Interest Gouging Westpac Hit By Share Slump Despite 27% Jump In Profits
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Westpac who are hitting individuals with 11% interest on borrowings as low as $100,000 despite holding millions in assets has announced a 27% jump in profits to$1.4 Billion.

Westpac who are hitting individuals with 11% interest on borrowings as low as $100,000 despite holding millions in assets has announced a 27% jump in profits to$1.4 Billion.
The bank which is gouging interest from Australians despite a Reserve Bank cash rate of 4.5% is also taking money both ways by only offering interest of 5% on savings between $450,000 and $600K.
In one instance recently a customer who had over $10M in property secured by the bank was told he had to pay 11% interest on borrowings which were needed for an 8 week period as well as establishment fees of $400.
The bank who claims that they are “not” interest gouging saw third-quarter cash profits rise, due a sharp fall in the level of bad debts and potential bad debts.
Westpac shares are expected to come under pressure today after the bank said that revenues were down and its interest margins had been squeezed during the quarter.
Earlier in the year Westpac was slammed for raising interest rates ahead of other banks following a Reserve Bank interest rate rise. 
 Earlier this month the High Court has ordered Westpac Banking Corporation to pay a former real estate agent $50,000 in damages for defamation arising from its mistaken dishonouring of his company’s cheques. The case arose after Westpac dishonoured 30 cheques drawn by the Homewise real estate agency, located in Auburn, Sydney.
The cheques were returned to Aktas’ clients, mostly landlords, stamped “refer to drawer”, inferring there were insufficient funds to meet the payment.