IAN'S WORDS OF WISDOM
As one door closes, another opens. Let’s hope this applies to the New Financial Year and brings a close to the Global Financial Crisis and sees everything return to normal. I am so over the GFC and everything that has been blamed on it. We really have to start to get on with things and move forward in a positive direction.
All the uncertainty about the GFC, and the Federal Government guarantee of Mortgage Backed Securities has lead to a greater share of mortgage business going to the Big 4 Banks, being Commonwealth (which now includes BankWest), Westpac (which now includes St George and RAMS), NAB (which includes Homeside) and ANZ. This has greatly reduced the competition in the marketplace and is enabling them to dictate to you as the customer. To break this pattern we have to get business away from the Big 4 or we will all suffer the consequences. So call Jeff to review your Mortgage and find out what alternatives are available to you.
Is the Reserve Bank scared of the Big 4? Is this the real reason why we didn’t get a decrease in July of the expected 0.25% because the RBA thought it wasn’t a big enough drop for them to pass onto the consumer?
Are you in business? Do you need to update any equipment, cars, machinery, etc. The Federal Government incentives still apply to the end of December 2009. Certain criteria needs to be met to qualify for incentives between 30 – 50%.
To find out more go to our website.