The margins between the major banks median floating and one-year home loan interest rates and the Official Cash Rate (OCR) have been increasing since 2008.
Squirrel Mortgages director John Bolton says this is because the banks are under profit pressure as debt growth has stalled and the banks do not have natural revenue momentum in their businesses. This means they are looking to make extra profit on housing to compensate for making less money in other parts of the business.
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