In the last few days we have seen some interesting things happening in Australia. Official interest rates have risen and at least one major bank has moved their mortgage rates higher than the official rate rise. It’s likely the other big banks (who hold around 80 per cent of mortgages in Australia between them) will follow suit. These same institutions have also just announced their latest round of profits and they are BIG numbers. The last 12 months has seen more than $20 billion profit go to the big 4 banks. Massive increases from companies who are crying poor about increased funding costs (which are being passed straight onto mortgage holders).
It’s enough to make the average Aussie spew.
What can you, the little guy do? You could complain to the government (who will “strongly urge” the banks not to screw their customers, but not stop them by legislating). You could chuck a brick through the front window of a bank (then get arrested, fined and be worse off for breaking the law). Or you could beat them at their own game. Pay off your credit card. Pay off your car loan. Pay off your mortgage. Don’t let a bank win by taking more money from you.
If you don’t know how to pay off your mortgage quickly, then you need to learn how. Sign up to this website. There has never been a better time.