Bankwest change multiple interest rates

BANKWEST has announced some policy and interest rate changes including reductions for new Principal and Interest (P&I) lending and increases for new Interest Only (IO) lending.

Bankwest general manager products and pricing Paul Vivian said the pricing and policy changes to relevant products for new lending have been introduced to maintain the appropriate balance across Bankwest’s home loan portfolio in line with regulatory guidance.

“We aim to balance the needs of our customers, shareholders, regulators and the community when reviewing our products and pricing,” Mr Vivian said.

“As always, we are mindful of our broader obligations as a responsible lender,” he said.

Effective from June 19, various policy and pricing changes will apply to new lending, which can be found on the website.

Complete variable home loan is Bankwest’s most popular product and interest rates for owner-occupiers using this product remain very competitive.

“We will continue to assess our capacity to provide interest-only lending based on regulator guidance,” Mr Vivian said.

“In terms of fixed rate pricing changes, from Friday, we’ve lowered rates on our Complete Fixed Home Loan, which will only be available for P&I repayment structures and will no longer be available for interest-only lending.