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The banking commission means nothing but a lot of smoke and drivel.


The core of the whole thing is that they are profitable and in the foreseeable future nothing will change,not like tls that is in a downward spiral of profit and div payouts.


Most traders I know treat this as a opportunity to add more, no different to bhp a short time ago when it was on the nose sharp players bought more and have been adding as it has risen and does not seem anywhere near its peak yet,cheers mrbear




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  • 4 weeks later...

Westpac faces ASIC legal action over sacked financial adviser


As banks face a wave of scrutiny from regulators, the Australian Securities and Investments Commission (ASIC) on Friday said it was taking action against the bank over advice provided by Sudhir Sinha, who worked for the bank in 2001 and 2014 in the Perth area


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  • 3 months later...

Might have been better all round not to have provided loans to "risky property investors" in the first place :rolleyes:


Westpac plans to 'dump' risky property investors as rates rise and returns fall

Westpac Group, the nation's second largest lender, is giving risky property investors less than a month to find another lender amid growing concerns about the impact of rising rates, falling values and oversupply.


The bank is sending a single-page letter to investors warning it can "no longer support our commercial relationship with you", adding it will work with the borrower to help them find a new lender.


and on the "loyal customers" getting penalized


NAB chief executive Andrew Thorburn questioned the strategy of charging loyal customers higher rates, saying it was "probably not a long-term economic model to have aggressive 'front book' discounting when your existing clients are not getting the same sort of deal". Mr Thorburn's comments were not targeting Westpac.


read more - https://www.afr.com/personal-finance/westpa...20180924-h15s1a?


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Review of the Four Major Banks (Fourth Hearings)


Thursday 11 October 2018

9.15 am Commonwealth Bank of Australia

1.15 pm Westpac


Friday 12 October 2018

9.15 am Australia and New Zealand Banking Group Limited


Friday 19 October 2018

9.15 am National Australia Bank




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Class action filed against Westpac could affect thousands of Australian home loans

Exclusive by national consumer affairs reporter Amy Bainbridge and the Specialist Reporting Team's Emily Clark

Updated 10 minutes ago


One of Australia's biggest banks, Westpac, has been hit with a class action on behalf of borrowers and could be facing tens of millions of dollars in compensation claims.


Key points:

A class action against Westpac has been filed in the Federal Court this morning

The suit is on behalf of mortgage holders and accuses the bank of irresponsible lending

Law firm Maurice Blackburn will argue the bank breached lending obligations in loans dating back to 2011

The bank has already admitted up to 10,500 loans were affected and previously said it had "committed to proactively monitor" those that were still active





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I may eat Waygu beef everyday washed down with the finest shiraz but, if I really want my new home, I can make do on much more modest fare.




how modest one can be??? skip freakfast, lunch. only have sandwich for dinner---------------healthy , lose weight , and can qualify for a home loan from WBC. :lol:



i guess ASIC went too far this time.



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Westpac shares went into a two-day trading halt before the ASX opened on Monday morning to allow it to make a surprise capital raising of around $2.5 billion to big shareholders.


The news came as the bank, the countryâââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’¢Ã¢Ã¢â€š¬Ã…¾Ãƒâ€šÃ‚¢s second-largest, slashed final dividend by 15% after reporting a sharp fall in second half and full-year earnings.#



The final dividend of 80 cents a share was down 15% from the 94 cents paid a year ago. An interim for 2018-19 of 94 million was paid earlier this year. Unlike the ANZ which chopped its franking to 70% Westpac is maintaining a 100% fully franked payout.



seems big four have been bitten really heard by RC.................... :B):

low rate dose not help..............

rock and heard place for them atm



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