Did they not think that APRA has the last say?
On Thursday, 20 June 2019 Westpac made a bold move to reduce their serviceability assessment rate from 7.25% to 6.50% for first home buyers.
APRA set a floor of 7.00% in December 2004.
Late Thursday night, Westpac made an abrupt about-face back flip after incurring the prudential regulator's wrath by removing the it without approval.
What is more important than shoving money down the throats of first home buyers, without regulatory approval, is to offer them substantially better interest rates than what Westpac currently offers compared to the market.
What is equally important is to extend the same courtesy to existing customers.
The Federal Court of Australia, New South Wales | NSD293/2017 | Australian Securities & Investment Commission v Westpac Banking Corporation ACN 007 457 141. In an opening submission on Monday, 6 May 2019 barrister for ASIC, Jeremy Clarke, SC, alleged that Westpac breached responsibl...
Experts That we are experts, specialist and have 150 years combined experience, that we partner with our clients, continually exceed expectations, we are customer focused, or our lender panel has over 35 lenders that offer more than 2,500 products. Biggest Financial Commitment We...