Sunday, 22 March 2009

Interest Rates Might Drop But Banks Aren't Helping!

There's alot of speculation out there that the banks are now starting to give bonds again and are wanting to get back into the bond market. Well, fact of the matter is, if you're using a good bond originator, you should be getting your home loan approved anyway ;-).

So, does this mean we're going back to the good old days of 108% grants @ -2.5% below prime. NO!

In fact, what we're finding, is that although the banks are giving bonds, they're still in the business of making sure they're going to make money from you!

All this hype of interest rate drops!!! WOW I'm so excited! NOT!

Not only are the banks asking you to fork out your life savings to put down a 10% - 20% deposit on a property, they're increasing the interest rates that they're giving out to you! The home loan interest rates at the moment are ranging from between 2.5% ABOVE prime to 1.5% below prime.

So TITO, let me ask you! What's the point of dropping interest rates down 0.5% every 3 months if the banks are going to push their rates up every time you do this?

SOMETHINGS WRONG HERE MAN!

Readers - What are you thoughts????

5 comments:

yes2property said...

I agree, the banks will always make money out of us.

nafeeschouhan said...

good

commercial real estate said...

i wonder if they're only playing more safe or that's just their only way of securing their finances...

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