Bankwest cuts fixed mortgage rates a second time in two months



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Bankwest has continued to adjust the interest rates on its home loans, slashing the fixed rates on selected mortgages for the second month in a row, which could potentially save new borrowers money on their home loans.  

From 17 April 2019, 2-year fixed rates on Bankwest’s Complete Fixed Home Loan P&I have been cut by seven basis points for owner occupiers, and by six basis points for investors.

The new 2-year fixed rates of 3.68% for owner occupiers (comparison rate 4.48%) and 3.88% for investors (comparison rate 4.99%) are both well below the market averages (based on RateCity data as of the end of March 2019) of 4.17% for owner occupiers and 4.28% for investors.

It’s Bankwest’s second rate cut in recent months, with four basis points being shaved off the 2-year fixed rates on the Complete Fixed Investment Loan in mid-March 2019. This followed cuts to mortgage rates on selected Bankwest investment home loans in November 2018.

Westpac and the Commonwealth Bank also recently cut interest rates, with further cuts being anticipated from Australia’s other leading banks.

Bankwest Complete Fixed Home Loan P&I, 2 Years, Owner Occupied

Fixed interest rate Comparison rate Monthly repayment*
Previous rate 3.75% 4.49% $2316
New rate 3.68% 4.48% $2296
Change -0.07% -0.01% -$20

Bankwest Complete Fixed Home Loan P&I, 2 Years, Investment

Fixed interest rate Comparison rate Monthly repayment*
Previous rate 3.94% 5.00% $2370
New rate 3.88% 4.99% $2353
Change -0.06% -0.01% -$17

*Calculated assuming a $500,000 home loan, paid monthly over a 30 year term. Repayment value may change when fixed term ends and reverts to a variable interest rate. 

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