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 days later
December 8th, 2011 at 01:07 am
December 8th, 2011 at 02:31 am 1323311499
Recently, I have acquired several big bank credit cards, but I don't consider that banking.
December 8th, 2011 at 03:45 am 1323315921
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.