Originally Posted by
PADDLES
hi finga, we have to remember that banks are NOT a community service any more, they are a publicly listed business with shareholders that expect profit. as such the government should not interfere with them.
that being said though, i reckon that the australian government should make any bank wishing to trade in australia offer a basic home mortgage package with a continuously variable rate linked directly to the reserve bank rate. it must only be available to owner occupiers who are australian citizens and only have one title deed to their name, it must also be limited to the median value of a basic dwelling, if you need more money to buy a flasher house in a nicer area then it's obviously at an uncontrolled rate. all other banking services should be on the free market, but a basic home loan to get (and keep) australian citizens in their own property should be implemented.