(9 September 2009 – Australia) Despite its new Big Four ownership, BankWest has returned to its competitive focus with two new products advertised as market differentiators.BankWest has launched a new capped rate home loan, which it calls the first of its kind in the Australian mortgage market. The home loan provides a below-standard-variable interest rate as well as a cap on rate rises until November 2012.
With a variable rate currently set at 5.40 percent, the product limits rate rises to 7.50 percent, no matter how high interest rates get over the next three years.
BankWest’s Head of Mortgages, Dean Gillespie, said the new offering underlined BankWest’s ongoing commitment and determination to provide Australians with more choice by increasing competition in the mortgage market.
Earlier in the month, BankWest launched another competitive retail product, a zero fee platinum credit card.
Once again, BankWest called the new product a first in the country; Australia’s only Platinum credit card with no annual fee.
MasterCard Worldwide Country Manager Andrew Cartwright said the new card would give customers a better deal, highlighting BankWest’s advertising campaign and competitive push.
Cardholders receive the usual platinum benefits without the fee; including receiving up to one year extended warranty on goods purchased on the card and complimentary international travel insurance.