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15 January 2008

And then there were Four!

We now have four Australian banks following like sheep to line their pockets using the Sub-prime Mortgage market in the US as the reasoning behind the latest round of rises to the standard variable Home Mortgage Interest Rate. They are National Australia Bank, ANZ Bank, Commonwealth Bank and Queensland's own Suncorp Bank.

I don't think i would mind so much except the big banks dont let the profits flow the other way ... that is to say they don't pass on the massive obscene profits they make, back to their customers.

I have never received an interest rate reduction to my Home Mortgage because the banking business was doing well.

What do others think about the passing on of this loss, which was largely due to the poor risk management by the big banks leading to massive losses. We might expect that it is just as logical to pass the profits on as well.

I also wonder if the bonuses of some Bank Management might be under review this financial year for all those managers who allowed this excessive market risk exposure.

I bet it never happens.

If you would like our finance broker to review your finances and see if you are receiving the best deal possible. With further interest rate rises forecast this year, now is the time to review your finacial position. It may be possible to get a better rate or package deal on your mortgage.

Yours in property.

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