Who Are The Banks Screwing Over The Most On Rates?
  • 30 September 2016

Who Are The Banks Screwing Over The Most On Rates?

The Commonwealth Bank has quietly slashed some of its term deposit rates, just two months after boasting that increases could help millions of savers!

banks

Ahead of a parliamentary grilling of the big banks next week, it has chopped the one-year rate to 2.4 per cent and the two-year rate to 2.45 per cent – now some of the lowest rates in the country. The three-year rate is the same.

David Carvosso, chairman of National Seniors, said the rollback was very disappointing to its members.

"They're still nervous after the global financial crisis, about the uncertainty and fluctuations occurring in other markets, so they look for security, mainly from the big banks," he said.

"The deeming rates for Centrelink are not reviewed frequently enough and cuts like this mean the difference between the deeming rate and what people can earn is very marginal."

CBA has cut its one-year term deposit rate by 0.6 per cent to 2.4 per cent and its two-year rate by 0.65 per cent to 2.45 per cent.

WIth actions like this in place - it is obvious as I covered in last week’s blog post Superannuation Alert - The current return on a $1m super investment is equivalent to the age pension; that we need to look at other ways of putting aside money for our retirement . . .

What is your plan for retirement?

banks screwing over

South East Queensland is the place to watch for property!

suburbs-housing

House prices in Brisbane have lifted to a record high, according to a new REIQ report.

The data showed house prices in the Brisbane LGA rose 1.3 per cent over the June quarter to $635,000.

Domain Group chief economist Andrew Wilson said Brisbane property owners can look forward to about 4 per cent prices growth for the calendar year.

“There’s no doubt that the south-east Queensland housing market is performing solidly at the moment – the Gold Coast in particular but also inner city areas in Brisbane are still finding buyers,” he said.

“The prospects are good for growth in Brisbane for the rest of the year; there’s been continual improvement in the local economy, down to the building boom.”

The strongest market in Queensland was the Gold Coast, with the median house price growing by 3.6 per cent to $580,156

ANZ-ROY Morgan Australian Consumer Confidence Jumps 4.4%!

ANZ-ROY Morgan Australian Consumer Confidence bounced back this week, rising a solid 4.4% to 120.6

money-till

  • The improvement in confidence was broadly based. Consumers’ views towards their current finances jumped 5.4%, while views towards future finances rose a solid 4.0%. Encouragingly, the indicator on current finances is at a post-GFC high
  • Households’ views of the economic outlook were also more upbeat. Views of the 12-month economic outlook rose a sharp 6.0%, while views of the 5-year economic outlook improved by 3.6%
  • Household views on whether ‘now is a good time to buy a household item’ bounced a sharp 3.8%

consumer-confidence-20161003

With Interest Rates at the lowest for our generation, the signs are positive for future prosperity, for those who invest successfully in property!

mortgage-rates-20161003

capital-city-dwellings-20161003

Have a great weekend and catch you next week!

Warm Regards,

Troy Gunasekera

Related Posts

Onsite Managers/Caretakers – The Good, the Bad and the Ugly

Onsite Managers/Caretakers – The Good, the Bad and the Ugly

If you are a property investor who owns a unit, you may well have bought into a development whose Body Corporate engages an Onsite Manager or Caretaker (hereinafter referred to as an OSM). Now some OSM’s are good, and some are bad, and some are outright ugly! If your complex has a good one, breathe a sigh of relief...

🌟 Property Market Update with Clifford Bennett | June 2024 Edition 🌟

🌟 Property Market Update with Clifford Bennett | June 2024 Edition 🌟

Welcome to our latest property market update! In this video, renowned economist Clifford Bennett shares his expert insights on the current trends, challenges, and opportunities in the property market. Whether you're a homeowner, investor, or simply interested in real estate, this update is packed with valuable...

Western Australia leads nation in property investment growth, offering hope for renters

Western Australia leads nation in property investment growth, offering hope for renters

Western Australia has recorded the highest growth rate in property investment of any Australian state over the past year, with investor lending reaching a record $1.15 billion in April 2024, according to the latest ABS figures. Kevin Young, President of Property Club, said that property investment activity in WA has...

Become a Member Today!

Our mission is to help the average Australian learn the property market dynamics and discover the amazing opportunities that exist in real estate.