Westpac profit gouging

Wow talk about profit gouging.

5 year fixed from Westpac went from 3.99% last week to 4.59% today???

Seriously a 0.6% move??

I’d be super ****** if we weren’t already locked in, that’s crazy talk and a ridiculous profit gouging move? Cant believe they are going to be selling much business in the next few months at this rate.

 

It's a legal requirement for all companies to do the best they can for their shareholders. If you think they're doing well, become one.

 

yep, think its time to sell apartments and buy bank shares

 

Its just aweful that a business is trying to generate profit from providing a service.



pinkboy

 

Wouldn't mind so much PB but last month St George changed their term deposits (month to month) from 2% to 1.5%.......

The big 4 banks cant cry me a river that they are losing money on both sides of the equation.

 

Yep. Just fixed 5 years last Friday. I was already thinking of fixing and was talking with my broker about it, before he told me the news on Friday afternoon.

 

Just remember that a large portion of bank funding is sourced overseas. Deposits are only a small part.

 

The deposits from customers make up sometimes a large amount of the funding they use from the way i read several annual reports from several banks ,plus that is the axe on the block as most overseas funding will come at a higher price and that's why they have insurance which is appropriate pursuant to section 199b of the corporations act 2001..

 

Only a matter of time before the other big banks follow suit as the Fed will be raising their interest rates. Thanks to Trump this low inflation period may be coming to an end.