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Westpac to raise home loan interest rates !! (Read 1317 times)
Sir lastnail
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Westpac to raise home loan interest rates !!
Oct 14th, 2015 at 10:30am
 
When the cracks start to appear and the banks start getting cold feet !!

Quote:
Westpac to raise home loan interest rates to protect against future financial crises

Westpac plans to raise home loan interest rates to shore up its capital buffers to protect against future financial crises.

The bank's variable rate mortgage loans for owner occupiers and property investors will rise by 20 basis points from the middle of next month.


The move will increase Westpac's headline standard variable mortgage rate to 5.68 per cent for owner occupiers.

The variable interest rate for investor loans will rise to 5.95 per cent. Fixed rates are unchanged.

Savers will also benefit as Westpac will increase interest rates on some new term deposits by 25 basis points from Friday.

The big bank also plans to raise $3.5 billion to boost its capital reserves in the wake of new banking regulations from the Australian Prudential Regulation Authority (APRA).

It will sell new shares at $25.50, a 13.6 per cent discount to the last traded share price of $29.50.


Westpac said the funds would bring the total raised this year to meet new capital requirements to about $6 billion.

Head of Westpac's Consumer Bank George Frazis said the regulatory changes meant that the amount of capital that needed to be held by big banks against mortgages would rise by more than half.

"As we have always said publicly, while Westpac is well placed to meet these changes, a significant increase in capital ultimately increases the cost of providing home loans to customers," he said.

"This is a difficult decision and one that is not taken lightly."

In recent months, all major banks have raised new capital to meet the new regulations.

To support its capital raising, Westpac released its preliminary results for the 2015 financial year.

It said it made an unaudited net profit of just over $8 billion in 2015, a rise of 6 per cent from 2014.

Westpac posted a 3 per cent rise in cash earnings to $7.8 billion. It expects to pay investors a final dividend of 94 cents per share, fully franked.

The bank's chief executive, Brian Hartzer, said the result was driven by strong gains in customer numbers.

Lending rose 7 per cent and customer deposits increased 4 per cent.

The net interest margin, the difference between what Westpac pays for finance and the interest rate at which it lends money, was flat at 2.08 per cent. Expenses rose 5 per cent in 2015.

Westpac's final profit results will be released next month.


http://www.abc.net.au/news/2015-10-14/westpac-to-raise-home-loan-interest-rates/...
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In August 2021, Newcastle Coroner Karen Dilks recorded that Lisa Shaw had died “due to complications of an AstraZeneca COVID vaccination”.
 
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Grappler Truth Teller Feller
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Re: Westpac to raise home loan interest rates !!
Reply #1 - Oct 14th, 2015 at 10:52am
 
This is what happens when you allow runaway investment over a very long term - thirty years - with no guarantee that the market into which you are investing is going to continue to even exist.

The house of cards is showing cracks.....

The move will increase Westpac's headline standard variable mortgage rate to 5.68 per cent for owner occupiers.

The variable interest rate for investor loans will rise to 5.95 per cent. Fixed rates are unchanged.


Since investment loaning on ridiculous 'equity' is the real problem, I see no reason to raise owner occupier loans, but a crying need to raise investor loans.

If it were not for this ridiculous idea of somehow people developing 'equity' in a property for which they owe 85-90% to the banks, and then giving out more and more such loans in an endless stream - this situation would not now be upon us all.

Then there is the amazing concept of loaning countless millions to businesses with nothing more than a 'business plan' in the full knowledge that such personages as the Deputy Sheik of Auburn will syphon off a huge percentage into private family companies, cars at corporation expense and so forth - even before the 'project' has ever borne fruit.  It's called 'doing a Bondie', and it is alive and growing in Australia right now.

Any sane person would view the banks as insane.
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« Last Edit: Oct 14th, 2015 at 10:57am by Grappler Truth Teller Feller »  

“Facts are stubborn things; and whatever may be our wishes, our inclinations, or the dictates of our passion, they cannot alter the state of facts and evidence.”
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Ex Dame Pansi
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Re: Westpac to raise home loan interest rates !!
Reply #2 - Oct 14th, 2015 at 11:01am
 
It said it made an unaudited net profit of just over $8 billion in 2015, a rise of 6 per cent from 2014.





.....and they increase interest rates by 20 basis points

bwahahahahahaha!!!!!!!!!

They're laughing all the way to the bank

.....hang on
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"When the power of love overcomes the love of power, the world will know peace." Hendrix
andrei said: Great isn't it? Seeing boatloads of what is nothing more than human garbage turn up.....
 
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Sir lastnail
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Re: Westpac to raise home loan interest rates !!
Reply #3 - Oct 14th, 2015 at 11:32am
 
Ex Dame Pansi wrote on Oct 14th, 2015 at 11:01am:
It said it made an unaudited net profit of just over $8 billion in 2015, a rise of 6 per cent from 2014.





.....and they increase interest rates by 20 basis points

bwahahahahahaha!!!!!!!!!

