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Westpac lags in adjusting repayments

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Australian Broker | 06 Feb 2012, 03:00 AM Agree 0
Westpac has drawn the ire of consumers by being slow in adjusting home loan repayments
  • Mat | 06 Feb 2012, 03:52 PM Agree 0
    Although this list is not complete, I do know that ING, ANZ, and Homeside leave repayments unchanged if rates decrease, unless the client requests otherwise. CBA adjusts repayments each 6 months I believe.
    The Fairfax article was ridiculous. It made it sound like Westpac wasn't passing on the interest rate reduction, when in fact it was, it just left the repayments the same (ie more principal being paid off). This actually helps the majority of clients pay off their loan more quickly (the small number that need the repayments reduced can always request it), and builds a redraw balance to help buffer them against future rate rises.
    You'd almost suspect the journalist is either a financial simpleton or is being intellectually dishonest.
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