Commonwealth Bank made a $7.8 billion profit however I'm still waiting for my home loan .25 rate cut

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Commonwealth Bank

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  KiLLUMiN4Ti on 15/08/2013 - 00:56

  +18

  Give a man a gun and he can rob a bank, but give a man a bank and he can rob the world…

• 

  webbj on 15/08/2013 - 01:38

  +1

  Rarely are bank profits and discounts to customers happening at the same time!

  If you have a $300 000 loan, you will likely save around $500 this year from the 0.25% cut. Take that $500 and buy some CBA shares, that way a profit announcement will be good news for you at the same time next year. If you cant beat them - join them.

  Search around and you will find a Commsec or Etrade "free first 8 trades" type deal if you invest though, you dont want $20 being eaten up and loosing you 5% before you start.

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  dieselraw on 15/08/2013 - 08:14

  The interest rate changes are effective from Wednesday 14 August 2013.

  • 

    ozultimate on 15/08/2013 - 10:42

    Rate change showed up this morning but effective from 14th

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  Smulder on 15/08/2013 - 08:39

  +6

  The bank is not a charity. They are in business to make as much money as possible. If you aren't happy with the service they are providing you then take your business elsewhere. prepares to be down-voted

  • 

    RandomNinja on 15/08/2013 - 09:34

    "If you aren't happy with the service they are providing you then take your business elsewhere."

    +1

    The only way to make a bank improve it's service is to hit them where it hurts - their profits

  • 

    scotty on 15/08/2013 - 09:44

    +1

    Yes in a free market, people should just be able to vote with their wallet. However I don't see that happening much with the loans to force the big banks to be more competitive. Why? Too much overhead for switching?

    • 

      one man clan on 15/08/2013 - 10:46

      The government did a lot to reduce the overheads for switching. I think it's a hangover of the overheads and the associated effort in finding a better option that stops people.

  • 

    cloudy on 15/08/2013 - 11:41

    +1 vote with your feet! dont be afraid or too lazy to leave.

    I started accounts with CBA, i was increasingly unhappy with them, so i've moved. Now i have nothing with CBA.

  • 

    gibspmuh on 15/08/2013 - 14:52

    Feel free to contact the bank and ask for an equivalent discount as well. It helps if you can cite a competing bank with a similar discount on offer - tell them you're thinking of switching if they can't match the rate. I had no issues getting an extra 0.3% off when I was with CBA previously (I've now moved to loans.com.au - CBA wouldn't come close to matching their rates, only really with the Big 4).

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  CyberMurning on 15/08/2013 - 09:15

  -1

  the banks in australia are just too greedy. i read report that banks in other continents arent making that much profits.
  people defending them are the one that has shares in the big banks.

  also:
  http://www.smh.com.au/business/excba-chief-norriss-pay-toppe…

  • 

    suti on 15/08/2013 - 12:53

    +2

    banks that don't make much profits go bankrupt. is that better? would you rather see people lining up outside a bank branch to get their savings out because they think the bank is going to go broke?

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  onlyletters on 15/08/2013 - 09:18

  Don't care how much profit they make, as long as the money stays in Australia.

  • 

    cloudy on 15/08/2013 - 11:40

    i can promise you any money you donate to me will stay in australia, so will u give me all ur money?

    i doubt it.

    additionally, the money doesnt all stay in australia, lots of international funds own the CBA too, which they money CBA makes, they have their share of.

    i wouldn't be surprised if a AAA rated bank like CBA has a large chunk, maybe even 50% foriegn ownership.

    • 

      suti on 15/08/2013 - 12:51

      CBA is only rated AA-

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  coolhead on 15/08/2013 - 09:36

  +1

  now you know how they make huge profits.. just by making us wait…

  • 

    ozultimate on 15/08/2013 - 10:44

    True