Write to your bank

[BradK]

Hi all,

I just wrote to my bank (Commonwealth Bank) politely informing them that I could not give a rat**** about their 'overseas funding difficulties' nor their bottom line.

Now that Labor have given this $4 billion life line to non-bank lenders, I will be off to a non-bank lender (the IMB) after the rugged treatment over the past 9 months - IF THEY DONT PASS ON, IN FULL, next months expected interest rate cut.

If the shoe were on the other foot... I think all mortgage holders should write to them and let them know that we, the people, are BACK! - thanks to Swan or Turnbull, or whoever - I dont care. This forces competition back into the bank sector.

Before anyone goes on about 90 Bank bill rates... or international money markets... or credit freezes... I know I know I know I just dont give a ****. Spare me the lecture.

Brad

 

[Nyden]

You may just be counting your chickens before they hatch ... next months rate decrease is anything but a guarantee. Many (myself including!) are still calling for an increase in interest rates, so - perhaps I should write insisting that they not pass on any :

If the average person cannot afford to pay their mortgages at the current rates; it only stands to reinforce the notion that house prices are overvalued; and perhaps many have unfortunately overpaid. Re inflating it all is not the answer either; bring on the deflation!

 

[xoa]

Cheap credit is a right, not a privilege.

Don't those bastard banks know we need to buy plasma TVs and investment properties?

 

[BradK]

You may just be counting your chickens before they hatch ... next months rate decrease is anything but a guarantee. Many (myself including!) are still calling for an increase in interest rates, so - perhaps I should write insisting that they not pass on any :

If the average person cannot afford to pay their mortgages at the current rates; it only stands to reinforce the notion that house prices are overvalued; and perhaps many have unfortunately overpaid. Re inflating it all is not the answer either; bring on the deflation!

I have a VERY low mortgage. So much so, that I just spent 6 months in Europe with the family on a teachers salary. THAT is how low it is.

Its the principle of the thing. They have played hard ball with us and now is the time to shove it back to the man.

Write
Brad

 

[chops_a_must]

I have a VERY low mortgage. So much so, that I just spent 6 months in Europe with the family on a teachers salary. THAT is how low it is.

Pay the ****er off at cyclical lows, rather than spending on another luxury then.

Christ some people are dead heads...

 

[Nyden]

Pay the ****er off at cyclical lows, rather than spending on another luxury then.

Christ some people are dead heads...

Exactly. It's this sort of attitude that's gotten the whole system into the mess it's in! Folks going on holidays, buying new TVs - and making it all the more difficult for responsible people in the process.

Sorry, but to those with this sort of nonchalant attitude towards mortgages ... well, these sorts deserve all the pain they get when rates rise (and hopefully they will )

 

[nunthewiser]

Exactly. It's this sort of attitude that's gotten the whole system into the mess it's in! Folks going on holidays, buying new TVs - and making it all the more difficult for responsible people in the process.

Sorry, but to those with this sort of nonchalant attitude towards mortgages ... well, these sorts deserve all the pain they get when rates rise (and hopefully they will )

What a load of twaddle!.... If said person is able to service said mortgage even in times of high intrest , why no use it for the things in life that one would need a personal loan payable at a higer intrest instead....... Personally i own a house and land that i have recently borrowed on after being mortgage free , the reason being for subdividing and improvements . should i have stayed mortgage free and waited 8 years to save up to do this development then ?Should i have spent my savings To do it and left myself short for a rainy day? I do agree that a lot have caused strife through financial mismanagement but NOT all of us are that way inclined
all the best
a subdividing nun now with a small mortgage which will be settled after sale of first block of land and if no sale can still pay off with no stress included..........geeeez

 

[nunthewiser]

PS........ as far as the borrowings are concerned , i am currently fortunate to have cash more than easy enuff to cover said development but still i borrowed , am i being irresponsible ? have i causedd the credit meltdown? will i go to hell because i use my funds as i see fit ?

 

[chops_a_must]

What a load of twaddle!.... If said person is able to service said mortgage even in times of high intrest , why no use it for the things in life that one would need a personal loan payable at a higer intrest instead....... Personally i own a house and land that i have recently borrowed on after being mortgage free , the reason being for subdividing and improvements . should i have stayed mortgage free and waited 8 years to save up to do this development then ? I do agree that a lot have caused strife through financial mismanagement but NOT all of us are that way inclined
all the best
a subdividing nun now with a small mortgage which will be settled after sale of first block of land and if no sale can still pay off with no stress included..........geeeez

But you must admit that someone complaining of increasing interest rates, at the same time as bragging about luxury spending, is farcical in the extreme.

