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 "We can confirm it has been withdrawn.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."

This comes as Teachers Mutual Bank and Unibank froze property investor lending in May to reduce annual growth and comply with the Australian Prudential Regulation Authority (APRA).

“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While BankWest has withdrawn its limited release investor home loan special rate product, the provider has several other alternatives on offer.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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