Latest Interest Rate Cuts !!!
A small Queensland based lender (Heritage Building Society) has shamed the Big Banks by passing on the full 0.25% p.a. Interest Rate cut announced by the RBA last Tuesday (6/4/2009). The Big Banks have declared that they cannot afford to do the same, despite their multi-billion dollar profits, and choose to hide behind the excuse that the “Costs of Funds” have prevented them from passing on the 0.25% p.a. rate cut. Yet this was accomplished by their much smaller competitor – Heritage Building Society – who’s profits are tiny in comparison. Read more
