BankWest - 0.75% discount

[StuartW]

I am a little behind the times... last Monday BankWest announced the following discounts under its professional package.

Total lending:

$250k - $500k = 0.50% (St George is better in all States except NSW & ACT with 0.70% off)

$500k - $750k = 0.65% (St George is better in all States with 0.70% off)

> $750k = 0.75% (best discount on the market)

They also take into account the tax deductibility of investment debt when calculating the serviceability (recent change).

Cheers

Stu

 

[MJK]

Thanks Stu,

I've been hearing a lot of good things about Bank West. Seems they are serious about market share now. I'm told they are a large WA bank, like a state bank ?

MJK

 

[Medine]

Hi MJK,

Bankwest were a state bank until they were bought by The Scotland Bank (100% last year). Now I guess they're an international bank ?

Cheers, Medine.

 

[Ross]

Thats correct HBOS bought out the remaining public share last year ( I had to sell them my shares )
Bankwest was originally R&I bank which has been around since the horse and cart and yes, by far the largest WA based lending institution. I have my 3 IP loans with them.

Stuart,
Please ignore my earlier PM, I spoked to Bankwest and confirmed that the percentage discounts you mentioned are for their "Gold" loan products and are discounts from their Mortgage shredder rate of 7.07%.

 

[Andrew]

FWIW, here is my experience with BankWest. I have two loans with BankWest.

They totally stuffed up the application procedure leading to a late settlement, when the loans did go through they were both PI (they were supposed to be one IO & one PI.)

When I alerted them to this some months down the track they changed them to both IO. It took about a month from the first call to get them to where they should have been to begin with.

Furthermore, the product I have is supposed to be only available if you take a gold credit card, I applied for the card and never saw or heard of it again (which was good because I never wanted the card in the first place.)

That's the bad. The good is that their customer service people are well trained and very helpful.

Would I go with them again? Probably not, they're just another bank, but they do have a fairly generous servicability model which is why the broker used them. They allow capitalisation of LMI which helped out at the time.

andy

 

[geoffw]

Bankwest had a very good product for me in setting up my Subway store (70% LVR on security of the business only- 50% was the norm elsewhere)- but the loan approval took a lot longer than it should have.

 

[TryHard]

BankWest

Our BankWest loan for Brisbane IP construction (superbly organised by broker to the stars. Rolf_L !) went real smoothly even with progress payments having to go to Perth for approval. In fact they were quicker and more professional than our other locally based lenders, even allowing for the extra distance, and much more personable and down to earth.

 

[MasterInvestor]

Bankwest are currently running very slow with their approval of loan applications. It seems their cheap rates has resulted in a flood of appllications which they can't keep up with.

I submitted one two weeks ago and am still waiting for it to be looked at.

So please factor this in if applying.

MI

 

[StuartW]

Lite Invt Loan

Agreed! I just had a horrible experience with them with one of my clients. Took ages for a simple application. They say they are better now (for new applications).

They are making more adjustments to their products. The Lite Home/Investment rate is reducing by 0.05% to 6.60%. The application fee is reducing to $500 (from $700) and they will refund this in full on the third anniversary of the loan. There are no ongoing or break (early repayment) fees. Its a really good product.

http://www.bankwest.com.au/personal...e_Home_Loan/BankWest_Lite_Home_Loan/index.asp

Cheers

Stu