Bankwests new Rate Tracker Mega Meal

[Rolf Latham]

Hiya

Bankwest are looking to take some more market share with their reworked rate tracker product.

for 3 years from settlement the ongoing rate will be 90 pts below the average of the 4 big ones.

Reverts to a sizeavle 6.68 at todays rates, but Im sure there will be ways to work around that at the time

A cute little gotcha might be that there is a floor of 3 % on the product.............

ta
rolf

 

[boomtown]

A cute little gotcha might be that there is a floor of 3 % on the product.............

Does it revert to an average standard variable at that point or is it a hard floor?

 

[Bradsdad]

Does it revert to an average standard variable at that point or is it a hard floor?

Reverts to the BankWest lite Variable rate which currently stands at 6.68% for memory.
You can also have an off-set facility with it for the 1st 3 years (cannot off-set afterwards). the off-set account has only a $15 monthly fee attached. Hmmmm who are they kidding with their "low" monthly fees?

Not a bad option however if looking at staying variable for 3 years for larger volume loans.


Regards
Steve

 

[Perth Investor]

And don't forget the $950 app fee. Isn't the Ratetracker at 5.92%? This means I spend $950 to save .14% off what CBA is charging? On $300K that's a net saving of $310.

It all sounds like a lot of effort to save what works out to be 0.034%

At least they don't have a DEF at the moment so you can change it easily in 3 years time. Wouldn't want to wait for 3 years and 3 months though, because you will have just lost your savings.

If you can't tell I'm not a huge fan of promo products that revert to high rates, wastes everyone a lot of time. All the brokers and banks just have to rewrite everything in 3 or 4 years when customers realise they're getting reamed...

 

[sparky23]

Rolf is there an application fee for that product for an existing customer to switch loan products?

 

[Bradsdad]

Rolf is there an application fee for that product for an existing customer to switch loan products?

$350 I believe