I Am Sick of The Big Banks Not Passing The Full Rate Cut

Hotpotcorn on 02/08/2016 - 15:31

today the rba has cut the rates to a historic low of 1.5% and afterwards commbank announced that they will only cut it by 0.13%….. where is the other 0.12%???!!! what a disgrace! Can any economists here explain to me why the big banks dont usually pass the full rate cut by the RBA or is it just that they are greedy? i am seriously about to switch banks.

and also why make us wait until August 19 to come into effect, when RBA lifts you do it next day!!!! Oh wait forgot the millions your going to make in the next few weeks until you do drop it

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Comments

        • charzy on 03/08/2016 - 13:31

          @lethalmoney:
          Glad to be of help.
          I think my rate may be higher than yours because I'm on interest only. Is ING setting you up for P&I?
          If WBC call you, don't sway! I wasted 2 hours with my NAB guy just to get shafted on the interest rate on the second loan.

        • lethalmoney on 03/08/2016 - 14:22

          @charzy: yea, its P&I, owner occupied variable. I'm done with WPC, i've given them too much money already. its also in the 80% and under bracket, so better rate due to that.

        • tomleonhart on 03/08/2016 - 15:45

          @lethalmoney: Did they give you any incentive for switching to them ?

        • lethalmoney on 03/08/2016 - 16:22
          +1

          @tomleonhart:

          i asked about fee waiving etc.. He said they don't currently have any offers as such on the table. I will do the old 'speak to my wife' and dangle the carrot back at them and see if they bite.

          The incentive is in the first year anyway. Interest rate cut, first year fee waived, ongoing fees are half what I'm paying. Kind of win win even if i do end up having to pay…

          BREAKDOWN:
          *WBC discharge fee (ING rep estimated 300-350)
          *Other fees (in Victoria) are de-reg and re-reg of the loan. $112.60 each time. That is government based.
          *ING also outsource their solicitors, so there is a settlement fee of $299.

          Given there's about $825-$870 in fees, I'm sure i can get some kind of discount beyond first year fees waived (which is their standard up front offer online).

        • JHoliday on 04/08/2016 - 09:04

          @lethalmoney:

          If you sign up to ING through a cash back broker like Mates Rates, they will also refund the trailing commissions to you that ING pay them (minus a $10 per month account keeping fee).

          http://www.matesratesmortgagebrokers.com/

        • Russ on 04/08/2016 - 10:47

          I've just activated my Citibank signature with rewards and no yearly fee.

          How did you get this? I can't see any offers listed here on OzBargain in the last year, and I can't see a free offer on Citibank's website either.

        • charzy on 04/08/2016 - 11:11
          +1

          @Russ:
          I applied for it maybe 2-3 years ago, but never activated it, so that's maybe why you can't see it.
          Recently I just got my Citibank Visa Debit card (going overseas and I hear it's better than 28degree for withdrawing cashs), and realised I still had the signature card in my name when I logged into my account, but unactivated. I asked them to send me a replacement card and got it set up.

        • z00m on 04/08/2016 - 22:00

          @charzy:

          3.79% is their new rate for new loans as of late last month. I've just signed onto this rate with a new io+100% offset account.

  • DrDollar on 03/08/2016 - 06:46
    +13

    Aaaaaand the bubble is getting bigger! I'd be more worried about it popping than your cut not being fully passed on. Interest rates are lower than ever. Enjoy it while you can. If you are about to borrow up to your neck in debt, you could be in big trouble very soon.

    • Untameable on 05/08/2016 - 23:02

      I don't like your smug attitude about the idea that people might lose everything.

      Heaven forbid anyone should have a reasonable home loan to buy a house to live.

      • DrDollar on 06/08/2016 - 08:02
        +1

        I hope noone loses anything. People need to consider risk, don't be ignorant and buy just because interest rates are lower than ever. Just because interest rates are low does NOT mean things will remain stable for years to come.

        Step back and look at the big picture.

        Why do you think interest rates are being lowered?

        This is not sustainable, especially once we hit a bit of oversupply. This is short-term thinking. Government are trying to prevent recession. People will absolutely hold off and even be pulling money out of the housing economy if prices begin to go down. This could lead to a fairly catastrophic crash.

        Generally interest rates are lowered in a recession as a simple stimulus but if that happens, well, we don't have much further to go do we?

        In lieu of that the government will need to decide upon much more costly stimulus, up goes government debt!

