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'Shun big banks over rates rise'

Rockhampton’s Peter Redmond is taking his business elsewhere after ANZ announced an interest rate rise on Friday, along with the Australia’s other big banks.
Rockhampton’s Peter Redmond is taking his business elsewhere after ANZ announced an interest rate rise on Friday, along with the Australia’s other big banks. Allan Reinikka

WHEN Australia's big four banks announced an interest rates rise over the weekend, it was the final straw for ANZ customer Peter Redmond.

But the Rockhampton man is determined to have the last laugh.

"After I found out about the increase I decided I'd had enough," Mr Redmond said yesterday.

"And I've got to tell you... it felt so good when I emailed ANZ and told them I would be taking my business elsewhere."

With him, Mr Redmond not only takes his general account and home loan, but also his plans to buy an investment property, a project that would require a loan of more than $400,000.

Mr Redford swears he won't be going to another of the big four.

"Credit unions and building societies have much better rates and are less driven by their shareholders," he said.

"I've already started shopping around."

Mr Redmond said too many Australians sat back and whinged about the increased rates without doing anything about it.

"If we do nothing then we deserve what we get," he said.

Mr Redmond is a sales manager for Rockhampton's True Line Patios and Extensions branch and has also owned his own business in the past.

He said it wasn't just individuals who would be affected by the increase.

"It's not just the person with a mortgage or rent to pay and groceries to buy, it's also the businesses," he said.

"I've been around business for a long time and seen direct results of what a downturn in the economy can do.

"Retail in Rockhampton is already doing it tough and if interest rates go up then draft rates do too."

Mr Redmond hoped his move would inspire others.

"The banks need a wake-up call."

"I'm only one account holder but if a lot of us pack up and leave it'll make a huge difference."

 

RISING RATES

  • ANZ: 7.36% (up 6 basis points)
  • Westpac: 7.46% (up 10 basis points)
  • NAB: 7.31% (up 9 basis points)
  • Commonwealth: 7.41% (up 10 basis points)

Related Items

Topics:  anz banks big four banks rates increase rates rise



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