Bankwest has today launched its first new home loan product in almost a decade, marking the latest step in its transformation to a bank dedicated to meeting the needs and expectations of Australian homeowners.
Bankwest Executive General Manager Jason Chan said Bankwest was evolving to meet rapidly changing customer needs and focused on building simple and easy banking experiences for customers.
“We’re transforming our products and services to realise our vision to be a simple, easy bank for the Australian homeowner of today and tomorrow, and Bankwest Simple Home Loan is a major milestone in our journey,” he said.
“Customers increasingly expect us to be simpler and easier to bank with via their brokers and our digital and face to face customer service channels, so we’re focusing our investment in meeting these expectations.
“Our Bankwest Simple Home Loan product is the latest step in our evolution as a WA-based homeowner-focused bank with a distinct brand, first class broker services and leading digital offering for customers nationwide.”
The new product provides a non-package option for customers, who can add only the extras they need, with a high LVR (up to 98%, inc. LMI), no application/annual fee, flexible repayments, and optional offset account ($10/mth).
Bankwest General Manager Homebuying Peter Bouhlas said the Bankwest Simple Home Loan would be part of a simplified suite of products and would replace Premium Select, Regular Saver and Mortgage Shredder products.
“The new Bankwest Simple Home Loan is designed to offer flexibility for customers who don’t require certain features, while delivering optional extras for those who choose them,” he said.
“Having a product without an annual fee was important in designing the Bankwest Simple Home Loan for high LVR tiers such as First Home Buyers, because those savings of about $400 can equate to real value for them.
“Our Mortgage Shredder customers will automatically transition to the new Simple Home Loan, and Bankwest will contact Premium Select and Regular Saver customers in coming months to support them onto a suitable product.
“We have a clear ambition to serve more customers nationwide and our Bankwest Simple Home Loan is leading the development of a simpler set of products and services designed for the homeowners of today and tomorrow.”
Bankwest’s vision is to be a simple, easy bank for the Australian homeowner of today and tomorrow, and our purpose is to build a brighter future for all. Bankwest provides personal and everyday banking solutions for customers across Australia. We support customers in doing their banking in the ways that suit them, with innovative digital solutions, an Australia-based 24/7 Contact Centre, a passionate broker community, and our WA branch network. Bankwest is a division of Commonwealth Bank of Australia ABN 48 123 123 124 AFSL/Australian credit license 234945. You should consider the Product Disclosure Statement (PDS) and whether the product is right for you. A PDS is available from bankwest.com.au.