        In all of this we have an already unaffordable housing sector with incomes not increasing anywhere near enough for the average worker to afford to buy. We want to encourage spending to prevent a recession yet are blocking these people out of the market. Once investment slows, we can't rely on our workforce to pick up the slack in buying their first home, they can't afford it! Even if housing prices were to drop significantly.

        Meanwhile interest rates are so low, those people haven't had much by way of incentive to save, where is their deposit?

        It's not a stretch to think that we have a recession looming upon us. In which case, consider your future.

        Don't blame me for appearing to be smug :) - I'm just the messenger!

        • Untameable on 06/08/2016 - 21:24

          I bought this year because I was sick of my partner and I being under the thumb of a landlord. We were in one place for five years that was getting smaller by the day with no improvements and a revolving door of awful druggie neighbours. Instead of getting married we took the money and used it as a 10% deposit with some additional emergency money. We shopped around for 4 months, having to say goodbye to places we loved but couldn't afford, until we found one we could afford and took the price as low as we could go and bought. It was still $440k (and I think we should have held out for $10k lower again; but with 3 police visits to our neighbour in a few days while she was holding her baby and smashing things on the front lawn, we just had to get out of there).

          Nobody else in my family owns anything, they're all renters. I worked since high school. I didn't save well until a few years ago - that's my fault. My fiancee has nothing because she could never accept a cent from her bastard father after beating her and her mother.

          Buying a house is a 30 year plan (and of course hopefully paying it off in 15 with a bit of effort). The economy has been having problems since I was born. The recession we had to have in the 90s. A short mining boom. Then the GFC. Then another short mining boom. And now the economy is in trouble again, and now ore price is rising again. I think I can fairly predict that for the rest of my life there will always be some kind of economical issue to worry about. Does that mean I can never buy a house? I've only got a good 5 decades left on this planet if I'm lucky and I can't wait around forever.

          So whenever I read comments, "Hurr hurr, if you're up to your eyeballs in debt, look out!" and I just feel like - what? It's not that simple.

        • chyawala on 08/08/2016 - 22:56

          @DoctorOwl: How would you cope if interest rates went up to 8% in the near future? What if you ended up with kids and on a single income? How would your position change if your house became worth less?

        • Untameable on 09/08/2016 - 21:18

          @chyawala: At 8% we wold cope. We aren't having kids, who can afford them in this day and age. If the house became worth less that's fine with me, this is our home it's not a profit-making enterprise.

        • chyawala on 10/08/2016 - 07:54

          @DoctorOwl:
          Really, you feel housing affordability is reasonable, but effectively sterilises people as they cannot afford to have kids? I look at a mortgage calculator and see in a variety of scenarios hundreds if thousands being paid in interest. I think something is fundamentally wrong with the situation where people might pay upwards of half a million in interest, especially when rates revert back up, yet cannot afford to have kids. Housing is a basic need, not the end goal of decades of work and an impoverished life.

        • Untameable on 10/08/2016 - 13:40

          @chyawala: I never said anything about housing being reasonable; only that it's wrong to wish destruction on honest hard working people trying to make a go of it.

          This thread was laughing, "Haha, can't wait to see you all fail," which leaves me feeling shitty.

          I sure don't give a toss about housing investmant sharks and negative gearing parasites. But there's also normal people just living in houses too.

  • samojed on 03/08/2016 - 07:20
    +8

    when the tables turn and RBA increases the base rate, are the banksters who now only passed say .10 going to increase their rate by full .25 or only by .10?

  • swimmingtoad on 03/08/2016 - 07:37

    Simply put:

    Costs are higher to borrow then the government rates. Think about the rent/salaries etc.
    These official cash rates are actually not the actually funding rates for the banks, the cash rate is lower.
    Regulation and putting funds away for the increased safety net is expensive (normally these would be used for additional lending)
    Term deposits actually went up about .55% with commbank to help the retirees.

    If your worried about .12% while the rates are the lowest in history, look out in 6 months when they start rising back to ~5%

    • sn00ze on 04/08/2016 - 21:14

      Hey! it costs money to maintain a mansion with a swimming pool, ON A YACHT… and the 45,948 brainwashed slaves that effectively do nothing, unless you think rearranging numbers between bank accounts is something.

    • chyawala on 08/08/2016 - 22:59

      And what of the property market in your scenario of rates bing 5% in six months?

  • Wallyt99 on 03/08/2016 - 07:52

    We already planned on moving banks… Just made the decision easier.

