HBOS promises $500 refund on revamped “lite” loan

HBOS will re-launch the “lite” mortgage product under its BankWest brand, at a reduced interest rate of 6.65 per cent. The independent financial services monitoring group InfoChoice said that would make it the best bank basic variable home loan on offer, at 5 basis points better than its nearest competitor and 5 to 25 basis points better than comparable products. BankWest will refund the application fee of $500 on the loan's third anniversary. BankWest will extend this refund to existing customers of the “lite” loan.