We are not cash cows

Southern Telegraph - - Opinion - Bernie Whit­worth Safety Bay

More vari­able mort­gage rises are be­ing rolled out as Sun­corp and Ade­laide Bank fol­low West­pac’s de­ci­sion to raise rates.

Our other ma­jor banks and lend­ing in­sti­tu­tions will soon raise their mort­gage rates too.

Yet banks are loathe to of­fer re­al­is­tic de­posit rates and, as the royal com­mis­sion into our banks has dis­cov­ered, will treat their cus­tomers like cash cows.

Safety Bay and Port Kennedy have two of the high­est mort­gage pay­ments ar­rears in WA, Safety Bay 4.9 per cent and Port Kennedy 5.41 per cent. This is the pro­por­tion of ex­ist­ing mort­gages that are at least 30 days be­hind.

Th­ese two sub­urbs are do­ing it tough and it will get tougher as their mort­gage rates rise.

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