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Westpac puts rates up across the board
2 December 2009 |
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| Westpac has raised rates on a wide range of loans and deposit products. The standard variable home lending rate is up by 0.45% reflecting continuing wholesale funding pressures and the Reserve Bank of Australia’s (RBA) 0.25% increase to the official cash rate.Westpac’s standard variable home lending rate will now stand at 6.76% per annum. Business loan rates will rise by 0.25%. The interest rate changes for home and business loan rates are effective on Friday December 4 2009.In order to attract customer deposits, Westpac is offering rates on some term deposits at more than 3% above the official RBA cash rate including a one-year rate at 6.8%. In addition, Westpac will also pass on the 0.45% increase to online savings account Westpac e-Saver.“The interest rates Westpac is offering for both online savings accounts and term deposits are among the highest we’ve ever offered and reflect our strong commitment to lessening our reliance on volatile offshore term-funding markets,” Westpac Group Executive Retail and Business Banking Peter Hanlon said.Credit card rates will also increase by between 0.25%-0.35%.Following the 0.45% rate rise, repayments on the average $250,000 household mortgage will increase by approximately $71 per month.Peter Hanlon that Westpac continued to be mindful of the impact of interest rate changes on small business owners which was why the bank was only passing on 0.25% to its business loans and had held off passing on any increase when the RBA increased the official cash rate in November. |
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| Source : Westpac |
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| 24 December 2009 | - Banks giving rate discounts |
| | - Companion cards all the rage |
| | - Dual cards rack up rewards points |
| | - USaver promises to have highest rates |
| | - Small biz owners fight equipment lease scam |
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| 23 December 2009 | - Aussie Post denies banking ambitions |
| | - Longest balance transfer offer ever |
| | - ANZ paying bonus rates now |
| | - Credit Suisse wants to grow in Australia |
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| 22 December 2009 | - No doom and gloom for property in 2010 |
| | - Property market strong at xmas time |
| | - Use interest free to avoid debt hangover |
| | - TD rates at all time highs |
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| 21 December 2009 | - Consumers choosing the savings button |
| | - ME Bank ratings up |
| | - Half want to switch loans |
| | - Rate rise fears ease |
| | - Three years hard labour says Kelly |
| | - Strong auction results to finish the year |
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| 18 December 2009 | - Credit unions are safe and competitive |
| | - Credit unions expand ATM network |
| | - Inquiry into small biz lending coming soon |
| | - NAB to become king of super |
| | - Bridging and short term loans available now |
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| 17 December 2009 | - Competition is back - the game is on |
| | - Non-bank lending to return in 2010 |
| | - Abbott says re-regulate the banks |
| | - Westpac defends rate rise |
| | - Flighty depositors are a risk for banks |
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| 16 December 2009 | - Credit Unions grab home loan market share |
| | - RBA tipped to hit pause on rate rises |
| | - Rate rise pause won’t last long |
| | - Victoria driving housing boom |
| | - Kelly inflicts brand damage on Westpac |
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| 15 December 2009 | - Lenders use dirty tricks to keep borrowers |
| | - Westpac borrowers face high fees to exit loans |
| | - No Westpac borrower will lose their home |
| | - Westpac not the Jetstar of banking |
| | - Bank brands gain value, except NAB |
| | - Personal loans better for debt consolidation |
| | - Super funds to get simpler |
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| 14 December 2009 | - Banks doing deals on deposits and loans |
| | - Blue collar suburbs going upmarket |
| | - Westpac CEO under pressure over rate rises |
| | - Govt abandons underquoting ban |
| | - Melbourne, Sydney auction results up again |
| | - Sydney, Melbourne lead property recovery |
| | - Property – still time to grab a bargain |
| | - One billion dollars of property sold in Melbourne |
| | - Ratings outlook downgraded for Rabobank’s AAA |
| | - Choose term deposits wisely |
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| 11 December 2009 | - Fourth rate rise due in February |
| | - Opposition threatens the banks |
| | - Teachers CU undercuts RBA rate rises |
| | - Home loans under six per cent |
| | - Term deposits rates not sustainable – get in now |
| | - Low fee, low rate Visa with rewards |
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| 10 December 2009 | - Confidence falls as rates go up |
| | - 1 in 100 behind on their mortgage |
| | - Home building boom coming in 2010 |
| | - Suncorp and Bendigo join ATM networks |
| | - Debit card fraud reaps big profits |
| | - Extra pass codes can defeat card fraud |
| | - ANZ aims to be number one farm lender |
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| 09 December 2009 | - Investors still paying sales commissions |
| | - Mortgage interest rates to hit 8.5pc |
| | - Home lending surges up |
| | - Term deposits – time is right to invest |
| | - Credit cards to get more secure |
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| 08 December 2009 | - Bendigo raises mortgage rates |
| | - Customers not just another number at Bendigo |
| | - St George raises rates by 0.39pc |
| | - Westpac focused on service, not price |
| | - Westpac boss avoids big rate hike |
| | - 50,000 Westpac customers in debt trouble |
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| 07 December 2009 | - NAB mortgagees $30 better off |
| | - Commonwealth and ANZ jack up rates |
| | - Auction clearances slow down for Christmas |
| | - Melbourne leads property boom times |
| | - Plan for Christmas card debt now |
| | - Term deposit with cricket tickets |
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| 04 December 2009 | - NAB toes the RBA line |
| | - NAB declares mortgage war on Westpac |
| | - Ubank jumps ahead in 1 year term deposits |
| | - Westpac all alone with rate rises |
| | - Mortgages just keep getting bigger |
| | - Property investors emerge from gloom |
| | - Westpac executives reward themselves |
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| 03 December 2009 | - NAB does the right thing |
| | - Banks set the new rate setters |
| | - Banks holding fire on rates |
| | - Rate rise nets $230M for Westpac |
| | - Anger building against Westpac |
| | - ME Bank is building a branch network |
| | - Salary package a new car with ME |
| | - Bouris returning to mortgages |
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| 02 December 2009 | - Deposit rates are historically high |
| | - Westpac gives borrowers a slap in the face |
| | - RBA may hold rates here |
| | - House prices going up but due to fall back |
| | - Aussie property not expensive |
| | - Sydney Melbourne house prices outperforming |
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| 01 December 2009 | - Westpac borrowers jipped an extra 0.20% |
| | - Mortgage market still dominated by Westpac, CBA |
| | - Deposits flowing to NAB |
| | - Banks focus on small business |
| | - CBA streamlines small biz lending |
| | - D-Day for Latrobe Credit Co-op members |
| | - Aussie banks face Dubai debt defaults |
| | - Westpac borrowers jipped an extra 20 basis points |
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