The Australian Financial Review is reporting that Westpac
(ASX:WBC) is giving select customers a sweetened 0.20 of a percentage point cut on their mortgage.
The bank sparked an angry reaction from customers late last year after it raised its variable mortgage rate by 0.45 percentage points, nearly double the RBA’s quarter of a percentage point rate rise at the time.
It’s understood that the discounts are selectively given to retain borrowers with large loans who have complained about the rate rise.
Westpac achieved a $3.4 billion net profit in 2009.
