Banks getting more money from mortgages despite recession
Tuesday April 14, 2009
A recent analysis of the major banks and their mortgage rates has shown that the major banks are making on average $450 more on home mortgages than before the economic crisis.
The analysis, performed by Fujitsu Consulting for The Australian newspaper, have shown that the banks position is not so bad despite the banks stating that they are in financial dire straits and need government assistance while not being able to pass the full interest rate cut as expressed by the Reserve Bank of Australia.
The analysis of bank-funding costs has concluded that the major Australian banks are making a minimum $450 per year more on a standard home mortgage than before the economic crisis. It is thought that the increased earnings are a result of major banks buying out smaller financial institutions and non-bank lenders as they chose to leave the market although the Commonwealth Bank and Westpac dispute the claims of the analysis.
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