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Third major bank increases variable rates

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Australian Broker | 23 Oct 2015, 11:26 AM Agree 0
A third major lender has followed Westpac and CBA to increase variable rates on owner-occupied and investment home loans
  • Gerald Smith-Jomes-Brown | 23 Oct 2015, 11:37 AM Agree 0
    Why do we act surprised? They always take turns to be the first with the bad news, alternating as to which one of the four comes out first. Wonder which one it will be next time.
    They all fall into line one after the other!
  • GC | 23 Oct 2015, 11:51 AM Agree 0
    This is absolute BS. The 2015 yr end has shown the banks are making massive net annual profits - more than enough to set aside funds to cover unforeseen contingencies. This is just a cash grab. Its about bloody time the banks looked after the ones who make them rich... US.

    2015 cash profits (in billions) of the banks were WBC: $3.778, ANZ: $3.676, CBA: $4.623 & NAB: $3.3208.

    Given the GFC was 7 bloody years ago I would say Australian banks have fared quite well. The Basil requirements have been around for many years and the banks have been required to set aside funds because of the GFC issues - and they have been. Between APRA and the banks BS we are headed for some serious gouging.

    This is exactly the same as the BS arguments we copped previously of "it's the cost of funds" for the rate increases. Now the BS we will be told is "APRA made us do it".

    I am all for our banks to make a profit. If they dont, then we dont have banks. But this is crap. APRA, get your head out of your arse and start making good decisions based on reality and not your idiotic & BS presumptions.

    Australians deserve better than this garbage.
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