Member access

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

End-of-day quote. End-of-day quote AUSTRALIAN SECURITIES EXCHANGE LIMITED - 12/18
31.58 AUD   +0.80%
2d agoDJSydney Victims Tried to Save Others
3d ago NAB sells 1.2 billion pounds UK commercial real estate loans
12/09DJAustralia Consumer Sentiment Plunges
SummaryQuotesChart AnalysisNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector news 

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

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

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

React to this article
Latest news on WESTPAC BANKING CORP
1d ago WESTPAC BANKING : 3 reasons to hold Australia and New Zealand Banking Group shar..
1d ago WESTPAC BANKING : ups tech stakes with new mobile business banking
2d agoDJSydney Victims Tried to Save Others
3d ago NAB sells 1.2 billion pounds UK commercial real estate loans
12/11 WESTPAC BANKING : Older men are financial advisers' best customers
12/09DJAustralia Consumer Sentiment Plunges
12/09DJAustralia Consumer Sentiment Plunges
12/09 WESTPAC BANKING : launches fingerprint sign in for new digital banking platform ..
12/08 WESTPAC BANKING : achieves stellar results in leading survey series
12/07DJShanghai Rises, Japan Flat
Advertisement
Chart
Duration : Period :
Westpac Banking Corp Technical Analysis Chart | WBC | AU000000WBC1 | 4-Traders
Income Statement Evolution
More Financials
Dynamic quotes  
ON
| OFF