BankWest promises fee rebates on home loans

Bank of Western Australia will rebate the $500 establishment fees on home loans after three years, and will lower the interest rate on loans to 6.69 per cent, compared with a standard bank interest rate of 7.32 per cent. The bank, part of the HBOS group, will also promise to continue to pay commissions to mortgage brokers at current levels. Both moves mean BankWest is seeking to grab market share in the home loan segment in a more aggressive fashion than before. The bank already pays the highest at-call deposit interest rates of any bank.