Wednesday, April 8, 2009

the banks greed

the banks have been given support and everyone has flocked to them due to gov't protection...they have to reciprocate, alas GREED and the stockholder obligation BS knows no bounds
...first home buyers, now comprise almost 27 per cent of new borrowers.
clipped from

Australia's lenders appeared to be banding together against customers in a mass refusal to pass on the Reserve Bank's 0.25 per cent cut.

Full delivery of the rate cut would give home owners an extra $45 a month on an average $300,000 mortgage.

cut their variable home loans by just 0.1 per cent - or just $18 a month on the same loan.

all other lenders had so far turned a blind eye to the Reserve cut.

The revolt comes amid new figures showing the big four banks have captured 92 per cent of the loan market - their highest market share in 33 years.

The banks shrugged off tough-talk from Treasurer Wayne Swan, who said they needed pulling into line.

Finance Minister Lindsay Tanner claimed government pressure was keeping the banks honest.

"Lenders are finding it hard to get funds, which they have to increasingly get from deposits and the wholesale markets (overseas),"
standard variable rate of 5.74
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