Some Australian credit card lenders have been raising their interest rates despite the Reserve Bank of Australia (RBA) having cut official lending rates by 2 per cent since September.
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One could be forgiven for looking at declining interest rates, and feeling a little buyers remorse if you recently took out an Australian mortgage and opted to pay a fixed interest rate. Switching from a fixed to variable interest rate could save mortgage holders several thousand dollars a year. But if you have recently taken out a home loan and chose to pay a fixed rate, then exiting the agreement is simply cost prohibitive.
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Customers unhappy with the service provided by their banks now have the ability to change their bank accounts at no cost. The Governments account switching scheme came into full effect on the 1st of November.
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Last month as investors descended into outright panic as marquee names in finance began declaring bankruptcy, were being nationalised, or quickly sold themselves off to merger partners before either of the other two outcomes could occur. The yield on 3 month US Treasury Bills were for a very short time actually negative. Investors were actually paying the US government to hold on to its money, paying a premium instead just to be safe in the knowledge, that they would at least receive their principle back rather than actually receiving interest on it.
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