We are not cash cows
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.