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 - 11/28
32.55 AUD   -2.05%
1d ago Remittance firms sue Australia's Westpac as banks shun money tran..
3d ago WESTPAC BANKING : 26 November 2014 Prosperity - Success factors for ..
4d ago WESTPAC BANKING : 26 November 2014 Christmas rings in positive outlo..
SummaryQuotesChart AnalysisNewsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll 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 : Remittance firms sue Australia's Westpac as banks shun money t..
1d ago Remittance firms sue Australia's Westpac as banks shun money transfer firms
3d ago WESTPAC BANKING : 26 November 2014 Prosperity - Success factors for Indigenous e..
4d ago WESTPAC BANKING : 26 November 2014 Christmas rings in positive outlook
4d ago WESTPAC BANKING : 26 November 2014 Australian Retail Corporate Bonds to Become C..
4d ago WESTPAC BANKING : 25 November 2014 Westpac provides assistance to customers affe..
5d ago WESTPAC BANKING : 24 November 2014 Renovations on the rise in Australia
11/21 WESTPAC BANKING : 19 November 2014 realAs wins Westpac Innovation Challenge
11/18 WESTPAC BANKING : becomes foundational bank to Australasia's first Renminbi Hub ..
11/18 Australian exports to China still face hurdles after hyped trade deal
Advertisement
Chart
Duration : Period :
Westpac Banking Corp Technical Analysis Chart | WBC | AU000000WBC1 | 4-Traders
Income Statement Evolution
More Financials
Dynamic quotes  
ON
| OFF