Tuesday, June 18th, 2013
Join Seven News and One Big Switch in the Truth in Banking campaign
Banks’ refusal to pass on the full interest rate cut has cost every Australian family more than $10,000 over the past four years.
The Seven News Truth in Banking campaign will let viewers calculate the gap between official interest rates and what banks are passing on. Visit www.truthinbanking.com
to calculate the rate gap.What does this mean?
The interest rate gap is the difference between Reserve Bank of Australia interest rate cuts, and the rate movements of individual lenders.
To achieve this goal One Big Switch has built a Rate Gap Calculator, to allow mortgage holders to calculate the impact of the rate gap on them.
The more consumers who use the Rate Gap Calculator during the campaign the louder the message to the banks will get, we mind the gap.What are our aims?
- To inform 25,000 consumers of the impact of the rate gap on the cost of their mortgage, and their monthly mortgage repayment.
- To send a message to the banks consumers do mind the gap, and are willing to act to know the impact of the gap on them.
Visit www.truthinbanking.com to calculate the rate gap.Seven News
and Today Tonight
will jointly run this campaign encouraging you to find out how much the home loan interest rate gap has cost your budget.Click here to tell us what you think.