Bankwest scraps Complete Variable Home Loan investor special rates
Bankwest has quietly scrapped its “limited” release investor home loan special rate offer this week, a move mirroring recent attempts by other lenders to keep investor loan books under the 10% growth per annum APRA requirement.
"We constantly review our products and pricing," a bank spokesman told the Australian Financial Review. "We can confirm it has been withdrawn. The special interest rate was always only intended to investors for a limited time."
“We had plenty of discussions with APRA on the way through, but we’ve probably been too successful for our own good — we’ve got the low interest rate environment and a lot of our teacher members wanted to get into the market,” chief executive Steve James told The Australian.
“I can’t say when we’ll re-enter, but I’m hopeful it’s not too far away. We were getting close to getting under the cap,” he said.
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While BankWest has withdrawn its limited release investor home loan special rate product, the provider has several other alternatives on offer. See here for more details...
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