Budget 2017 – Bank record profits in the gun!

10 May 2017

As expected, the new APRA changes to the Australian lending scene has led to banks securing record profits as they (unsurprisingly) choose to turn the screws on existing customers and investors. Investor rates tend to be at least 0.50% higher than their owner occupied equivalents at the majors these days, after taking into account different discounts and other rates hikes. Even existing foreign-investor loans have spiked by about 1-3% for existing customers – not that Australians have much sympathy for them!

Now it seems like our one-party Government is going to target the banks’ profits to fund their tax and spend agenda as they are running out of our money. Banks will have to recoup this cost somewhere – and ultimately it will be customers! We are still running out campaign to get all our customers, old and new, switched to alternatives to avoid the impending bank hikes! Call us on 03 9021 3764 to make an appointment today to see how you save thousands right now!

  • May 10, 2017