Australian Banks aren't the most popular organisations in the country, and for good reason, they seem intent on finding new ways to make you and I pay more fees when ever possible. 

Before continuing I should point out that I don't like Banks and I personally had a serious problem with Westpac a number of years ago and have never forgiven them for what they did to us!  Anyway, that's another story and despite my personal feelings for the Banks I'm going to be as fair as I can.  I should also point out that I rent a property, I do not own a house thanks to Westpac.

The United States is currently having a problem with one of their largest lending organisation which is apparently affecting Australian Banks who are intending to raise interest rates, without a rise from the Australian Reserve Bank.  Can they do that?  Of course they can because they are a law unto themselves.

I am curious - if a Bank makes a $4.2 Billion profit, why is it borrowing money from overseas to fund Home Loans?  And if they made a mistake by borrowing the way they did then why do the Australian Home Loan Consumers have to pay for it?  They can easily afford to absorb the costs.  Making a $4.2 Billoin profit is obscene from my point of view when they are happy to destroy the lives of hard working Australians whose financial situation has made repayments difficult.  I can assure you that the bank can, and do, foreclose on a Home Loans even if you NEVER MISS A PAYMENT.  You know what!  Australian Banks could pay a persons home loan off using only the money they spent at morning tea.  A lottery so to speak, where once a year or once a month a Home Loan Consumer is drawn and their mortgage is paid out and the bank wouldn't even notice the money gone.  It's nothing more than pocket change for them.

What the Banks should be doing is demonstrating loyalty to their customers (some of whom are Shareholders) and absorbing the additional costs.  We have to if our lender decides to take money from us, so why won't they.  Ok' I'm over it and aren't going to write any more on this topic because it makes me angry when the little guy is persecuted by the big guy.

I do want to ask one more question!  Why is the Commonwealth Bank still called the Commonwealth Bank if they are now privately owned?  If you or I wanted to register a company or business name with the word "Commonwealth" in it, it would be rejected because it's against the law.  Yet another example of Banks being above the law.