Westpac's chief executive has warned it is 'inevitable' that borrowers will feel the impact of thousands of fixed-rate mortgages expiring over the course of the financial year. 9News
Announcing the bank's full-year financial results today, Westpac CEO Peter King said while the bank had not yet seen a spike in borrowers missing payments it is expecting changes to come.
"However, it is inevitable that the impact of higher rates will be felt, including when borrowers' low fixed-rate loans are rolled over." "The biggest challenge for the authorities is to contain the high inflation psychology that is now taking hold in the economy."Westpac CEO Peter King said it was "inevitable" that so many mortgages coming off fixed rates would have an impact.
"People on a fixed rate shouldn't put their heads in the sand, but instead take action while they can," RateCity.com.au research director Sally Tindall said.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Trump says US 'in decline'; Biden has his own dire warningFormer President Donald Trump says the says US is 'in decline' as he predicts for America's destruction if his fellow Republicans don't deliver a massive electoral wave on Tuesday. 9News
Read more »
Plane crashes into Lake Victoria in Tanzania, 19 deadBREAKING: A plane has crashed into a Tanzanian lake, killing at least 19 people. DETAILS: 9News
Read more »
Last total lunar eclipse for three years this weekTotality will last nearly 90 minutes as Earth passes directly between the moon and sun - this is the best place to view it. 9News
Read more »
ASX LIVE: ASX to rise; Westpac posts $5.28b cash profitAustralian shares to open 1.3 per cent higher; commodity prices surge on China reopening bets; $A retreats. Follow updates here.
Read more »
Westpac full-year profits slide to $5.3bWestpac’s full-year profits have slipped 1 per cent due to previously announced one-off charges but the bank says it is benefiting from rising interest rates and efforts to cut costs.
Read more »