    • Cwong14u on 03/08/2016 - 09:01
      +6

      No need to shout, buddy…

    • Brianqpr on 03/08/2016 - 09:40
      +2

      Me Me Me Me Me Me Me Me Me.

      • RocketSwitch on 03/08/2016 - 10:00
        -1

        ME Bank marketing is catchy.

    • RocketSwitch on 03/08/2016 - 10:01
      +2

      It goes both ways, how about the people trying to live and put food on the table? Retirees already ahead compared to those trying to own or pay off a home.

    • akyeeeahdude on 04/08/2016 - 11:45
      +1

      x2r9: There are other ways to invest your money, rather than cash, term deposits, fixed interest and bonds. No point complaining based on that fact.

  • mily on 03/08/2016 - 08:02
    +15

    I reckon you have past zero rate cut to your tenant? I am sorry to say that if you did lower the rent every time your interest was reduced.

  • bemybubble on 03/08/2016 - 09:08
    +3

    https://www.youtube.com/watch?v=TXpBfRlLnv8

    ^^^^^^^^^^^^^^

    All I can think about when reading some of these comments…

  • tomleonhart on 03/08/2016 - 09:21
    +1

    If you switch banks between the big 4 during a promotion, they might even give you some $$$.

    So why not vote with your feet and switch bank ?

    • chyawala on 08/08/2016 - 23:02

      Or switch to a non-bank lender such as homestart or reduce homeloans as their rates are far better anyhow, currently 3.35% variable?

      • tomleonhart on 09/08/2016 - 06:50

        Or that too. Having said that reduce homeloan is good for a single vanilla deal only.
        Throw in a compilation and see how they like the loan.

  • cmafra on 03/08/2016 - 09:47
    +17

    You should at least once a year review your mortgage , and compare with other banks for the best deal. This is not something "you may consider" , this is something you "must do".

    All for profit organizations these days are not rewarding customers for been loyal…

    Inspired on ozbargain, I am one that every year renegotiate all my recurrent bills… e.g.:

    Mortgage
    Health insurance
    Savings accounts
    Home insurance
    Car insurance
    Energy
    Mobile
    Gas
    Credit card deals
    etc…

    Every one of those can help you save big $$$ time, and only costs you a few minutes browsing and a few phone calls… easy money!

    • Powershopz on 03/08/2016 - 09:53
      +2

      THIS! This so so much. So many people are lazy or don't seek information with this and it's a real shame. My parents are guilty of this and I encourage them to change their providers every 12 months or look whats out there. They'll maybe do 1 or 2 things but generally just renew on the same deal.

      You can save so much money by doing this.

    • RocketSwitch on 03/08/2016 - 10:03
      +1

      Good reminder for all, exactly this.

    • montorola on 03/08/2016 - 18:06
      +1

      Great advice, cmafra.

      Remember people - a dollar saved is a dollar earned!

  • edgar28 on 03/08/2016 - 09:56
    -3

    because bank is not regulated now. Bank should be regulated by RBA during recession to control economy, but not happening due to bank lobbying (corruption)

    changing banks not going to help, you are playing their roulette game. One will reduce more than others by rotation, one will get scolded in turn

    only by regulation during recession RBA could control economy more, else useless RBA dropping. Basic economics 101, deregulate and regulate

    • ilikeradiohead on 03/08/2016 - 13:19
      +3

      What are you on about?
      For starters, Banks are just about the most heavily regulated businesses in Australia, through APRA.
      Secondly, the government cannot effectively control the economy. Setting interest rates that banks can lend at (to consumers, not from the RBA itself, which they borrow from voluntarily) will likely lead to all sorts of unintended consequences, including inflation or a liquidity crisis (if not settled on the correct 'rate').

  • gimme on 03/08/2016 - 10:36
    +12

    I'm not sick of a business trying to maximise value for their shareholders. We live in a capitalist society and have to take the good with the bad.

    There's a misconception out there that somehow banks owe us something. They don't and neither do we. People should structure their lives accordingly. Do your research, compare, shop around, find alternatives, invest in bank shares to offset, change your lifestyle or whatever that fits your own circumstances to maximise your own return.

    It's called PERSONAL RESPONSIBILITY, which sadly doesn't seem to exist any longer.

    • edgar28 on 03/08/2016 - 10:52

      Totally agreed with you for most cases, but some cases (minimum) are restricted by policy makers.
      Especially when I saw an article about a couple had household income of 150k couldn't own a house and complaining to the media, when asked where the money goes, 5 trips to overseas a year for leisure.

