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Bankwest cuts interest rates for customers – May 5, 2016

Posted by LyndsC LyndsC
Message 1 of 4 885 Views

Bankwest is reducing its home loan standard variable rate for owner occupiers and investor variable rate by 0.20% p.a. effective Friday, 20 May 2016. The new standard variable rate for owner occupiers is Bankwest’s lowest in 30 years and remains one of the most competitive in the market.

The standard variable rate for owner occupiers will decrease from 5.65% p.a. to 5.45% p.a and the investor variable rate from 5.97% p.a. to 5.77% p.a. In addition, Business lending variable reference rates will decrease by 0.20% p.a.

Bankwest rates are under constant review to balance the needs of borrowers and depositors, in order to remain competitive and offer innovative products and great service nationwide.

Bankwest is also increasing the special introductory variable rate to 3.25% p.a. on the popular TeleNet Saver product for eligible accounts, effective from 20 May 2016.

 

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Re: Bankwest cuts interest rates for customers – May 5, 2016

Posted by Live1991 Live1991
Message 2 of 4 863 Views

Hello can you explain why you did not pass the full amount like the other banks?  

 

What will the extra money you pocket from us used to improve?  

 

bankwest is not one of the most competitive in the market anymore, well compared to the big 4 you are,but you are not a big 4.

 

So again why is the reasoning did not pass on the full rate. And what will your customer hard earn cash you are taking going to be spent On?

 

Does this also mean when rates go up will not be raising the full.amount??  

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Re: Bankwest cuts interest rates for customers – May 5, 2016

Posted by Live1991 Live1991
Message 3 of 4 818 Views
guess the money is not going into customer service, why have this if you won't reply ??
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Re: Bankwest cuts interest rates for customers – May 5, 2016

Posted by PeteW PeteW
Message 4 of 4 813 Views

I understand your frustration @Live1991 and I'm sorry we don't have more information to share. When making decisions on our rates it's important we balance the needs of all of our customers whilst still being competitive in the market. If you'd like to discuss your specific product/rate and see if we have a better value product for your needs, you can get in touch with your lender or I can arrange a call for you.

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