Tell a friendKevin Rudd and Wayne Swan do little.
In 2007, Mates Rates Mortgages submitted a mortgage relief plan to Prime Minister Kevin Rudd's office which:
- Delivers immediate interest savings of up to 0.3% p.a. to borrowers.
- Reduces the cost to vote with your feet by switching lenders.
- Broadens real competition in the mortgage market.
" The Rudd government has done exactly what it has accused it's predecessor of. They have failed to listen on interest rates and failed to act, whilst borrower suffer." says co-founder Michael Lee. Prime Minister Kevin Rudd says he is well aware many Australians are facing mortgage strain. Treasurer Wayne Swan has declared to "do whatever it takes to introduce real competition" yet Rudd and Swan have done nothing and continue to ignore a real solution.
" We don't know why the government is disinterested, but we have started a petition to demand the government act on their commitments. The more Australians that get behind the idea, the more likely the government might actually do something other than talk." says Lee
According to JPMorgan, a rate cut of just 0.25% reduces the interest burden on home loan borrowers by an estimated $1.7 billion. The cost to the government to deliver up to 0.3% is around $700,000.
Click here to read and sign the petition.
added 06-05-2008
