Homeowners Outcry to Leave Major Banks

Despite the Reserve Bank’s announcement to hold rates at 4.25 percent, the Big Four banks, the ANZ, Westpac, NAB, and Commonwealth Bank could increase their cash rates.

Homeowners are in rage with this decision and 70 percent of them threat to leave their banks if there shall be any increase in the monetary policy.

72 percent of people who joined the poll sponsored by News Ltd websites said the increase will stop them from buying new homes. At the same time, 72 percent claims to be struggling to keep up with their present financial status.

People claim that the Big Four has been monopolizing the Australian market for a long time. They are voicing to encourage international banks to get involved with the Australian business competition. The four banks have done a little to the economy as they continue to gain and give back a little to the society.

Treasurer Swam encouraged people to walk down the road to get a better deal if they are unhappy with the banks’ decisions. Swan’s comment also triggered further chorus of disapproval as homeowners find it rather dim as there is no better deal “down the road”.

However, banks are still expected to wait until Friday to make announcements if there should be any changes in the cash rates.

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