50,000 Westpac customers facing home loan shock

50,000 Westpac customers facing home loan shock
CEO Catherine McGrath says her bank is proactive in dealing with rate shock. (Image: NZME)
Jenny Ruth
Westpac New Zealand has 50,000 customers rolling off fixed-rate mortgages with interest rates below 4% in the six months ending March next year.Chief executive Catherine McGrath said the bank uses a 2.5-percentage point margin over its lending rates to test whether a customer could still afford their loans if their interest rates went up that much.“That’s given us a buffer. For the vast majority of customers, that means they’re not rolling on to a rate that we haven’t tested them for,” McGrath told BusinessDesk.The...

More Finance

FMA sues InvestNow over historic AML breaches
Finance

FMA sues InvestNow over historic AML breaches

The alleged breaches occurred between 2018 and 2022.

Staff reporters 20 Dec 2024
$400m Christmas bonus for Cryptopia victims
Finance

$400m Christmas bonus for Cryptopia victims

This is the first big payout since a hack and theft in 2019.

Pattrick Smellie 20 Dec 2024
ComCom plans to cap credit card surcharges
Finance

ComCom plans to cap credit card surcharges

Plan would save Kiwi shoppers millions. 

Staff reporters 18 Dec 2024
Audit fee rise is NZ playing ‘catch up’
Finance Auditing the Auditors

Audit fee rise is NZ playing ‘catch up’

Auditors have relied on importing talent, says NZSA's Oliver Mander. 

Murray Jones 18 Dec 2024