‘Yes, we repriced the back book’, ANZ defends rate hikes!
Please tell us something we don’t know!
The big four banks are fronting the House of Representatives Standing Committee on Economics to amongst other things try and justify the gouging of their customers by increasing rates on the back-book.
To read a short article written by James Mitchell for The Adviser magazine click here.
Unfortunately I don’t think ANZ chief executive Shane Elliott answers the question adequately, he merely spins his way around the issue.
Industry luminary Steve Weston also weighs in on the matter….
The four major bank CEOs will be before Parliament, and I suspect they will be asked the same questions,” Mr Weston said “If they are found to have misled consumers about their reasons for lifting their back books as is being suggested, they may then be asked what else they have been disingenuous about. This could be a pivotal moment for banking in Australia.”
As you would know, if you read my blog posts, I’ve been pretty vocal and angry with the these opportunistic actions taken by the banks and other lenders who have followed suit.
At least now it is getting some mainstream media.
In the words of Robert F. Kennedy “Don’t get mad, get even!”
How you may well ask?
Well quite simply lenders are providing better rates for new business than that provided to current customers.
So it follows that you get rewarded for making the change rather than being blindly loyal.
If you would like me to do a quick review to see how you can save then please call me on 0409 02 99 22 or email at greg.clough@onyx.net.au.
You may also like to download my ebook Seven Tips to Healthy Finances.
I look forward to chatting with you soon to start the process of putting your hard-earned dollars back into your pocket.
Warm Regards
Greg Clough