Westpac Increase Variable Rate by 0.14%

Category: | Herald Sun

 

and so it begins, I like a few more percentage point increase
then I can buy stuff cheap again
price, rate, yield all unsustainable so something has to start to give

 

The big 4 playing catch up to the rest of the market with 2018 funding cost increases. AMP, Macq, ING, Suncorp, etc have all already made this move. The RC and community expectation pressures probably led to the big banks holding off...until now. Makes sense i guess too, after discounting, some borrowers with new loans were getting cheaper rates with Big 4 lenders (1.55+ discounts) than smaller online lenders.

Its a matter of time the other Big 4 make similar moves to their back book too.

 

Bigger and bigger discounts for new business, whilst putting rates up overall.

The pricing war and people scrambling over each other to get 'the best rate' only costs the borrowers in the long run.

 

It wont be long before there are 2% discounts

 

for new business

 

There goes most of the .25% extra discount I negotiated last month!!!

 

We'll, the upside is, you're still technically .25% better off than you would have been had you not negotiated it!

 

Calling ANZ..and been on hold for 30 mins now.
Trying to get a fixed rate before they up rates.

I guess I'm not alone!

 

Im suprised they did not do it last week when the Liberal party was starting to implode.

 

Share holders' concerns that they would hit dividends instead of mortgage holders saw the price go down (Friday last week ?). I think they held off for as long as they could.

 

Fair point. That’s what the wife said as well.

 

So if the US raise rates again in Sept and Dec, I wonder if westpac will raise their rates again in Jan or Feb.

 

I'm so glad I fixed my inv loan with wbc last yr for their last batch of 3.88% 2 yrs p&i

 

I’m thinking of fixing some of my loans as well. What do you expect / plan for at the end of such a short fixed period? Do you just go with the current rates on offer and fix again?

 

Well my plan was to observe the market and if the market starts to pick up more upwards momentum I'll start selling off my investment properties and restructure my overall portfolio.

 

HSBC already quietly raised rates - received notices more than a month ago - by 10bps. They never got in the news, and often raised loan rates before the big 4 announced theirs.

 

$4.2B in profit isn't enough for @Westpac ?

Hmmmm

- Leigh slams Westpac boss: ‘Your profit was $4.2b’

 

George Christensen was implying an extension to the Royal Commission the other day ... So maybe the other banks will hold on raising their rates a bit further

 

It's inevitable and will happen as the narrative has been set