I just wrote to my bank (Commonwealth Bank) politely informing them that I could not give a rat**** about their 'overseas funding difficulties' nor their bottom line.
Now that Labor have given this $4 billion life line to non-bank lenders, I will be off to a non-bank lender (the IMB) after the rugged treatment over the past 9 months - IF THEY DONT PASS ON, IN FULL, next months expected interest rate cut.
If the shoe were on the other foot... I think all mortgage holders should write to them and let them know that we, the people, are BACK! - thanks to Swan or Turnbull, or whoever - I dont care. This forces competition back into the bank sector.
Before anyone goes on about 90 Bank bill rates... or international money markets... or credit freezes... I know I know I know I just dont give a ****. Spare me the lecture.