Home-loan applicants at Commonwealth Bank-owned Bankwest are in for a treat as the lender starts the year with freshly-announced rate reductions for its owner-occupier mortgage products.

Effective immediately, Bankwest has announced rate changes to its Complete Variable Home Loan, Premium Select, and Complete Fixed Home Loans products for borrowers with minimum deposits of 20%.

Borrowers applying for the Complete Variable Home Loan Product will be given a 13-basis-point reduction in interest rates from 3.85% to 3.72% for a minimum of $200,000 loan.

For those taking out a Premium Select Home Loan, a loan size of $20,000 to $499,000 and a loan-to-value ratio of less than 80% will incur a 3.84% interest rate, 16 basis points lower than the previous rate of 4%.

Premium Select Home applicants who wish to borrow more than $500,000 will bear 3.84% interest, 10 basis points lower than the previous rate.

Home buyers applying for the Complete Fixed Home Loan product will get a lower interest rate of 3.75% for loans minimum of $200,000 and a loan-to-value ratio of 90% or less.

Bankwest’s decision to cut rates came after its out-of-cycle rate hike for its variable home loan products in September.

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