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Found 11 results

  1. So late yesterday (after I finished my other post, naturally) Westpac announced it will be increasing rates by 0.14% p.a. quoting increased wholesale funding: In particular the bank bill swap rate, which is a key wholesale funding rate for mortgages, increased by about 25 basis points between February and March this year and has remained elevated. “We initially hoped that this increase would be temporary, and therefore we have incurred these costs over the last six months. The rate changes announced today will not recover these costs..." - Official Westpac Media Release, 29 August 2018 I.e we didn't increase them then, but we are now, and not by the full amount needed cover costs. Interpret that as you may. So the big question is when/if this will cause a domino effect with the other big banks? There have been rises in smaller banks but none of the big four, perhaps due to the target already firmly on their backs as a result of the Royal Commission. Will they follow suit hoping that Westpac will take the first wave of anger and disapproval? Or will they stand fast in an effort to claw back a little customer sentiment? (Along with some nicely crafted marketing giving themselves a cheeky gold star of course). No doubt we will find out shortly. Bottom line, the only real way to guarantee your rate and repayment is to be on a fixed rate, but they come with restrictions - so do you homework first to see if it is right for you. As I have already mentioned elsewhere rates are so low at the moment that when they eventually go up again it will be a shock to the system for many that have only ever known low rate environments. So prepare yourselves. Those of the era of double-digit interest rates know what I mean. The RBA knows it too and have flagged rising rates as something to prepare for. Some economists now argue this recent move by Westpac (and potentially by others) may now delay any increase decisions by the RBA. Time will tell.
  2. Westpac has cut home loan rates for new borrowers, lowering its three-year fixed Premier Advantage Package home loan rate by 0.2 per cent to 6.59 per cent. The rate cut applies to new home loans of at least $150,000, Westpac said in a statement. The package also offers a discount of up to 0.8 per cent per year off the variable rate on a new variable rate home loan of at least $500,000. The move follows cuts by other banks to mortgage rates for existing customers. Last weekend, ANZ announced cuts to its fixed-rate mortgages, including its three-year rate, to 6.44 per cent. This followed the Commonwealth Bank cutting its fixed rates, including its three-year mortgage, to 6.59 per cent. Westpac also recently reduced the rate on its three-year fixed rate Premier Advantage home loan by 20 basis points for existing customers. The three-year fixed rate for will fall from 6.99 per cent to 6.79 per cent. The moves come after Westpac subsidiary St George cut its two and three year fixed home loan rates, by 0.1 and 0.3 per cent respectively, late in July.
  3. Australian dollar dives as Westpac forecasts cut to interest rates OK, so 1.07 US and 1.51 GBP is hardly a dive but expectations seem to be shifting from higher interest rates to lower ones, while higher rates may be forced on the big Western economies and those waiting for a better time to exchange pounds may still be in for a very long wait - no-one knows. One thing that can't be argued is that this a big change in sentiment from a few months ago. Mods - consider not moving this to money & finance as very few people read that and exchange rates are important to a large number of people. Of course no paper currencies are really rising, they're just sinking against real money at different rates :wink:
  4. I am sure there are a few who would disagree with the experts. Housing bubble a myth, says Westpac | News.com.au According to this article the future is looking rosier.:biggrin:
  5. Can any one advise me please. Has any one recently opened a bank account with Westpac? I opened two accounts (westpac choice and esavers) from the UK on the 25 Jan and I have just recived the paper work in the post today. I was under the impression I had 90 days to take my ID to my branch to validate the accounts but now im a little confused. They have requested us to sign the terms and condition and find a acceptable referee to sign off identification documents. This needs to be done within two weeks. Letter was dated 25 Jan so the two weeks is up. It also say that acceptable referees from overseas must be a International bank employee and known the applicant for over 12 months. Really not sure if this applys to us or im reading it wrong??? Has any one else joined Westpac and what did they do????
  6. Guest

    Westpac account problems

    HI WE HAVE OPENED ONLINE ACCOUNT, GOT ALL PAPERWORK. BUT THEY WANT US TO OBTAIN REFEREE FROM BANK MANAGER, WE HAVE SPOKEN TO BANK MANAGER TODAY WHO SAYS HE CAN ONLY WRITE LETTER VERIFYING WE HAVE HAD ACCOUNT THERE FOR 20 YEARS, HE CANNOT REFEREE US DUE TO DATA PROTECTION. ANY ADVICE, WE HAVE EMAILED WESTPAC WHO STATE WE NEED AN INTERNATIONAL BANKING OFFICIAL TO COMPLETE REFEREE FORM. THANKS :huh:
  7. Guest

    Westpac - Bunbury

    Hi We have opened an account with Westpac. Had email confirmation of account details etc. Only problem is that we have to make an appointment to produce evidence which may entail us not being able to do so immediately on arrival. We have to go into the main branch in Perth CBD to do this but we are heading to Bunbury which is approx 2 & half hours from CBD. Has anybody any experience of this or can recommend a bank that we can open & activate in Bunbury. Thanks Kath & Ian
  8. Dear All I am not sure if this question has been posted before, but allow me to ask. For potential migrants, i noted there is an online facility to open a bank account with Westpac before arriving in Aussi. How secure and reliable are their services? Are the bank changes reasonable if you opt to continue banking with them after arrival? How easy is it to access your funds after arrival? Thanks to all. Regards Ochie
  9. Guest

    Westpac E-Saver accounts

    Westpac currently have an introductory offer of 4.40 % for e saver accounts. I rung the bank this morning as I already have one of those so only on 3% not introductory and asked about other accounts. Basically if you ring the bank as an existing customer they will still apply 1.4% extra based on the introductory rate even if you are an existing e-saver account holder on top of your variable rate for four months but they dont advertise it. The only way to get the extra interest is to call if you have one of these accounts. Every little helps...
  10. We've got to open an Aus bank account soon and we are thinking of using Westpac, generally people on PIA seem to think they are OK from what I've seen but has anyone had any problems with any banks ? Thanks Fred
  11. melpaul

    westpac in melb

    hi guys we"ve decided to open an account before we live with westpac but dont know which branch of westpac to open account with as there are a few coming up in melbourne we will be staying in the carrum /frankston areas to start off anyone now which branch would be nearest for us please thanks mel
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