Bankwest reduces rates
(23 June 2010 – Australia) Bankwest has made a grab for a larger share of the mortgage market by dropping interest rates on its three and five year fixed term mortgages.
The bank announced that it would be reducing its three year standard fixed term mortgage rate by 26 basis points to 7.38 percent and would also drop its five year standard fixed term rate by 20 basis points 7.89 percent.
A spokesperson for BankWest said the move was designed to make the lender more competitive with its Big Four rivals.
The new rates place Bankwest as lower than all of the Big Four and St George for the five year fixed term rate and with only NAB’s Fixed Intro product at 7.19 percent coming in cheaper for the three year fixed term rate.
However, Bankwest’s one year and two year fixed rates, 6.99 percent and 7.49 percent respectively, are at the higher end of mortgage rates.
A spokesperson for BankWest said the move was designed to make the lender more competitive with its Big Four rivals.
The new rates place Bankwest as lower than all of the Big Four and St George for the five year fixed term rate and with only NAB’s Fixed Intro product at 7.19 percent coming in cheaper for the three year fixed term rate.
However, Bankwest’s one year and two year fixed rates, 6.99 percent and 7.49 percent respectively, are at the higher end of mortgage rates.
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