Original article by James Frost
The Australian Financial Review – Page: 16 : 18-Jun-19
Westpac and the ANZ Bank elected not to pass on the full extent of the recent cut in official interest rates to their mortgage loan customers. As a result, they have not yet made changes to their deposit rates for retail customers, which is good news for customers who use interest from their accounts to help bolster their income. However, banks cannot maintain a gap between their mortgage rates and their deposit rates for too long, as this impacts on their bottom line.
WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, RESERVE BANK OF AUSTRALIA, ISELECT LIMITED – ASX ISU, MACQUARIE BANK LIMITED – ASX MBL