OubaasDik Posted December 5, 2012 Report Share Posted December 5, 2012 Well, the Reserve Bank of Aus has dropped their rate again by .25% (25 basis points to the pedants), and lo and behold, the big 4 banks won't pass it (all) on to their clients. The big 4 are NAB, CBA, ANZ and Westpac.They all have shareholders and the board get bonuses depending on their profitability.Between them they hold 85% of home loans and make billions. CBA has made $7 billion so far for 2012.When you get here, may I suggest that you put your money into smaller community banks and credit unions? SOmeone whose actual shareholders are their depositors?Fish or Bob had an impassioned plea on here a while ago, and I tend to agree with them.Don't lend money to and borrow from people whose sole reason for existing is to screw money out of you. Quote Link to comment Share on other sites More sharing options...
bundyman Posted December 5, 2012 Report Share Posted December 5, 2012 That's the 1 biggest thing that PI$$es me off in Auss........BANKS Quote Link to comment Share on other sites More sharing options...
Emille Posted December 5, 2012 Report Share Posted December 5, 2012 banks everywhere - there should be a law requiring them to pass on the interest rate cutsbut as you know - the world really belong to the banks - rothchild style Quote Link to comment Share on other sites More sharing options...
Lynnie Posted December 5, 2012 Report Share Posted December 5, 2012 So which banks would then be recommended? We are with NAB (no mortgage yet), but we are very happy with them and the products they offer us Quote Link to comment Share on other sites More sharing options...
Heymanse Posted December 5, 2012 Report Share Posted December 5, 2012 Not sure how the rest of the products stack up and what they did in the past when the RBA cut interest rates, but ING passed on the full cut to their customers the same day the RBA made the announcement. Quote Link to comment Share on other sites More sharing options...
OubaasDik Posted December 6, 2012 Author Report Share Posted December 6, 2012 (edited) I am looking at Bendigo, Bank of Queensland, Police and Nurses Credit Union ..... basically anything except the big 4 and their subsidiaries (Bankwest, etc).But then I'm not a financial guru. What do I know? (Apart from the fact I'm being ripped off) Edited December 6, 2012 by OubaasDik Quote Link to comment Share on other sites More sharing options...
Emille Posted December 6, 2012 Report Share Posted December 6, 2012 the big 4 are all the samei still want to research the other smaller bank and bank-type institutions - i am sure one would get a better deal Quote Link to comment Share on other sites More sharing options...
HansaPlease Posted December 6, 2012 Report Share Posted December 6, 2012 I think I've said this before in reply to Bob's posts about smaller banks as well. I agree that the big banks rip you off and that their execs earn fat cat salaries, but cheap fees is not the only reason I choose a bank.The bigger banks provide far better internet banking and technology, have far more ATMs, have longer opening hours, better international facilities and better ways to make contact with them. I'll happily pay a bit more for better services. Our homeloan is with a small building society because they provide a great rate. Their facilities are rubbish and trying to contact them practically means taking a day off work, but that's ok because our mortgage payments go to them automatically once a fortnight and we only have to contact them twice a year at most. For everyday banking though, they would drive me crazy, I don't care how many orphaned baby field mice they save from extinction... Cheapest is not always best, I reckon. Quote Link to comment Share on other sites More sharing options...
Werns Posted December 7, 2012 Report Share Posted December 7, 2012 Well said HansaPlease!I honestly get a bit frustrated when people glorify community banks. Sure they have their place, but quite often you can get good deals at the big banks too. And when you look for a homeloan - yes look for the best rate. Don't just walk into your bank (be that one of the big four or a community bank) and ask for a loan. There are so many comparison sites out there that makes it so easy to find the best rates. For something like your mortgage, I think you have to look for the best rate. Like you said, you don't need to deal with them regularly, so it doesn't matter if their internet banking etc. is not as good. But for day to day banking I have seen some offerings from the big four that are even better than those of the smaller banks. It all depends on your needs. Shop around and find what suit you best. Never choose your bank because of advertising (the big four) or because of your aversion of big companies (the smaller banks). Quote Link to comment Share on other sites More sharing options...
