Westpac

Westpac has set a cat amongst the pigeons so to speak since they raised their mortgage rate 45 basis points and their 1 year rate momentarily to 6.80%. Since then their deposit rates have been aggressive. It appears that they have been writing loans quicker than they could fund them as they have tried to reduce the flow through various means. They raised mortgages by 45 pts, have now reduced the LVR loans can be written at and have stopped marketing RAMS Home loans through mortgage brokers. If this does slow the lending rate one would think their aggression in the term deposit space will abate.