Interest rates look like being cut again...
- Thread starter Jason
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scooba_285
Member
its ******** how they say the big 4 banks arent going to pass on the cut
K
KraftyPg
Guest
Nah what is ******** is that yet again they will get away with not passing it on unless they want to.
Biscuits
Ginger Ninja.
As much as we piss and moan about banks. They are one of the reasons that we didn't have a recession.
Having said that, the reason our banking sector is so strong. Is that they rob thier customers blind with high interest rates and fees.
Having said that, the reason our banking sector is so strong. Is that they rob thier customers blind with high interest rates and fees.
K
Krankin
Guest
We invested long-term before the last rate cut. Unfortunately for the bank, they have to pay us the higher rate!
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justdrinkbeer
Member
Anyone bought any foreign currency? i.e. US $
K
Krankin
Guest
Gold is they way to go.
user 10312
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I would stick to the variable intrest loan. Several reasons for this. The US is not out of the woods yet, Europe at best will looking at the muddle thru scenario. Growth in this region is good but it wont be at previous levels. So all in all i would imagine that intrest rates will stay where they are or drop. Not that the banks will be inclinded to pass that on, however the good news is at least Australia is in the envialble postion to drop rates, dramtically if they have to. Intrest rates in the US are only 2 or 3% but try getting a loan there now, money is very tight.
As for buying foreign currency I have recently had a look at the various ways to do so and went for the Australia Post Visa Debit card as I have booked a big trip to the Canada and Alaska in September and October i will be droping a bit of cash on this trip so will save some but really not a way to make huge bucks, there are better ways. Ok if your a foreign currency trader but for blokes like us it's probably not worth our while.
As for buying foreign currency I have recently had a look at the various ways to do so and went for the Australia Post Visa Debit card as I have booked a big trip to the Canada and Alaska in September and October i will be droping a bit of cash on this trip so will save some but really not a way to make huge bucks, there are better ways. Ok if your a foreign currency trader but for blokes like us it's probably not worth our while.
WarD40
Member
Hmmm hopefully i dont get to much backlash from this but i do actually work for one of the big 4 banks and unfortunatley there are alot more costs involved than mr swan and the rba would have the public believe, which is why there not going to be moving the rate just because the rba decide to.
as for going to a fixed rate i tell my customers that they have to be happy to pay that rate for the whole term no matter what the rate does in the mean time. if it goes up its easy to be happy but if it goes down you need to be able to say thats cool i can afford what i am paying and still do the things i enjoy.
just my thoughts...
as for going to a fixed rate i tell my customers that they have to be happy to pay that rate for the whole term no matter what the rate does in the mean time. if it goes up its easy to be happy but if it goes down you need to be able to say thats cool i can afford what i am paying and still do the things i enjoy.
just my thoughts...
I understand the banks have costs but they are turning a tidy profit, quarter after quarter.
Changing the target cash rate is the way that's been decided to steer the economy in this country (whether this is the correct way is a whole different argument), whilst this is the case the banks need to tow the line.
Changing the target cash rate is the way that's been decided to steer the economy in this country (whether this is the correct way is a whole different argument), whilst this is the case the banks need to tow the line.
Just one example: Westpac in 2010 had 6.35 billion reasons why it should gouge its customers.
The rest of the banks - not just the big 4 - are no different.
They work for their shareholders, not for the people who put money in their accounts. After the account keeping fees, transaction fees, EFTPOS fees etc are taken out, the small amount of interest earnt (at what, 0.4%?) is lost.
Any bank - or any employee of any bank - trying to tell you that they're doing YOU a favour is lying to you.
They pay under 1% interest on a savings account. They charge over 7% on a mortgage. The balance lines the pockets of the CEO and the shareholders, who very much appreciate that the average person isn't smart enough to figure out that the banks are little more than incorporated thieves.
The rest of the banks - not just the big 4 - are no different.
They work for their shareholders, not for the people who put money in their accounts. After the account keeping fees, transaction fees, EFTPOS fees etc are taken out, the small amount of interest earnt (at what, 0.4%?) is lost.
Any bank - or any employee of any bank - trying to tell you that they're doing YOU a favour is lying to you.
They pay under 1% interest on a savings account. They charge over 7% on a mortgage. The balance lines the pockets of the CEO and the shareholders, who very much appreciate that the average person isn't smart enough to figure out that the banks are little more than incorporated thieves.
Biscuits
Ginger Ninja.
Hard to swallow that banks have cost too when they post $6bn in profit.
If costs are so high. Stop borrowing from overseas and use your profit to lend.
If costs are so high. Stop borrowing from overseas and use your profit to lend.
K
KraftyPg
Guest
While banks are a business and run only to keep shareholders happy they will always be gouging the customers just like fuel companies, power companies, gas companies and many other business' that can get away with it on a daily basis.
While I understand that it's not always an easy job to change mortgage lenders even with exit fees gone (or renamed to something else) there are better alternatives than the big 4 but while people continually use them for anything from personal savings to home loans these pricks will keep on posting record profits. The day customers start using the other options available to them is the day big banks begin to cut prices just like any other business.
While I understand that it's not always an easy job to change mortgage lenders even with exit fees gone (or renamed to something else) there are better alternatives than the big 4 but while people continually use them for anything from personal savings to home loans these pricks will keep on posting record profits. The day customers start using the other options available to them is the day big banks begin to cut prices just like any other business.
