The horror, the horror: banks are having to compete for our business by offering better rates

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Don’t buy the banks’ sob story. They are annoyed Australians are becoming more savvy at shopping around for better deals for their home loans

‘You only need to look at the amount of fees earned by the big four banks to see why the royal commission was a good idea,’ writes Greg Jericho.‘You only need to look at the amount of fees earned by the big four banks to see why the royal commission was a good idea,’ writes Greg Jericho.

Kicking the banks is pretty much a national pastime of Australians and, to be honest, fair enough. There’s a reason there was aBanks and other financial institutions were playing their customers for mugs. For you see they were hoping to make more profits than they have from higher interest rates. But alas, they say it was not to be.yesterday that “while margins usually expand when interest rates rise, the major banks competed away the benefits in an intense battle for borrowers refinancing fixed-rate mortgages”.

A loan is a loan is a loan. All those other things they offer, whether it be a bonus saver account or some special deal on your credit card, are just things done to stop you caring as much about the interest rate, much like supermarkets hand out nicknack giveaways.And while banks will tell you their profit margins are suffering, let us not start to think we need to organise a telethon to help them out.In April 2022, the month before the RBA began raising rates, the four major banks received $20.

 

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