http://www.brokernews.com.au/news/brokers-to-sell-cutting-edge-bankwest-product/36973
BankWest is poised to launch a new mortgage product that will turn the home lending market on its head.
According to The Australian the bank is releasing details today of a discounted standard variable interest rate product, capped at 7.5% until 2012. It is believed that the discounted variable rate will be priced at 5.4%, 30 basis points below BankWest's current rate of 5.7%.
The Reserve Bank of Australia has held the interest rate at 3% for several months, but economists are predicting the central bank will raise rates in light of recent optimism.
The new product will be made available to brokers from Thursday.
BankWest is poised to launch a new mortgage product that will turn the home lending market on its head.
According to The Australian the bank is releasing details today of a discounted standard variable interest rate product, capped at 7.5% until 2012. It is believed that the discounted variable rate will be priced at 5.4%, 30 basis points below BankWest's current rate of 5.7%.
The Reserve Bank of Australia has held the interest rate at 3% for several months, but economists are predicting the central bank will raise rates in light of recent optimism.
The new product will be made available to brokers from Thursday.