Member access

4-Traders Homepage  >  Shares  >  AUSTRALIAN SECURITIES EXCHANGE LIMITED  >  Westpac Banking Corp    WBC   AU000000WBC1

SummaryQuotesChart AnalysisNewsCalendarCompanyFinancialsConsensusRevisions 

Westpac Subsidiary St George Cuts Variable Home Loan Rate By 38 BPs

05/04/2012 | 04:03am US/Eastern
Recommend:
0

Westpac Banking Corp. (>> Westpac Banking Corporation) subsidiary St. George Banking Group Friday passed on a bigger slice of this week's rate cut from the central bank to its customers than its parent.

From May 14, St. George will cut its standard variable home loan rate by 0.38% to 7.04% a year, the bank said in a statement. That's equivalent to reducing repayments on a A$250,000 mortgage by A$732 a year, the bank said.

Westpac, Australia's second-largest bank by market value, earlier said it will cut its standard variable mortgage rate by 37 basis points to 7.09%, joining its major peers Commonwealth Bank of Australia (>> Commonwealth Bank of Australia) and National Australia Bank Ltd. (>> National Australia Bank Ltd.) in passing on only part of the Reserve Bank of Australia's 50 basis-point rate cut.

"Since September 2011, St.George has cut its variable mortgage rate by 0.76%, equating to an annual saving of A$1,476 on an average home loan," said Chief Executive George Frazis in a statement.

On Friday, St. George reported a 7% drop in net-cash earnings in the first half of fiscal 2012 to A$569 million. Westpac reported a rise in its cash earnings in the first half of fiscal 2012 to a record A$3.12 billion this week, slightly above the consensus analyst forecast of A$3.11 billion.

-By Caroline Henshaw, Dow Jones Newswires; 61-2-8272-4689; caroline.henshaw@dowjones.com

Recommend :
0
React to this article
Latest news on WESTPAC BANKING CORP
3d ago WESTPAC BANKING : 25 July 2014 Westpac cuts three and four year fixed rate home ..
4d ago Australia's NAB sells $1 billion UK property loan portfolio
07/24 WESTPAC BANKING : 23 July 2014 Westpac cuts five year fixed rate home loan to 4...
07/22 ICBC Signed RMB Cooperation Agreements with 4 NZ Banks
07/08DJAustralia Consumer Confidence Remains Disappointing - Westpac
07/07DJAustralia Shares Little Changed After Last Week's Jump
06/30 WESTPAC BANKING : 30 June 2014 New BankSA Chairman
06/30 WESTPAC BANKING : 28 June 2014 Aussies making sacrifices to get on to the proper..
06/24DJAUSTRALIA AND NEW ZEALAND BANKING : & New Zealand Banking to Issue A$750 Million..
06/20DJCURRENCIES : Dollar Posts Weekly Loss On Low-rates Prospect
Advertisement
Chart
Duration : Period :
Westpac Banking Corp Technical Analysis Chart | WBC | AU000000WBC1 | 4-Traders
Income Statement Evolution
Westpac Banking Corp : Income Statement Evolution
More Financials
Dynamic quotes  
ON
| OFF