It's that crap mentality, that has got us into all of these problems.

 

[chops_a_must]

PS........ as far as the borrowings are concerned , i am currently fortunate to have cash more than easy enuff to cover said development but still i borrowed , am i being irresponsible ? have i causedd the credit meltdown? will i go to hell because i use my funds as i see fit ?

Nope. You are being responsible.

But if you pushed your spending to a point where small movements in interest rates affect you substantially, you would be being massively irresponsible.

 

[robots]

hello,

what problems?

most wont be affected the slightest

thankyou
robots

 

[Beej]

PS........ as far as the borrowings are concerned , i am currently fortunate to have cash more than easy enuff to cover said development but still i borrowed , am i being irresponsible ? have i causedd the credit meltdown? will i go to hell because i use my funds as i see fit ?

LOL! Well said and "hear hear"

I too will borrow as/when it suits me and use that money as I see fit!

Cheers,

beej

 

[nunthewiser]

But you must admit that someone complaining of increasing interest rates, at the same time as bragging about luxury spending, is farcical in the extreme.

It's that crap mentality, that has got us into all of these problems.

Yes. i have no complaints on intrest rates as basically a cost of doing buisness in my case , but yeah IF the intrest rates bothering them so much yeah dont pay it , pay off the mortgage instead of spending up and use ones own cash/savings instead to stop the whining

 

[chops_a_must]

Yes. i have no complaints on intrest rates as basically a cost of doing buisness in my case , but yeah IF the intrest rates bothering them so much yeah dont pay it , pay off the mortgage instead of spending up and use ones own cash/savings instead to stop the whining

Agreed.

And my and Nyden's point entirely.

 

[jet328]

Why is Australia sooo obsessed with interest rates, bank fees & petrol prices? No other country that I know of has this absolute obsession like we do.

Are we really that loaded with debt? (dumb question)
I just can't understand why low interest rates are so fantastic. They punish savers, encourage speculation & misallocation of resources & push property prices higher. Just look at what's happening in the US due to Greenspan's ridiculously low interest rates after 911.

 

[nunthewiser]

Nope. You are being responsible.

But if you pushed your spending to a point where small movements in interest rates affect you substantially, you would be being massively irresponsible.

Totally agree ... the joneses borrowed to the hilt when intrest rates were low . needed the 54 bed mansion with the gold plated dunny seat to go with the beemers in matching colours and the boat that ornaments the driveway , oh dont forget the endless credit cards attached to make general life a lil easier . oh whats this ??? rates rising ? wages stay the same ........ totally agree the "want it now" brigade that havent catered for the not so good times are gunna get smacked ..... the good bit tho is that here in sunny OZ they cant just say "WTF " and give the keys back . they responsible for the debt regardless.........

 

[nunthewiser]

Exactly. It's this sort of attitude that's gotten the whole system into the mess it's in! Folks going on holidays, buying new TVs - and making it all the more difficult for responsible people in the process.

Sorry, but to those with this sort of nonchalant attitude towards mortgages ... well, these sorts deserve all the pain they get when rates rise (and hopefully they will )

NO i didnt agree with this post as was a generilization towards ppl that borrow money

 

[BradK]

But you must admit that someone complaining of increasing interest rates, at the same time as bragging about luxury spending, is farcical in the extreme.

It's that crap mentality, that has got us into all of these problems.

Chops - you are a bit of a wanker... you just dont get it. I did my holiday out of SAVINGS.

 

[nunthewiser]

You may just be counting your chickens before they hatch ... next months rate decrease is anything but a guarantee. Many (myself including!) are still calling for an increase in interest rates, so - perhaps I should write insisting that they not pass on any :

If the average person cannot afford to pay their mortgages at the current rates; it only stands to reinforce the notion that house prices are overvalued; and perhaps many have unfortunately overpaid. Re inflating it all is not the answer either; bring on the deflation!

I do however totally agree with this one .

 

[BradK]

The whole focus of this thread was to stick it back to the banks. Not to get into some argument about if people want to go on holidays, buy plasmas, or new cars.

I am very responsible with my cash - and have got myself into a good position. But, unlike some, I am not ignorant and self-righteous enough to judge others who find themselves in debt. How offensive and condescending some are.

Go post on news.com.au!

Brad