Westpac holds owner occupier cuts, slashes specufestor

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Welcome back to the good times, via Banking Day:

While ANZ bore the full brunt of the public backlash, ING appears to have escaped scrutiny of its move to pass on only a 17 basis point cut to new borrowers.

ING’s actions are potentially more egregious than those of ANZ and Westpac because thousands of home borrowers already servicing the Dutch-owned bank’s $50 billion Australian mortgage book are not in line to receive any rate reduction.

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.