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Major bank hikes rates by 20bps

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Julia Corderoy | 14 Oct 2015, 08:24 AM Agree 0
A major bank has hiked the variable interest rates on residential owner-occupied and investment loans by 20 basis points in response to regulatory changes
  • Broker | 14 Oct 2015, 09:12 AM Agree 0
    Here comes another round of colluded gouging - all aboard the gravy train.
  • Broker as well | 14 Oct 2015, 09:31 AM Agree 0
    So the regulatory changes were there to protect the average consumer against uncontrolled investment lending right? What is there to protect the consumer from unprecedented rise in interest rates?
  • Broker as well | 14 Oct 2015, 09:34 AM Agree 0
    So much for regulatory changes protecting the consumer from mean spirited investors...
  • Coast Broker | 14 Oct 2015, 09:44 AM Agree 0
    Westpac have always had some of the dearest home loan interest rates. Also from experience they do not care and also do not care about deposit rates and trying to be competitive.
  • Pav | 14 Oct 2015, 09:58 AM Agree 0
    Here comes another wrong move from Westpac. Even more difficult to sell Westpac.
  • Mark | 14 Oct 2015, 10:15 AM Agree 0
    Another reason to avoid Westpac at all costs, terrible service from BDMs, turnaround times are shocking, two-year clawback policy and now even worse rates. Bye bye Westpac for me!!
  • Gold Coast Broker | 14 Oct 2015, 10:37 AM Agree 0
    I agree with you Mark, terrible service, slow turnaround times, errors in back end processing. BYE BYE WBC from me cest la Vie. Great time to refinance hey boys!!
  • Bottom Line... | 14 Oct 2015, 10:46 AM Agree 0
    There needs to be a parliamentary inquiry into APRA. This was always going to happen as a result of recent changes APRA made, but the reasons as to why APRA deliberately started the domino effect needs to quantified - not just taking on face value the press releases from them.

    We are taking advice from overseas interests. The same overseas interests who allowed 2007 to occur - yet now they lecture the only country who survived it, as to how they should change their banking system.

    Governments need to make APRA more accountable. As other banks follow, retail spending will now start to dry up - the very thing the RBA are concerned about given the downturns in other sectors.
  • South Coast Broker | 14 Oct 2015, 10:52 AM Agree 0
    It must have been Westpac's turn to be the first to announce the increase this time. The other majors will follow suite in the next week or so.

    I bet none of them will cut the standard rate once they have raised sufficient capital.
  • Broker | 14 Oct 2015, 10:54 AM Agree 0
    This won't be news once every other lender jumps on board. Once again our banks will collude and treat their customers like muppets!
  • Travis | 15 Oct 2015, 12:43 AM Agree 0
    Couldn't agree more with the comments below. I have been in the industry for 8 years and have 2 clients in my book with Westpac loans. I'm amazed people bank with them, hands down the worst bank in Australia!
  • Garry | 15 Oct 2015, 12:19 PM Agree 0
    Not sure why everybody is surprised about this. If you understood the basil requirements you would be expecting this as it's been in the pipeline for some time - since the GFC. While I disagree with the requirement - as we held our own during the GFC it is understandable.
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