      I knew many had change their lifestyle after they got married and save up for owning a house.

    • chiefbodge on 03/08/2016 - 11:19
      +1

      Whilst I agree mostly mortgages are a pain to move - you have to come up with mountains of documents and the approval process is extremely long and their are often fees involved - banks completely take advantage of this and it hinders competition massively. If you could move your mortgage as easily as you could move your internet then I reckon mortgage rates would be a lot more competitive.

      Is there are solution? I'm not sure, consumers definitely need to be more prepared to move (I ring up ubank and threaten to leave every time my rate doesn't match a cheaper published rate on their website and I will move at any point that they are no longer the best deal for me). But also I think government / banks have a role in this - streamlining the mortgage transfer process more and making it more standardised would really help competition. Maybe even banning discharge fees would be good too.

      • Brianqpr on 03/08/2016 - 11:30

        Agreed. I've refinanced and it is a but of a painful process. And I'm in finance so am more familiar with these things. I can imagine why some would be put off the idea.

        Asking it easier to change would make a huge difference and has worked very well with mobile phones being a good example. It would certainly wake the banks up if people started to vote with their feet.

        Even if you stay with a big 4 player, far too many are paying the rip-off standard variable rates when even within the same banks there should be much better deals available.

      • [Deactivated] on 04/08/2016 - 17:46

        Depends how much you would get out from the effort. Opportunity cost. If you earn more than what you would save in the same time spent, then forget it. Depends on how much $ value you put on your time and how much time value you put on your money.

    • owli on 03/08/2016 - 11:44

      Reminds me of that quote from Margin Call

      "The only reason that they all get to continue living like kings is 'cause we got our fingers on the scales in their favor. I take my hand off and then the whole world gets really (profanity)' fair really (profanity)' quickly, and nobody actually wants that. They say they do, but they don't. They want what we have to give them but they also wanna play innocent and pretend they have no idea where it came from. Well, thats more hypocrisy than I'm willing to swallow, so (profanity) em. (profanity) normal people"

    • chyawala on 08/08/2016 - 23:07

      Ih history did Australia not have its own bank and issue its own money? How can you not feel shortchanged and sold out?

  • [Deactivated] on 03/08/2016 - 11:24
    -1

    I am sick of capitalism full stop

    • tomleonhart on 03/08/2016 - 11:55
      +3

      Move to China :)

      • abc on 03/08/2016 - 12:11

        Then you have to deal with the corruption of communism.

        • [Deactivated] on 04/08/2016 - 09:00
          +3

          Thanks, but already feeling with the corruption of 'democracy'

      • naturaldecay on 03/08/2016 - 15:51
        +4

        China is nominally communist (at least in the party structure and so on), but as far as I understand it, it is a state capitalist structure. Pretty funny that the best managers of capitalism are the communists :P

        • [Deactivated] on 04/08/2016 - 08:59

          That's not funny, it makes perfect sense. Capitalism is at direct odds with democracy. Democracy is power to the majority. Capitalism is power to those with money.

      • [Deactivated] on 04/08/2016 - 17:47

        HAHA China is what you get when you apply capitalism to a government.

    • DWH on 03/08/2016 - 12:15
      +5

      It's corporatism you are sick of, not capitalism.

      • [Deactivated] on 04/08/2016 - 09:05
        -3

        No it's definitely capitalism. Corporations are actually great. When corporations were first a thing, they were for the workers. Then capitalists came along and fd that up didn't they, literally making corporations for those with money

    • dogboy on 03/08/2016 - 12:51
      -1

      But it is the best! It is basically rob from the poor to give to the rich :(

    • Devils Advocate on 03/08/2016 - 12:53

      I for one like it. Work hard and reap the rewards.

      • Yarkin on 03/08/2016 - 15:06

        You're probably not a social worker then.

        • Devils Advocate on 03/08/2016 - 15:57
          +2

          Correct. Social workers aren't a part of the capitalist world though, they're more a part of a disparate socialist world. Where everyone gets paid the same regardless of whether they work tirelessly or do jack all.

        • HeWhoKnows on 03/08/2016 - 17:50

          @Devils Advocate: LOL So funny but sadly so true.

      • FatBlanket on 03/08/2016 - 22:18
        +1

        Weird, I don't work hard and I'm well off. My cleaner works her arse off though.

