Westpac have announced that they will be slugging their Home Loan customers an additional 0.45% p.a. this Christmas. This increase in interest rate is nearly double the increase announced by the Reserve Bank. Westpac has attempted to justify this excessive rate rise with their current popular excuses being … “The Global Financial Crisis” … and … “The Increased Cost of Funds” … although many would consider that this latest action is nothing more than the Bank taking advantage of the current distractions in Canberra to add to their ever increasing profits. Read more
Monthly Archives: December 2009
Westpac Stings Borrowers!!!
December 21, 2009 in Latest News
Interest Rates rise 3 months in a row
December 1, 2009 in Latest News, Rate Rises
The Reserve Bank of Australia has announced their decision to increase Interest Rates by 0.25% p.a. for the 3rd month in a row. This is the first time that interest rates have increased over 3 consequecutive months, however, the RBA believes this is a necessary step to ensure inflation is kept under control. Read more