Emille Posted December 8, 2012 Report Share Posted December 8, 2012 hansaplease what is the small building society name - ? Quote Link to comment Share on other sites More sharing options...
HansaPlease Posted December 8, 2012 Report Share Posted December 8, 2012 Heritage. They're in Queensland. admittedly, they've been good to us, but when I compare their facilities to big bank, then they're small if that makes sense. Quote Link to comment Share on other sites More sharing options...
Bob Posted December 12, 2012 Report Share Posted December 12, 2012 (edited) http://www.membersequitybank.comI've said it all before.The big 4 Banks don't pass on the lower Reserve Bank interest rates because they "need to increase their own bank's money reserves" . . . . which is code for "make bigger dividend payments to their shareholders"The big 4 Banks make ever bigger and ever bigger profits each financial year.I know.I have National Australia Bank (NAB) shares and am doing very nicely, thank you.So . . . . all you nice South Africans choosing to take a mortgage (bond) out over 20 years and paying the higher interest rates than necessary by shopping at the big 4 Banks are really helping poor people like me to travel for six months each year, either around Australia (2006, 2007, 2008, 2010, 2011 and 2012) or Europe (2009 and next year)Get smart . . . or keep paying top dollar for your home loan over the next 20 years! Edited December 12, 2012 by Bob Quote Link to comment Share on other sites More sharing options...
Johnno Posted December 13, 2012 Report Share Posted December 13, 2012 Not sure how the rest of the products stack up and what they did in the past when the RBA cut interest rates, but ING passed on the full cut to their customers the same day the RBA made the announcement.Although ING were the first to move (next day) I thought they only passed 20 points, theother 5 points to follow later.http://ingdirect.wieck.com/channels/News/releases/ing-direct-to-decrease-variable-home-loan-rates-by-5I wonder how quickly these big 4 banks lower the interest rates on term deposits and if so by how much? Quote Link to comment Share on other sites More sharing options...
WILLANK Posted December 13, 2012 Report Share Posted December 13, 2012 Stem saam met die feit dat die groot banke nie omgee nie Het onlangs vir n kredietkaart aansoek gedoen by "Communityfirst credit union " het die kaart ontvang met rente @ 9.5 % teenoor CBA se 19.99% , probeer wel om kaart elke maand op te betaal maar is nie altyd moontlik nie. Die verskil in rente is aansienlik en ek sal elke persoon wat oor n kredietkaart beskik om aansoek te doen by "Communityfirst ". Ek het toevallig in die Herald Sun se finansiele afdeling gesien dat CFCU die laagste rentekoers krdietkaart rekening in Australie het. en toe dadelik aansoek gedoen Quote Link to comment Share on other sites More sharing options...
TimeToGo Posted December 14, 2012 Report Share Posted December 14, 2012 Has anyone opened a bank account over there remotely, i.e. from South Africa? If so how did you do it and with which bank? Do these smaller banks offer that kind of facility? Quote Link to comment Share on other sites More sharing options...
GideonVD Posted December 14, 2012 Report Share Posted December 14, 2012 Commonwealth Bank does offer online international bank account opening... http://www.commbank.com.au/personal/international/moving-to-australia.html Quote Link to comment Share on other sites More sharing options...
BellaR Posted December 15, 2012 Report Share Posted December 15, 2012 We opened our account at CBA whilst still in SA. it was very very simple, we did it online. We deposited money too, and when we arrived here, we simply went in to the branch and collected and activated our cards. Quote Link to comment Share on other sites More sharing options...
CLAREandANDRE Posted July 17, 2013 Report Share Posted July 17, 2013 I work for ANZ as a Lending Manager, happy to field questions around lending. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.