These are the biggest banks in Australia, and they’re called the Big Four – Westpac Banking Corporation, National Australia Bank or NAB, Commonwealth Bank of Australia and Australia and New Zealand Banking Group. They hold the majority of all loans from mortgage borrowers as well as by the value of their total assets.
So now the question that begs to be asked:
In the 1980s as the big banks began a series of acquisitions and fusions that pushed them to the forefront. Then, in the 2000s, an increasing number of mortgage loans in the housing boom further solidified their standing in the financial landscape allowing the Big Four to expand their market share.
The Big Four’s Dirty Scheme
There is a misconception that bigger, established are cheaper and safer. This is far from the truth. Bigger banks are very opportunistic. While they give you the impression that they provide lower interest rates in loans, they have actually exploited their authoritarian standing to take advantage of customers and supplying inferior products and services. This is especially true when you talk about house and small business lending. This implies that the Big Four does little to contribute to expansion in the physical economy.
The Big Four also wants you to think that they charge less interest. Again, not true. Larger banks typically charge a minimum daily balance fee for keeping a checking or savings account if you don’t meet the average daily balance.
They have also taken advantage of the loyalty of their clients. The Big Four are quite aware that most people don’t change banks. And do they reward this loyalty with lower interest rates? Think again. The new regulation by the Australian Prudential Regulation Authority (APRA) to decrease investor housing lending lead to a housing price bubble.
The Big Four has become powerful at your expense.
No B*nk Is Not Your Run-of-the-Mill Bank
Cutting through all these outdated and simply draconian methods of bigger banks, No B*nk offers solutions to small businesses.
No B*nk’s Unsecured Loans provides capital injections into your business, based on your current monthly turnover. No B*nks flexible terms will allow you to use the loaned cash to pay off your ATO debt or perhaps be able to afford that new equipment that will boost your business’ productivity.
No B*nk, we will ensure that you have access to a wide array of options to streamline your business operations. The wait time is drastically reduced so you get your cash faster settling your other debts straight away.
Get out of the game where the deck is stacked against you – contact No B*nk and we will layout options just tailored-fit for you…because we are awesome like that!
Paul Boyd Skinner, Managing Director of No B*nk has spent his career over the last 16 years helping thousands of people and businesses secure non-bank lending.