They're laughing all the way to the bank

.....hang on


It made 8 bill in profit but still has to go out with cap in hand to raise 3.5 bill for its capital reserves !! WTF !!
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In August 2021, Newcastle Coroner Karen Dilks recorded that Lisa Shaw had died “due to complications of an AstraZeneca COVID vaccination”.
 
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Prime Minister for Canyons
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Re: Westpac to raise home loan interest rates !!
Reply #4 - Oct 14th, 2015 at 11:43am
 
We havent had  a bank bashing thread on here for a while
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In a time of universal deceit — telling the truth is a revolutionary act.

No evidence whatsoever it can be attributed to George Orwell or Eric Arthur Blair (in fact the same guy)
 
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Unforgiven
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Re: Westpac to raise home loan interest rates !!
Reply #5 - Oct 14th, 2015 at 12:12pm
 
The banking rats are leaving the housing sinking ship.
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“I’ll let you be in my dreams if I can be in yours” Bob Dylan
 
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Ex Dame Pansi
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Re: Westpac to raise home loan interest rates !!
Reply #6 - Oct 14th, 2015 at 12:37pm
 
Unforgiven wrote on Oct 14th, 2015 at 12:12pm:
The banking rats are leaving the housing sinking ship.



The others will follow.

They know what's coming.
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"When the power of love overcomes the love of power, the world will know peace." Hendrix
andrei said: Great isn't it? Seeing boatloads of what is nothing more than human garbage turn up.....
 
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Sir lastnail
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Re: Westpac to raise home loan interest rates !!
Reply #7 - Oct 14th, 2015 at 2:16pm
 
Ex Dame Pansi wrote on Oct 14th, 2015 at 12:37pm:
Unforgiven wrote on Oct 14th, 2015 at 12:12pm:
The banking rats are leaving the housing sinking ship.



The others will follow.

They know what's coming.


Anytime now the other 3 pillars of trash will follow Wink
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In August 2021, Newcastle Coroner Karen Dilks recorded that Lisa Shaw had died “due to complications of an AstraZeneca COVID vaccination”.
 
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Re: Westpac to raise home loan interest rates !!
Reply #8 - Oct 14th, 2015 at 3:20pm
 
Prime Minister for Canyons wrote on Oct 14th, 2015 at 11:43am:
We havent had  a bank bashing thread on here for a while



That's because the frogs being boiled in the pot have given up trying to jump out over the high fence of fees.

Banks are allowed to operate like government - they can f^ck up their investments and lose billions and simply recoup it from the consumer with fees.  Better than having to apply sound management!!

Didn't some sheila handle Westpac as TWC (Token Woman Chief) for a while there?

No wonder they're in dire straits - ONLY $8bn!  Ahhh - the bonuses right there....
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“Facts are stubborn things; and whatever may be our wishes, our inclinations, or the dictates of our passion, they cannot alter the state of facts and evidence.”
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Sir lastnail
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Re: Westpac to raise home loan interest rates !!
Reply #9 - Oct 14th, 2015 at 3:38pm
 
Grappler Truth Teller Feller wrote on Oct 14th, 2015 at 3:20pm:
Prime Minister for Canyons wrote on Oct 14th, 2015 at 11:43am:
We havent had  a bank bashing thread on here for a while



That's because the frogs being boiled in the pot have given up trying to jump out over the high fence of fees.

Banks are allowed to operate like government - they can f^ck up their investments and lose billions and simply recoup it from the consumer with fees.  Better than having to apply sound management!!

Didn't some sheila handle Westpac as TWC (Token Woman Chief) for a while there?

No wonder they're in dire straits - ONLY $8bn!  Ahhh - the bonuses right there....


I'd say that these 4 pillars of trash banking are running Australia as well as running the politicians !! Just look at how 4 banks dominate the top 20 companies and you can see what is running Australia !!
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In August 2021, Newcastle Coroner Karen Dilks recorded that Lisa Shaw had died “due to complications of an AstraZeneca COVID vaccination”.
 
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red baron
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Re: Westpac to raise home loan interest rates !!
Reply #10 - Oct 14th, 2015 at 3:58pm
 
Thieving bustards, there is no justification for this rise!
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Ex Dame Pansi
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Re: Westpac to raise home loan interest rates !!
Reply #11 - Oct 14th, 2015 at 4:32pm
 
red baron wrote on Oct 14th, 2015 at 3:58pm:
Thieving bustards, there is no justification for this rise!



There is no excuse for the exorbitant interest rates on credit cards or the myriad of fees and taxes either.

It's white collar crime.

BOTR!!!!
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"When the power of love overcomes the love of power, the world will know peace." Hendrix
andrei said: Great isn't it? Seeing boatloads of what is nothing more than human garbage turn up.....
 
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Yocomi34
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Re: Westpac to raise home loan interest rates !!
Reply #12 - Nov 14th, 2018 at 6:40pm
 
Amazing! This post has a lot of information and I can surely talk about gratuity rules here. It is good that there are so many good rules. It helps a person to have a secure life and can also think about other investments.
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