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(but still make lots of money)?

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 Take Rask’s FREE Ethical Investing course today.

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Want to invest ethically for a brighter future? 
(but still make lots of money)?

 Take Rask’s FREE online Ethical Investing course.

Should you sell Westpac (ASX:WBC) shares?

The Westpac Banking Group (ASX: WBC) share price was trading 8% lower today following news of more measures to curb COVID-19 and special measures introduced by the banks.

For context, the broader Australian share market or S&P/ASX 200 (ASX: XJO) was trading at 4542.1, down 5.7%.

Westpac Banking Group

Westpac Banking Corporation, more commonly known as Westpac, is one of Australia’s ‘Big Four’ banks and a financial services provider headquartered in Sydney. It is one of Australia’s largest lenders to homeowners, investors, individuals (via credit cards and personal loans) and businesses.

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In the Rask video above, I explain how analysts read an annual report quickly, including the 7 pieces of information to look for. You can take one of our free finance courses by clicking here.

Stimulus up, banks down

Shares in each of Australia’s largest banks, including Westpac and ANZ Banking Group (ASX: ANZ), have been hard hit today.

Last week, Westpac announced its plan to support small business customers as well as those with a home loan.

Westpac’s acting CEO, Peter King said the bank was acting now to support Australia and its customers during an extraordinary moment in our history.

“We are determined to assist customers through this extraordinary period,” King said.

“This is a once in a lifetime event and a united response by government, regulators and corporate Australia is exactly what we need.”

Westpac announced it will support small business customers by reducing the interest rates on overdraft funding by 2%, would cut 1% from variable interest rates on small business loans, and introduce 2.29% p.a. fixed rates on owner-occupier loans which are part of its Premier Advantage Package.

The bank also said it would introduce a special 12-month term deposit savings rate of 1.7%, an increase of 0.7%, up to $500,000. And for over 65 year-olds, Westpac will make it 2% interest.

On top of that, Westpac will introduce a $10 billion home lending fund to support the economy by assisting more Aussies with homeownership.

“As Australia’s oldest bank, we have a long history of helping customers and communities through times of uncertainty and we are using this experience to put the plans and processes in place to support our business and retail customers through the challenges ahead,” King added.

Time to sell?

It’s been pretty scary for all types of investors in the sharemarket lately. This morning, I put together an article discussing what bank shareholders could expect next, both in the short and long run. You can read my article by clicking here.

My quick take is that it makes sense to now consider diversifying some investment money away from bank shares and towards better long-term opportunities (such as those I identify in the free investment report below). Or at least to consider using the recent dividend payments to open new positions in ETFs and shares.

I’m not saying sell everything, but maybe consider how to optimistically position your portfolio for the inevitable rebound. Whether it’s taking some cash off the table, seeking protection through hedging or currencies, or simply slowly redeploying capital to your best ideas over the next 6 to 12 months.

That’s what I’m doing. I recently provided a full review for Rask Invest members.

Disclosure: at the time of publishing, Owen does not have a financial interest in any companies mentioned.

Is BNPL the opportunity of a lifetime or is the sector a ticking time bomb?

Rask's analyst has just finished a 7,500-word report, The Ultimate BNPL Sector Report, taking a deep dive into this booming ASX sector. It shines a spotlight on each of the major players. You can get the full analyst report for FREE by CLICKING HERE NOW or entering your email below.

Note: the report is 100% free.

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Afterpay, Zip Co, Sezzle…

Is BNPL the opportunity of a lifetime or is the sector a ticking time bomb?

Rask's analyst has just finished a 7,500-word report, The Ultimate BNPL Sector Report, taking a deep dive into this booming ASX sector. It shines a spotlight on each of the major players. You can get the full analyst report for FREE by CLICKING HERE NOW.

Note: the report is 100% free.

Information warning: The information on this website is published by The Rask Group Pty Ltd (ABN: 36 622 810 995) is limited to factual information or (at most) general financial advice only. That means, the information and advice does not take into account your objectives, financial situation or needs. It is not specific to you, your needs, goals or objectives. Because of that, you should consider if the advice is appropriate to you and your needs, before acting on the information. If you don’t know what your needs are, you should consult a trusted and licensed financial adviser who can provide you with personal financial product advice. In addition, you should obtain and read the product disclosure statement (PDS) before making a decision to acquire a financial product. Please read our Terms and Conditions and Financial Services Guide before using this website. The Rask Group Pty Ltd is a Corporate Authorised Representative (#1280930) of AFSL #383169.

Keep reading:

Rask Media’s Ultimate BNPL Sector Report

Afterpay, Zip, Sezzle… is this the opportunity of a lifetime? Or is BNPL a ticking time bomb? This 7,500-word analyst report takes a deep dive into the BNPL sector and shines a spotlight on each of the major players in this booming market. 

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As we emerge from COVID-19, some tech companies are growing faster than ever. Rask’s investment analysts have identified 3 growth stocks set to benefit. Big time.

Enter your email below to access this report for free, including the names, ticker codes and analysis.

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