Bankwest was working hard to support customers during this period of uncertainty.

“We want our customers across Australia to know we’re here to support them through this period, be that via our branches, our 24/7 secure in-app messaging or our Contact Centre,” she said.

“We understand some customers are experiencing significant challenges at this time, which is why we’re putting in place special measures to help small businesses and support households.

“We’ll continue to monitor the unfolding situation and explore a range of relief options to support customers during this challenging time.”

Bankwest has provided customers with a dedicated webpage detailing its support options during the COVID-19 situation.

*additional director’s guarantees may be required

What's the comparison rate?
It’s a tool that can help you identify the truer cost of a loan. It’s calculated using a standard formula that includes the interest rate, as well as certain fees and charges relating to a loan (not all fees and charges are included).

Comparison rate warning:
Comparison rate is calculated on the statutory assumption of $150,000 loan over 25 years but the minimum required loan amount is $200,000 for the Complete Home Loan Package. Different rates apply for different loan amounts and may depend on the duration of a fixed rate period or the ratio of the loan amount to the property value.
WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

Loans for a property to live in vs. loans for an investment purpose
Loans for a property to live in - also known as owner-occupier loans – include (but aren’t limited to) loans to fund the purchase of a property or refinance an existing loan, where the borrower currently lives or intends to live in the property.

Loans for an investment purpose – also known as investor loans – include (but aren’t limited to) loans where the predominant part is used to invest in shares, land, construction or an established property. They also include refinancing an investor loan.

Other conditions apply.

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