Truth about Oz’s big banks

By |

A new survey shows many Australians are unaware of the true extent that the big four banks’ hold reaches.

Abacus, the initiator of the Balanced Banking campaign, surveyed 1,000 people from different walks of life and found that only 53% were aware that Westpac took over St. George bank in 2008.

The survey also found that just 36% of respondents knew that the Commonwealth Bank of Australia owns Bankwest and just 21% knew NAB owns UBank.

Similarly, just 14% of those surveyed knew that Westpac controlled RAMS.

Abacus said that many people believe the major banks own up to 70% of the home loans on the market, but the real figure is 92%.

Abacus CEO Louise Petchler said the dominance of the major banks left Australians frustrated. "In an election year, consumers are demanding politicians deliver a better banking deal for Australians."

Top Suburbs : darlington , south brisbane , nightcliff , bendigo , mt gravatt

Submit a comment

go back
Comments (4) Add your comment

4 Responses to "Truth about Oz’s big banks"

  • Rosemary says on 21/02/2013

    Overall the Australian banks have a stranglehold on the finance marketplace, this includes mortgages, financial planning (St. George own Asgard, NAB own MLC etc) leasing and the list goes on. I don't think the average person in the street really understands this at all. If they did perhaps they would think a little differently.

  • Garry says on 21/02/2013

    the main banks want to have the monolopy on housing loans

  • Steve says on 23/02/2013

    Who are the other 8%?

  • Reg says on 25/02/2013

    What about small business that employs the home owners? They are being destroyed by greedy banks.

Get help financing your investment

Simply complete the form below, and let one of our experienced advisors assist you. Our advisors will help you work out whether you can afford an investment property, and assist you in selecting the best loan for your needs.

Can you afford that property? Find out now
How soon would you like a mortgage?
What is your Annual Household Income i $
Do you currently own any Investment Properties?
Do you own your own residence?
How much equity do you have in all your current properties?
First Name
Last Name
Where do you live?
What number can we reach you on?
E-mail address
We value your privacy and treat all your information seriously - you can check out our privacy policy here
Add your comment