      • [Deactivated] on 04/08/2016 - 09:07

        Lol, that's not how capitalism works. The hardest workers never get rewarded. 'get people to work hard for you, and reap the rewards'

        • Devils Advocate on 04/08/2016 - 10:57
          +1

          Is it easy to get to a point where you have people working for you?

          https://soapboxie.com/economy/Why-capitalism-works-and-socia…

        • [Deactivated] on 04/08/2016 - 17:57

          @Devils Advocate: Nice post, liked the blue and red cartoon.

          The weaklink seems to be humans need to gather as much resources as possible for the least possible effort.

          I've always wondered how it would be like if scarcity was significantly reduced. I.e more resources or less population.

        • [Deactivated] on 06/08/2016 - 22:51

          @Devils Advocate: yes. If you start with money then it is easy. I would rather work with people rather than for them

        • bluesky on 06/08/2016 - 22:51
          +1

          @lolbbq: There is precedent for this, after the Black Death around 1340's, population decreased, there was shortage of labour, which lead to a rise in real wages across Western Europe.

    • datzed on 03/08/2016 - 14:01
      +5

      The irony in publically denouncing capitalism, on a forum all about purchasing products at discount!

      • [Deactivated] on 04/08/2016 - 09:09
        -3

        The irony in publicly denouncing capitalism, in a world where the dominant social and political structures are capitalist in nature!

  • SirFlibbled on 03/08/2016 - 12:22
    +2

    Shop around. I did when I got my home loan last year (which I fixed for reasons other than interest rate protection) and found plenty of lenders well below Commbank. In fact, by the time I spoke to Commbank (who I had to video conference from a branch ffs) their rate was so much higher than what I could get elsewhere I was almost insulted.

    When I asked them to match another bank (as I banked with CBA and wouldn't mind keeping it all together) they refused. Didn't even counter offer.

  • Happythoughts11qq on 03/08/2016 - 13:23
    +1

    I just locked my mortgage at 3.75% for 2 years through ANZ. If youre paying 5% on your mortgage i would recommend heading in to have it reviewed. Will save you a fortune.

  • datzed on 03/08/2016 - 13:48
    +16

    I'll tell you why Banks don't pass the full rate cuts?
    Because of chumps like you who come on the internet to complain about it rather than switching lenders.

    Why would any of the big 4 care about what their customers think, if they will stick with them regardless of their actions after an RBA rate cut?

    Also, because of reasons given here - http://www.abc.net.au/news/2016-08-02/interest-rates-why-the…

    My advice.

    1. Call bank and ask for the lowest rate they can do on your current loan.
    2. Call a mortgage broker and ask them to
      2(a) beat the rate your bank just gave you
      2(b) insist that you will only switch lenders if the broker absorbs all associated switching fees.
    3. Spend all your savings you've just made on discounted products you don't need on ozbargain.
    • juzz88 on 03/08/2016 - 14:02

      This guy gets it.

    • datzed on 03/08/2016 - 14:24

      The link in my post above should actually be this
      http://www.abc.net.au/news/2016-08-03/banks-put-shareholders…

    • tomleonhart on 03/08/2016 - 15:47

      broker here. Please give me a call as per his 2 point lol

    • HeWhoKnows on 03/08/2016 - 17:49
      -4

      But if Commbank still has the lowest rate after all the banks have passed on the cuts then why complain? Why do anything?

      • datzed on 03/08/2016 - 20:22
        +2

        Umm, is this a serious question?

        I don't understand how this can be a serious question.

  • OzzyOzbourne on 03/08/2016 - 15:02
    +1

    I'm no economist, but I'm guessing they do it to make more profit because they can.

    • HeWhoKnows on 03/08/2016 - 17:45

      Correct! if the market allows them to do so. And why not. Id rather have my financial affairs with a profitable bank I can rely on than one of those failing European banks.

  • Sydneyman on 03/08/2016 - 15:26
    +2

    -

  • tko6070 on 03/08/2016 - 15:51

    mine with Westpac is at 4.83%, but there is only 20k remaining on the loan with a redraw. Should I move banks for the remainder or keep it for the redraw for emergencies

    • HeWhoKnows on 03/08/2016 - 17:53

      Thats up to you. 20K is nothing. Probably more value in having the redraw facility

    • datzed on 03/08/2016 - 20:23

      Speak to a broker. Its free.

  • Hotchips on 03/08/2016 - 16:39
    +2

    Easy. Switch banks. I went from Westpac to CUA - saved around $400 per fortnight on a VERY modest mortgage (well under $300k)

    I had to wait 6 months as I was going to cop a ridiculous exit fee - which was all of the profit the bank would have made from me - I shit you NOT. Once my fixed term was up, I left. The bank was not even able to offer me anything CLOSE to CUA. AND I got offset accounts and other features which I did not have previously.

