Bankwest 5.29%...too good to be true?

[datto]

A dude from bankwest rang me and is offering me 5.29% variable (on $600K). IO for first 5 years then P & I for next 25. $75 application fee, no ongoings, not sure about valuation costs.

This has got to be the best out there and is it too good to be true?

 

[Shahin_Afarin]

Thats pretty cheap for 5 years but then again you can fixing it for 5 years.

 

[Aaron_C]

If it's true you should take it.

 

[The Fence]

honeymoon rate...??

 

[devank]

I thought Bankwest kind of dropped their game and wasn't that competitive until I saw this post!

 

[Rolf Latham]

A dude from bankwest rang me and is offering me 5.29% variable (on $600K). IO for first 5 years then P & I for next 25. $75 application fee, no ongoings, not sure about valuation costs.

This has got to be the best out there and is it too good to be true?

um

no

its likely to be very too good to be true : )

5.29 fixed for ONE year yes

but var, nah

ta
rolf

 

[datto]

No mention of a honeymoon rate. As more info comes to hand I will post accordingly. I got a funny feeling abouut this one.

 

[Peter_Tersteeg]

BankWest are well known for their 'bait and switch' tactics...

 

[Mick C]

wow 5.29% and app fee is only $75?? geee not bad if it's true..

 

[Bradsdad]

A dude from bankwest rang me and is offering me 5.29% variable (on $600K). IO for first 5 years then P & I for next 25. $75 application fee, no ongoings, not sure about valuation costs.

This has got to be the best out there and is it too good to be true?

Can I get 3 to go please?

 

[HotRod]

A dude from bankwest rang me and is offering me 5.29% variable (on $600K). IO for first 5 years then P & I for next 25. $75 application fee, no ongoings, not sure about valuation costs.

This has got to be the best out there and is it too good to be true?

This dude didn't happen to have an accent and ask for the $75 to be credited to a Nigerian bank account???????

 

[datto]

He did have a subcontinent accent but was a legit bankwest employee.

 

[Shaneelastic]

He did have a subcontinent accent but was a legit bankwest employee.

What, a call centre operator with a sub continent accent, no way

 

[datto]

Yep. I was in a state of shock.

 

[YvonneVincent]

Interesting keep it updated plz

 

[Suzy912]

Be interested to know if this is legit...keep us posted!

 

[Mick C]

I have a feeling this is a fixed rate...the bankwest banker was probably saying it will "change to a variable" after the fix , or organize a fix/variable split loan etc...

 

[mumbai]

Chat Transcript with BW employee:
Sarah F: I am sorry but we do not have a 5.29% variable home loan rate.
Sarah F: We have a fixed home loan that can be interest only for up to 5 years. Our 2 year fixed rate is currently 5.29%p.a. (Subject to change) We are currently waiving the application fee for our fixed home loans.

 

[Peter_Tersteeg]

Chat Transcript with BW employee:
Sarah F: I am sorry but we do not have a 5.29% variable home loan rate.
Sarah F: We have a fixed home loan that can be interest only for up to 5 years. Our 2 year fixed rate is currently 5.29%p.a. (Subject to change) We are currently waiving the application fee for our fixed home loans.

2yr 5.29% with BankWest would be correct. This is also comparable with many other lenders at the moment, as are their variable rates. If you're thinking of fixing, I'd suggest that you look to your existing lender before thinking of refinancing.

 

[datto]

spot on PT, it was 5.29% fixed for 2 years, no app fee for fixed and no valuation fee also.

this was too good to be true

my own bank will beat this (after just a 2 minute phone conversation LOL)

Who wants fixed in the current state of affairs anyway? Next year this 2 year rate might be 4%

Sorry for getting anyone's hopes up