Bankwest passes on RBA rate cut to customers

6 June 2019

Bankwest has today announced it will reduce home loan interest rates on Standard Variable Rate (SVR) mortgages by 0.25% p.a., effective as of 25 June 2019.

Standard Variable Rate

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   Current rate (% p.a.) New rate (% p.a.)
Owner Occupied Principal & Interest 5.57 5.32
Owner Occupied Interest Only 5.92 5.67
Investor Principal & Interest 6.22 5.97
Investor Interest Only 6.47 6.22
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Bankwest Executive General Manager, Customer Solutions and Insights, Pieter Vorster said: “Following the RBA’s rate decision, Bankwest is reducing its home loan interest rates on Standard Variable Rate (SVR) mortgages accordingly.

“We appreciate the impact home loan rates have on both existing customers and future home owners, which is why we’re lowering our standard variable rates in line with the official cash rate.

”Customers who have questions regarding today’s rate change are encouraged to speak with their local Bankwest home finance managers.


Notes:

As a result of this rate cut, the minimum required monthly repayment amount will reduce by $62.56 each month, based on a mortgage of $400,000 for Owner Occupiers paying Principal and Interest.

About Bankwest
Bankwest provides personal and business banking solutions for more than 1.1 million retail and business customers across Australia. Bankwest customers enjoy access to an extensive network of stores and business centres, direct and third party distribution channels, agencies and electronic banking facilities, as well as 24-hour telephone and internet banking. Bankwest is a division of the Commonwealth Bank of Australia.

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