Home Loan News

Westpac Bank has announced an increase of 0.14% to all their variable home loan rates for new and existing customers

The rate increase will take effect on 19 September 2018.

Hmmmmm, in the middle of the Royal Commission, no less!!!
Call me a cynic, but given that a google search shows interim cash surplus of over $4billion dollars, and 100% of NSW and most of Qld in the worst drought in recorded history, maybe taking the foot off the throat of their victi....errr CUSTOMERS is going to result in a better public view of what they do and how they roll......

by the way, in increase of 0.14% on a home loan rate of 4.5% is actually a 3.3% increase in revenue......more than CPI which is expected to be around 2%.....whats the bet that this is NOT the only rate increase we will see in the next 12 months????

Australian banks are the soul-less profit machines we have created, and because they are a power unto themselves we have no control over them. They act with impunity. They have zero regard for the law, because the law doesn't hold the individuals accountable for the corporate greed, and lack of compassion displayed by all banks. CEO's are rewarded for share prices and dividends, not growing family businesses, and developing industries. And until something fundamental changes in the banking industry we are going to be stuck with what we have created.

Brendo

The old “wholesale cost of funding is going up” statement made today by Westpac.I Read between the lines as...get the banks customers to pay for the banks lawyers fee’s whilst Royal Commission still going on and not tap into their own surplus.