Westpac

[pooxs]

Why is there such a fuss about Westpac raising their interest rate? Yes, it's going to cost you more, but if you're not happy then go somewhere else!

How is it any different from any business deciding they aren't making enough money/want to make more money and putting up their prices? If you like the product and can afford the extra interest stay

Comments

[ataxi]

Hmm. Well, I can see why it pisses people off

[pooxs]

that's essentially my point - if you didn't get a fixed rate because you were too greedy and hoped the rates would go down don't go complaining about someone else being greedy and wanting money from you when they go back up

and yes, well aware of the cost and time invovled - my Dad's a financial planner (he doesn't like the term morgage broker because those people are scum and he does a good job)

[japester]

although the variable rate has dropped quite significantly, the fixed rates have hardly changed over the last two years.

If only it *were* that easy.

[pooxs]

loans are not an essential service.

how about I compare it to doctors who regularly hike their rates so they can earn more?

the PT comparison was to put a face to the situation, since most people think big corporations arent full of people that have wants like the rest of us

[pooxs]

well we'll just have to agree to disagree, because as far as I'm concerned banks are things that, like personal trainers, are nice to have around because they make things easier (handling money and exercise), but in no way are essential (in the terms of loans and needing to lose weight/stay fit)

[doctor_k_]

I think some of the problem was the decision to compare mortgage price hikes with the cost of bananas - a truly astonishing moment of stupidity.

[pooxs]

oh yes, that was stupid, incredibly condescending, and very inaccurate (I believe) as to the reason for their price hike.