The greedy bankers at Westpac have raised rates out of cycle and have used the excuse that there is an extra cost of funding. It is pretty hard to argue that the bank is doing it tough when its last quarter earnings were up 6% to $6.48 billion!! That is not total for the year…… that is just one quarter alone!
I think it is disgraceful that they can do that. They are holding Australian people to ransom and can virtually do what they like.
The government has asked Westpac to explain why they would do this.
If you have been hit with a rate increase on your variable loan, remember, you are a consumer and you can have your vote with your feet and move banks.
Shame on you Westpac.
Unfortunately, the rest of the banks are now following suit to profit gouge.