Westpac

I'll admit I'm not a customer of Westpac's. But thank God for that, after this week's announcement that, although the Reserve Bank was raising the cash rate by .25%, Westpac was raising it by .45%! What a disgrace - not passing on the full drop in rates when they fell - during a financial crisis, no less - then increasing rates beyond the RBA increase on the way up again. Full praise to the National Australia Bank for being the next bank to pass on the latest interest rate rise, but refusing to follow Westpac's unscrupulous suit. Here's hoping the other major banks do the same, and use the opportunity to shame Westpac, perhaps even into lowering its rate again to peg it only to the RBA rate rise. If I was a Westpac customer, I'd be thinking seriously about taking my mortgage business elsewhere - oh wait, I forgot, the Federal Government STILL hasn't enacted legislation to prevent banks from continuing their punitive practices against customers who want to switch their home loan to another institution...