Wespac screwing over investors by jacking up rates 0.28%

Viewing 5 posts - 1 through 5 (of 5 total)

DeanCollins
Participant
@deancollins
Join Date: 2015
Post Count: 376
March 19, 2017 - 4:22 am
Time to shop around with other lenders folks.
Anyone staying with @Westpac deserves to get shafted after they raise investor rates 0.28% to pump up profits.
There was NO corresponding RBA move, this is just profit driven. and the RBA wanting to put a cap on “investor driven property prices” are too gutless to say anything.
– http://www.theage.com.au//breaking-news-business/westpac-raises-its-variable-mortgage-rates-20170317-4rujg.html
I’ve just moved cash from St George offset into Westpac offset so screw Westpac and their profits.
0.28 is ridiculous, I’ve got 70% of the loan locked in for 5 years at 3.99% so wont be moving until 2022 but wont be touching the offset so they wont be getting a dime from us.
Jamie Moore
Participant
@jamie-m
Join Date: 2010
Post Count: 5,069
March 21, 2017 - 9:52 am
DeanCollins wrote:
Time to shop around with other lenders folks.
I would sit tight for a month or two. The rest of the herd will follow soon and announce their increases. We’ll have a better idea of how all lenders are positioned in a month or two.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
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Jason Staggers
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@jason_staggers
Join Date: 2006
Post Count: 61
March 21, 2017 - 12:37 pm
They are all looking for ways to shore up capital to meet new APRA requirements that are just around the corner.
Jason Staggers | JasonStaggers.com
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Richard Taylor
Participant
@qlds007
Join Date: 2003
Post Count: 12,024
March 24, 2017 - 2:16 pm
It is actually worse than that with some Westpac fixed loans going up by 110bps for investors especially in the SMSF space.
We are getting hammered in demand on our Nodoc SMSF product as more and more investors find they can’t invest in Super when they want to.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Corey Batt
Participant
@cjaysa
Join Date: 2012
Post Count: 1,010
March 26, 2017 - 8:50 pm
This isn’t just Westpac – all the lenders are increasing their interest rates significantly to bolster their funds to meet the BASEL requirements. I wouldn’t suggest jumping ship to another lender just because of your existing lender increasing rates right at this moment – you may find by the time you settle your loan the new lender might hit you with a comparable increase sending you back to square one.
The alternative which is worth considering is whether your existing lender has a competitive fixed option, OR another lender offering long term competitive fixed rates + IO terms.
Corey Batt | Precision Funding
http://www.precisionfunding.com.au
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Investment Focused Finance Strategist - servicing Australia-wide