    Don't just bitch, SWITCH!

    • rave75 on 03/08/2016 - 16:56

      What rate are you getting from CUA? P&I?

      I am with Westpac, 4.7% on Interest only 560k loan..sigh.. Hard to switch bank because the house is under my name (got Permanent Residency) and my mom (non-resident). Sigh…

    • dr on 04/08/2016 - 08:59

      Are you saying that your interest rate with Westpac was around 3.5% (per anum) higher that the new rate you got with CUA?

      • Hotchips on 04/08/2016 - 11:48

        Yes. 7.8% with Westpac locked in pretty much the day before everything went south (5 year fixed rate). The reason why it was fixed? Nervous first time borrower that wanted to KNOW what my monthly bill was. Had memories of 17% in the late 80's I think it was???
        So my doing kind of, but the price for certainty was, as I discovered, BRUTAL.

        4.1% with CUA with the Fresh Start package. I think its a bit cheaper now as the last rate cut was passed on. I immediately dropped from $1050 per fortnight into Westpac to around $700 (I say "around" because I am paying well over that to service the loan faster.)

        Westpac did not even attempt to keep me as a customer. They asked about what I was going to be getting, and just said "Wow! Good luck, thanks for banking with us!" NO attempt to offer me similar or keep me as client which was amusing/annoying. I guess the severe rogering I had been dealt was enough for them.

        ANYONE with the big 4 - look at CUA and others. You should be able to do better. Westpac openly conceded they could get nowhere near what CUA could give me.

    • BestofOZB on 04/08/2016 - 12:26

      Don't just bitch, SWITCH!

      Made my day :)

  • ukulele on 03/08/2016 - 16:42
    +1

    ING haven't come out with theirs yet. I expect it'll be similar to the others. At the end of the day it's "market forces". Apparently OP has 1.3 in investment property loans, will he/she pass on the reduction of costs to the tenant?

  • eneloop on 03/08/2016 - 17:02
    -4

    I have never used a bank in my life. My Old man set me up real good. I'm 35 still live at home pay cash for everything get cash don't pay tax working in the family business. Even recently bought my car outright

    • jacross on 04/08/2016 - 09:23

      Cool story bro. Doesn't answer OPs question re monetary policy though.

    • BestofOZB on 04/08/2016 - 12:23

      Old man didn't tell you not to post tax evasion statements online? Not good for business bro!

  • HeWhoKnows on 03/08/2016 - 17:42
    -3

    Mate Get your bloody facts right! You are such a jerk! Firstly you need to compare actual rates. Not the rate cut. If Commbank were and still is the cheapest after all banks have passed on cuts to their rates then why would they need to cut even more. If not, just go to the bank with the cheapest rate. Secondly You missed the important point that Commbank actual raised some of their deposit rates so finally giving something back to us poor old savers - hooray 10/10 for Commbank. Thirdly If you are a shareholder either directly or indirectly via your superannuation then you shouldn't complain either. SO PULL YOUR HEAD IN!

    • Diji1 on 03/08/2016 - 18:00
      +4

      Australian banking industry supporter right here folks.

  • Diji1 on 03/08/2016 - 17:59
    +1

    I love it how today Malcom Turdbull gave a press conference where he's "crying" about how terrible it is that banks have a right to act this way when those rights are given to them by legislation which he can attempt to change.

  • HeWhoKnows on 03/08/2016 - 18:30
    -2

    Stop complaining. Commbank passed on more than any other bank (except Westpac 0.14%)

  • CandyMan on 03/08/2016 - 20:28

    They are sick of customers expecting them to pass on the full rate cut

  • callum9999 on 03/08/2016 - 22:24

    Just to check, everyone making these rants (including the people who watched a YouTube documentary about fractional reserve banking and now think they're experts) do realise the cost of servicing the loan hasn't magically decreased exactly in line with the rate cuts?

    Don't get me wrong, you simply have to look at the balance sheets to be able to see they're profiting off people less well off than themselves (though so is any business…), but I don't recall ever being forced to take out a large home loan at gun point - were you? The never ending victim mentality is getting rather tiresome. The system isn't MAKING you become a debt slave, you CHOOSE to become one because you want what the system is offering. Though it's always easier to blame someone else for your own "failings" isn't it…

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