Bank decreases interest rate on home loan

Bankwest has dropped its three-year introductory rate for owner-occupiers on one of its home loan products.

Effective from yesterday, the three-year introductory rate for owner-occupiers on the Equaliser Home Loan has dropped from 3.95 per cent to 3.79 per cent. The new comparison rate is now 4.20 per cent (down from 4.25 per cent).

The Equaliser Home Loan now offers owner-occupiers a discount of 1.51 per cent per annum off the average of the standard variable rates of ANZ, NAB and Westpac for the first three years (to a minimum rate of 2.50 per cent). This is up from the previous discount of 1.35 per cent.

After the introductory period, the rate reverts to the Bankwest Standard Variable Rate for owner-occupiers (Mortgage Shredder Reference Rate) less a discount.

The loan is available to individuals and for new owner-occupier loans over $200,000 for up to 80 per cent of the property value with principal and interest repayments only.

[Related: Major bank subsidiary pulls investor lending deals]

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Annie Kane

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