⛔In the past six years, despite the Reserve Bank slashing official interest rates from 2.5 percent to a record low of 0.75 percent, the Big 4 have hoarded and hiked at whim.
Of the three RBA cuts this year, 0.75 percent’s worth, the big banks have delivered mortgage holders just 0.57 percent.
But going further back to when I developed my index of ‘rate rorts’ six years ago, the banks were charging 3.31 percentage points over and above the cash rate, exclusive Mozo data for my index reveals.
It’s now leapt to a profiteering 4.05 points.
Worse than all that, though, Mozo says our big banks are now a crazy 2.21 points more expensive than the – note fierce – competition. You used to pay only a 1.42-point premium.
Indeed, you could be on a mortgage interest rate of just 2.59 percent as opposed to 4.8 percent. And pocketing $144,181 on the average $401,057 home loan, the value of which is up 34 percent from $299,700 in 2013 (with apologies if you’re in Sydney or Melbourne and those averages make you feel like crying!).
With some 80 percent of Australia’s $2 trillion residential mortgage market held with a big 4 bank, last week the federal government announced an ACCC inquiry into this very thing. But in virtually the same breath Ministers confirmed they’re not prepared to legislate to compel conformity.
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Please watch: "Mike in The Night ! - The Great Reset - #mikeinthenight #talkshow #Thegreatreset"
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https://www.youtube.com/watch?v=ts9adClquIw