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Lenders have also been updating their rates to reflect the new official cash rate of 4.85 per cent, with the earliest changes due yesterday (5 November).
Bankwest joins 5 per cent Deposit Scheme
Bankwest has joined the federal government’s 5 per cent Deposit Scheme lender panel, allowing eligible first home buyers to access Bankwest home loans through the scheme.
Eligible first home buyers can purchase with a deposit of at least 5 per cent, while single parents or legal guardians can apply with a 2 per cent deposit, without paying lenders mortgage insurance. Housing Australia provides a guarantee covering the shortfall between the borrower’s deposit and a 20 per cent equity buffer.
Bankwest joined the panel on 2 November, becoming the 57th participating lender. Loans are available through brokers and Bankwest home lending specialists.
Better Mortgage Management updates SMSF rates
Better Mortgage Management has updated its commercial and residential self-managed super fund (SMSF) loan rates to include the latest RBA increase. Both products include an offset account at no additional cost.
- Commercial SMSF loans: P&I rates range from 7.64 to 7.97 per cent, with interest-only rates from 7.94 to 8.27 per cent, across loan-to-value ratios (LVR) below 60 to 80 per cent. Risk fees are nil.
Residential SMSF loans: P&I rates range from 7.15 to 7.50 per cent, with interest-only rates from 7.45 to 7.80 per cent, across LVRs below 60 to 80 per cent. Risk fees and LMI are nil. - Commission: Both products offer 0.60 per cent upfront and 0.15 per cent trail.
Refinance: Residential SMSF loans include a simplified refinance option with less paperwork, subject to conditions.
Better Mortgage Management also launched LoanAPP V2 across all aggregator platforms. Applications lodged through integrated aggregator CRMs will now flow through the updated platform, which includes enhancements aimed at improving lodgement, particularly for SMSF loans.
Bankwest broker policy updates
Bankwest has announced the following changes:
- Broker Portal MFA: from 11 November 2026, all users must enter a verification code sent to their registered mobile number or email address to log in.
- Pricing Tool access: Broker Admin Support users can now use the Home Loan Pricing Tool to complete pricing activities for new and existing lending on behalf of supported brokers.
- PEXA Ready to Book settlements: eligible refinance settlements that are completed, signed off and ready ahead of their scheduled time will automatically move to the next available settlement slot. Urgent date changes should be requested at least 24 hours in advance.
- Negative gearing in servicing: For applications submitted from 1 October 2026, Bankwest has recommenced allowing tax deductibility benefits in servicing in cases involving death or relationship breakdown. Refer to the Rental and Investment policy for requirements.
- 5 per cent Deposit Scheme: from 2 November 2026, Bankwest will participate in the General and Single Parent or Guardian streams. Eligible borrowers can purchase owner-occupied properties with a 5 per cent or 2 per cent deposit, respectively. P&I repayments and terms up to 30 years apply. Refinances are not accepted; construction applications require land and construction to be submitted together with a signed building contract. Applications go through ApplyOnline and scheme rates apply automatically without separate pricing approval.
- Serviceability Calculator and HEM: from 2 November 2026, brokers must use the latest Serviceability Calculator for applications submitted on or after that date. It incorporates updated HEM benchmarks and identifies government scheme applications.
Bluebay Home Loans introduces reverse mortgage options
Bluebay Home Loans has launched two reverse mortgage products for eligible home owners aged 55 and over, allowing them to access home equity while remaining in their property, with no monthly repayments required.
Bluebay Life: loans from $50,000 to $3 million, with lump-sum or drawdown access. Interest is charged only on funds drawn and borrowers can consolidate up to five unsecured debts.
Bluebay Life Plus: loans from $50,000 to $5 million, designed for larger or more complex scenarios, including multiple debts such as ATO and land tax obligations. It offers greater flexibility around property location and lending requirements.
The products can be used for purchases, refinancing or equity release, including home improvements, debt consolidation, ongoing income support, medical needs and aged care costs. Eligibility, lending criteria and individual circumstances apply.
MA Money launches near-prime SMSF loans
MA Money has introduced near-prime SMSF loans for residential and commercial properties, supporting trustees who may not meet traditional lending criteria.
- Eligible credit scenarios: borrowers may qualify with mortgage arrears of up to one month in the past six months, credit impairments, or discharged bankruptcy of more than one day.
- Loan amounts: from $100,000 to $3 million for residential properties and up to $4 million for commercial properties.
- Maximum LVR: 80 per cent.
- Rates: starting from 8.29 per cent for residential and 8.79 per cent for commercial loans, at LVRs of 65 per cent or less.
- Servicing: assessed within the SMSF, with no external servicing required. Commercial near-prime loans have no interest cover ratio requirement.
Aware of a product or policy update that brokers should know about? Leave it in the comments below.
See last week’s policy changes here.
[Related: Four 2026 rate hikes deal $90k blow to borrowing capacity]
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