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2 days later

December 8th, 2011 at 01:07 am

and the 4 big banks (one of which is our bank) still have not decrease their interest rates. Only 2 smaller banks have lower it in full. The government are unhappy but can't do anything about it. All 4 banks makes record breaking profit all the time but apparently if they do decrease it could "break the bank". Major BS of course. If it was the other way around, you can bet they will increase rate within minutes of the RBA announcement.

It might be time to change banks, but the thing is the big banks eventually just takes over/buy out the smaller once. There is very little competition here and that's why they can get away with it. We used to have our mortgage with the smaller institute but couple of years or so ago one of the big bought it out. It's really annoying. This is another reason why I want to get rid of the debt so badly, so we don't have to be slave to the banks.

Tomorrow is DH's payday, and first thing I will do is pay the mortgage. It should be down to $150K by then. Which means all my 2011 goals will be done then

2 Responses to “2 days later”

  1. patientsaver Says:

    Here in the states, there will always be smaller regional banks and credit unions. I have never in my life banked with anything but a small, regional, 1-state bank and i intend to keep it that way.

    Recently, I have acquired several big bank credit cards, but I don't consider that banking.

  2. Shiela Says:

    for some reason smaller bank just gets eaten up by the big banks... not much competition at all. Because of relatively small population they don't survive easily. The government have tried to make it fairer in the last year or so by taking out the exit fee when changing banks. But if all banks talk to each other and say lets not decrease the rate then there is not much of an option.

    But yeah I am seriously looking at changing bank at the moment, but I'm not sure I can get much better. We were lucky that we started with a smaller institute that charged a slightly lower rate 5 years or so ago and that when this current bank bought it we remained lower than their normal rate, and we will always be as per agreement when they took over.

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