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Westpac denies holding on to mortgage repayments

08/02/2012

Westpac has dismissed a Fairfax report suggesting the bank was holding out on borrowers following last year’s rate cuts.

Westpac spokesperson Supreet Gosal said the delay in adjusting repayments was not uncommon in the mortgage market.

“This isn’t just Westpac. It's standard practice across banking that banks will adjust repayment rates periodically. In fact, Westpac adjust more frequently than others in the industry. Westpac are the only ones who adjust four times a year,” she said.

Gosal said the delay before the change in repayments would not disadvantage borrowers, or allow the bank to raise funds from higher repayments.

Source: Broker News



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