Interest rates up again!
Dec 1st 2009, 4:47 am
#1
surfer chic from Teesside
Thread Starter
Joined: Mar 2004
Location: Halls head, WA
Posts: 1,431
Interest rates up again!
Just in time for Christmas - Gutted 
Dec 1st 2009, 4:51 am
#2
Proudly Deplorable
Joined: May 2003
Location: Alloha snack bar
Posts: 24,246
Re: Interest rates up again!
Great news!
Dec 1st 2009, 4:51 am
#3
Fighting my corner
Joined: Aug 2005
Location: Adelaide, South Australia
Posts: 11,948
Re: Interest rates up again!
If only Australia's economy was like the UK's: ie. thrashing around like a deer with a gaping wound in its jugular!
Then we'd have lower interest rates.
Then we'd have lower interest rates.
Dec 1st 2009, 5:00 am
#4
Proudly Deplorable
Joined: May 2003
Location: Alloha snack bar
Posts: 24,246
Re: Interest rates up again!
Here's hoping anyway.
Dec 1st 2009, 5:07 am
#6
Fighting my corner
Joined: Aug 2005
Location: Adelaide, South Australia
Posts: 11,948
Re: Interest rates up again!
Dec 1st 2009, 5:31 am
#7
Forum Regular
Joined: Jul 2007
Location: Croydon, NSW
Posts: 50
Re: Interest rates up again!
On a slightly similar note Westpac have upped their rate by 45 base points (0.45%) and probably hoped this would be over-shadowed by the overall rate rise headlines.
Personally I think WestPac have done this as they may have a lot of bad debt coming their way from Dubai lending. They have issued a statement saying otherwise but as they had ~100m on loan to Dubai business investors, they now have to recap that from somewhere. This is going to make one hell of a Christmas for most families...
Personally I think WestPac have done this as they may have a lot of bad debt coming their way from Dubai lending. They have issued a statement saying otherwise but as they had ~100m on loan to Dubai business investors, they now have to recap that from somewhere. This is going to make one hell of a Christmas for most families...
Dec 1st 2009, 6:19 am
#9
Joined: Jun 2006
Posts: 4,555
Re: Interest rates up again!
They say they are doing it due to the rising cost of funds which have become increasingly divorced from the base rate.
On a slightly similar note Westpac have upped their rate by 45 base points (0.45%) and probably hoped this would be over-shadowed by the overall rate rise headlines.
Personally I think WestPac have done this as they may have a lot of bad debt coming their way from Dubai lending. They have issued a statement saying otherwise but as they had ~100m on loan to Dubai business investors, they now have to recap that from somewhere. This is going to make one hell of a Christmas for most families...
Personally I think WestPac have done this as they may have a lot of bad debt coming their way from Dubai lending. They have issued a statement saying otherwise but as they had ~100m on loan to Dubai business investors, they now have to recap that from somewhere. This is going to make one hell of a Christmas for most families...
Dec 1st 2009, 6:51 am
#12
BE Enthusiast
Joined: Mar 2009
Posts: 623
Re: Interest rates up again!
Great for mortgages though :-D less money for the bank more to the loan. I read about someone who had interest only mortgage on a 1% tracker. So in theory the bank should be paying them but apparently the bank system can't cope with that so they have to pay 1 pence per month in interest.
Dec 1st 2009, 7:38 am
#13
surfer chic from Teesside
Thread Starter
Joined: Mar 2004
Location: Halls head, WA
Posts: 1,431
Re: Interest rates up again!
Shame on West pac - I hate banks here - they are soo greedy!
I have just had a HUGE Row with the Bank of Queensland as they are just dipping into my money whenever they choose and taking 'charges' from me - although they never seem to pay me my $2 bonus payment each month for keeping my minimum balance - cheeky swines:curse: I told them I will be closing the account and with drawing all my funds from them ggrrrrr
It seems to me that UK is the place to be at the moment - everyone I know is quids in there - new cars and new houses -always going out boozing -the recession seems to be a good thing as far as they are all going - think its just the people with money who suffer cos they lose the interest earned instead of interest charged, I keep asking them what its like and they say "what recession never noticed"............ mind you I left a small amount of money in an ISA over there and it used to get a few pounds interest every month, which I thought I would leave in there for my next holiday, now it gets 1pence a month!
I have just had a HUGE Row with the Bank of Queensland as they are just dipping into my money whenever they choose and taking 'charges' from me - although they never seem to pay me my $2 bonus payment each month for keeping my minimum balance - cheeky swines:curse: I told them I will be closing the account and with drawing all my funds from them ggrrrrr
It seems to me that UK is the place to be at the moment - everyone I know is quids in there - new cars and new houses -always going out boozing -the recession seems to be a good thing as far as they are all going - think its just the people with money who suffer cos they lose the interest earned instead of interest charged, I keep asking them what its like and they say "what recession never noticed"............ mind you I left a small amount of money in an ISA over there and it used to get a few pounds interest every month, which I thought I would leave in there for my next holiday, now it gets 1pence a month!
Dec 1st 2009, 7:47 am
#14
Lost in BE Cyberspace
Joined: Feb 2005
Posts: 15,526
Re: Interest rates up again!
It seems to me that UK is the place to be at the moment - everyone I know is quids in there - new cars and new houses -always going out boozing -the recession seems to be a good thing as far as they are all going - think its just the people with money who suffer cos they lose the interest earned instead of interest charged, I keep asking them what its like and they say "what recession never noticed"............ mind you I left a small amount of money in an ISA over there and it used to get a few pounds interest every month, which I thought I would leave in there for my next holiday, now it gets 1pence a month!