Westpac profit gouging

Discussion in 'Loans & Mortgage Brokers' started by Dean Collins, 29th Nov, 2016.

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  1. Dean Collins

    Dean Collins Well-Known Member

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    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.
     
  2. D.T.

    D.T. Specialist Property Manager Business Member

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    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.
     
  3. Dean Collins

    Dean Collins Well-Known Member

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    yep, think its time to sell apartments and buy bank shares :)
     
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  4. pinkboy

    pinkboy Well-Known Member

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

    2016-11-29-08-00-01-690157814.jpg

    pinkboy
     
  5. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    the
    the great thing is that most people have choice

    ta
    rolf
     
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  6. Dean Collins

    Dean Collins Well-Known Member

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    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.
     
  7. Tattler

    Tattler Well-Known Member

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    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.
     
  8. Ghoti

    Ghoti Well-Known Member

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

    willair Well-Known Member Premium Member

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    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..
     
  10. 2FAST4U

    2FAST4U Well-Known Member

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    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.