Hey Swanny .It might be worth mentioning that the GFC tax payer protected Ausssie banks who collectively bought up their competition while they had the protection ( yes Swanny an unforseen consequence of your protection that you did NOTHING about at the time that gave banking competion an absolute bollocking,anything that you have done to give so called increase in competion since is a window dressing joke ) are still retaining the extra margins they tacked on each time interest rates went up ,giving them world record margins and profits.

You would think that if the banks did pass on the cuts in full, people would be encouraged to borrow. More loans = more interest(less margin but more volume), and therefore benefit the whole economy.

But hey, I'm not even a bankers table scraps at an all day luncheon.

They will have to slash there fees and prices eventually due to competition. "bring it on" The Greedy molopoly style banking system from major banks in Australia is a discrace robbing the working class with there fees and making major record profits at the expencie of working class .

www.perthnow.com.au/news/wa/japanese-banks-could-snatch-100-billion-of-the-australian-home-loan-market-ng-a2eda1cf41ecef42630a80e7c095270f

Pugwash said...

Wayne Swan is the simplest, most stupid, individual I have ever seen - any party, any time...

He is so dumb he is completely unaware of his own stupidity...

But he's the Worlds Treasurer of the Year or the worlds best Treasurer ... OMG 2012 really must be the end... Peter33 what's your take?

That is one of the greatest embarassments of all - for all involved. It is a bit of a Bradbury... errr... Steven Bradbury...

It makes me cringe when I see him on the TV, so smug, on the attack, and then the words that come out - pure stupidity, vomit, ridiculous.

Pugwash - your not really Joe Hockey are you?

ON thing I have never understood.............

Our banks are triple A rated by the WBO or IMF ( whatever it is ) ..... yet they claim that the cost of them borrowing money on the international market is the reason for our higher interest rates

So why in other countries with banks with a much lower rating..... are these banks able to borrow money and the re-lend ( to their customers ) at a lower intest rate than ours...

go figure.....

Swan applies pressure??? Did they feel a breeze from his flapping feathers??

What's the usual "haircut"? 2.5%?

My current rate is 6.6, the RBA's rate is 4.25%.

What the **** are you all talking about?

cisco said...

Swan applies pressure??? Did they feel a breeze from his flapping feathers??

+1 Sad but true

Boobs (.).) [}:)]

if i re-morgage the house with a loan from a japanese bank, should i get the loan in aud$, say from one of their agencies in australia, so if the aud$ goes down i'm not caught out?

I saw on the abc finance that the difference between the rba rate and the bank rates for small business was around 6%. ie loans are around 10.25%. The banking sector maybe need to have a good hard look at themselves, cause they are burning australian business, along with every other regulation and restriction. I heard that funds are tight and it is competitive to get the funds, but that seems t say open it up to overseas banks to bring in some cash and can meet the australian banking guidelines. now, not later to help keep the non mining sector ticking.

I think all loans should be fixed term and fixed interest. Anyone who takes an arbitrary interest loan deserves to be fleeced.

3-6 year fixed, is just to suck you in.

PS: I hope rates go to 18%.

Mr float said...
I suppose if you are a cashed up miner or retiree looking for somewhere to get a nice earner sure .

I'm neither... I'm just pissed that greedy little farkers wanting to live beyond their means, fell for cheap credit, which ONLY caused massive price inflation, hurting everyone, and MASSIVE liabilities.

Here's how it works... idiot wants stuff, idiot borrows money, more money gets created... everything cost more.

Now this in a controlled fashion is OK, 2~3%, problem is banks are bigger greedy farkers, cos they have super greedy farker shareholders... central wankers (RBA) wouldn't create enough money for them to satisfy their greed, so they went abroad and borrowed Yen/$/Euro on the carry trade... then lent it to complete retards, who paid exorbitant prices for a piece of gyprock.

Now the next stage in the game, is when our banks get farked by the big evil international wankers... our government will then have to bail them out with additional super, tax breaks, free money or even out right cash injections.
Most Australian banks are leveraged 15-20x... that means it's like you have $5 of assets and owing $100, if you lose your $5 cos you want to by some protection for your bogan from Rockhampton... your gig's up.
Or if 5% of mortgages go bad, the government is going to steal more money from me to give the banks, and all cos some lazy farking idiot wanted to buy some over priced gyprock.

Yeah I know we're a little slow here, and the rest of the world did this last decade... and Australia's special, blah blah.
I'm totally plastered and I'm going for a drive, cos I drive real good drunk and I'm special.

FlySurfer said...

Mr float said...
I suppose if you are a cashed up miner or retiree looking for somewhere to get a nice earner sure .

I'm neither... I'm just pissed that greedy little farkers wanting to live beyond their means, fell for cheap credit, which ONLY caused massive price inflation, hurting everyone, and MASSIVE liabilities.

Here's how it works... idiot wants stuff, idiot borrows money, more money gets created... everything cost more.

Now this in a controlled fashion is OK, 2~3%, problem is banks are bigger greedy farkers, cos they have super greedy farker shareholders... central wankers (RBA) wouldn't create enough money for them to satisfy their greed, so they went abroad and borrowed Yen/$/Euro on the carry trade... then lent it to complete retards, who paid exorbitant prices for a piece of gyprock.

Now the next stage in the game, is when our banks get farked by the big evil international wankers... our government will then have to bail them out with additional super, tax breaks, free money or even out right cash injections.
Most Australian banks are leveraged 15-20x... that means it's like you have $5 of assets and owing $100, if you lose your $5 cos you want to by some protection for your bogan from Rockhampton... your gig's up.
Or if 5% of mortgages go bad, the government is going to steal more money from me to give the banks, and all cos some lazy farking idiot wanted to buy some over priced gyprock.

Yeah I know we're a little slow here, and the rest of the world did this last decade... and Australia's special, blah blah.
I'm totally plastered and I'm going for a drive, cos I drive real good drunk and I'm special.

you make some interesting points .speaking from personal experience my wife and i refinanced our relatively small homeloan a few years ago .The bank at the time offered us double what we wanted .I suppose you could call us greedy ****ers if we went for it and bought the home cinema and all the other goodies.We did our sums and factored in fut ure interest rate rises and even loss of job and stuck to our original plan .I was concerned at the time about the loose lending practices of the bank .