interest rates.

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grandduke
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Joined: 01 Sep 2008, 20:13
Location: 1770 Agnes Water Central Queensland

interest rates.

Post by grandduke » 01 Sep 2018, 10:12

To my mind, this is a classic case of what is wrong with the whole monetary system.
Sooooo, a couple borrow money from a bank to build or buy a house, the bank charges
you interest on that money depending on the rate ay the time.
But the cost of money the bank borrows money from the world market goes up, so what
do they do is raise your rate of interest to pay for it this, in turn, allows them to give their
shareholders more money so who is the sucker here.
No wonder these bastards can make billion dollar profits. :angry-devil:
“You see things; and you say, ‘Why?’ But I dream things that never were; and I say, ‘Why not?’”
George Bernard Shaw

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Biggdad
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Location: Sydney West.

Re: interest rates.

Post by Biggdad » 01 Sep 2018, 11:42

I remember paying 18% interest at one stage. Yep Dookie suggest you keep yer nuts under a hidden Branch! :heeheehee

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Perrorist
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Location: Tumbi Umbi, Central Coast, NSW
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Re: interest rates.

Post by Perrorist » 01 Sep 2018, 16:14

I remember that, too, BD. It was 19% across the Ditch. I expect deposit rates will increase in line with loan rates...just joking.

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kfchugo
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Location: Lake Macquarie NSW

Re: interest rates.

Post by kfchugo » 01 Sep 2018, 16:55

Like many of the things the big banks do, I think this is just another rort. While it is true that they do use overseas funds to fund SOME mortgages in Australia, these monies represent a relatively small part of their portfolio. When you consider the much higher rates they charge for business and personal lending, not to mention the outragous rates they get on credit cards, it seems hard to justify putting up the rate on ALL MORTGAGES. Still, until we get solid government intervention, the banks continue to be a law unto themselves.
Ever notice that no matter what the economic conditions, business downturns etc, our banks NEVER post a loss? Whatever happens, they just adjust rates and fees so that their customers cover any losses. :yeah_right

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Tedwalker
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Location: Brisbane area

Re: interest rates.

Post by Tedwalker » 01 Sep 2018, 17:25

I bought a cheap investment house about 25 years ago, with a loan from a finance company of 23%.
I sold it soon after.
I hope we never see these rates again. :eek
:eek

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