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Bankwest cuts interest rates for customers – August 3rd, 2016

Posted by SarahF SarahF
Message 1 of 6 956 Views

Bankwest is reducing its home loan standard variable rate for owner occupiers and investor variable rate by 0.10% p.a. effective Tuesday, 23 August 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 5.45% p.a. to 5.35% p.a. and the investor variable rate from 5.77% p.a. to 5.67% p.a.. In addition, Business lending vari...able
reference rates will decrease by 0.10% p.a..

 

Bankwest is also increasing the interest rate for the 3-month and 12-month Term Deposit products to 3.00% p.a., effective from Tuesday, 9 August 2016.

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Ty
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Re: Bankwest cuts interest rates for customers – August 3rd, 2016

Posted by Ty Ty
Message 2 of 6 885 Views

Where is our 0.25% that should be passed on and you have been told to pass on by our own Prime Minister??????

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Re: Bankwest cuts interest rates for customers – August 3rd, 2016

Posted by DanCotter DanCotter
Message 3 of 6 854 Views
Hi Sarah, so this will be passed on to existing customers - or do we need to refinance to get these savings? For my clarity - what will the other 0.15% be used for?
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Re: Bankwest cuts interest rates for customers – August 3rd, 2016

Posted by Sean Sean
Message 4 of 6 807 Views

Hi Sarah,

Can you please advise how I can formally complain within Bankwest with regard to the following

1.)Not passing on the full 0.25 basis point reduction by the RBA.

2.)Not passing on the small decrease until the 23rd of August ( 21 days after the decision was made by the RBA)

3.)Misleading headline "Bankwest cuts interest rates for customers -August 3rd 2016". The heading should have read Bankwest keeps 60% of the interest rate reduction (0.15 0f the 0.25 RBA Interest rate reduction) and passes on 40% of the interest rates to customers,  21 days after the decision has been made by the RBA.

 

Very very disappointing

Sean

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Re: Bankwest cuts interest rates for customers – August 3rd, 2016

Posted by LyndsC LyndsC
Message 5 of 6 784 Views

Hi @DanCotter, these changes will be applied automatically if you hold a variable home loan with us.

While the RBA influences short term interest rates, other factors such as the demand for deposits and market competitiveness can also affect what banks have to pay when they raise money. For these reasons and more, we can’t always match the RBA cash rate. 

 

 

 

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Re: Bankwest cuts interest rates for customers – August 3rd, 2016

Posted by LyndsC LyndsC
Message 6 of 6 783 Views

Hi Sean, in regards to sending a formal complaint, this can be lodged via the complaint form on our website. Thanks

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