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Major banks pocketed $7 billion from borrowers by not passing on cuts

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Australian Broker | 12 Feb 2015, 06:00 AM Agree 0
Most Australians mortgagors have not been passed on the full rate cuts by the four majors since 2011, new research reveals
  • Brett of Brisbane | 12 Feb 2015, 09:01 AM Agree 0
    While the firing line is directed at the majors, a number of my clients with mortgage managed funding are behind the 8 ball to the tune of up to 1%. We are having THAT conversation with these clients right now.

    It's a little more than embarrassing having to change tune on those lenders in the clients eyes.
  • Grahame | 12 Feb 2015, 09:17 AM Agree 0
    The big four are not the only lenders and other lenders are offering good rates and making a killing.
  • Broker | 12 Feb 2015, 10:55 AM Agree 0
    Yes , and a disgrace given that the old chestnut " the cost of funds" have never been lower. Aussies really get shafted for finance, no wonder the economy is struggling, the banks have all the cash!
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