Over the past 8 years, since the GFC, the banks have passed on 65% of rate cuts to home loans and kept 35% of the difference for themselves. Whether the retained amount was due to profiteering or covering costs, we can not say.
We have streetonomic look at the net interest margin made on mortgages in Australia
Read MoreIf you have a home loan, then a mortgage offset account, is a great place for your extra cash. It will help you pay off your home faster. With an offset account, you can save thousands of dollars and take years off your mortgage.
Need access to your funds? Not a problem. A mortgage offset account is an 'at call' cash account. There is no obligation to lock your funds in. An no penalty for making extra deposits or withdrawals
Read MoreGeneral Advice Warning: The information on this site is of a general nature only. It does not take your specific needs or circumstances into consideration. You should look at your own personal situation and requirements before making any financial decisions.