Nervous Australian home owners await Reserve Bank mortgage rate decision.
Shortly after breakfast on Wednesday April 4th, the Reserve Bank governor of Australia will 'hand down his sentence' to the more than five million Australian home-owners with mortgages, many of whom have unwittingly contributed to the massive surge in building approvals this year.
While it was beyond all market expectations that Australian retail sales would skyrocket past previous long-held benchmarks, the 10.60% jump in new home building approvals for the month of February "blew the market away!"
As for greedy little apartment investors; they single-handedly contributed to an incredible 31.5% increase in building approvals!
So, what effect did all this unexpected excitement have on the Australian dollar?……
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Monopolistic New Zealand banking industry uses smoke and mirror tactics to raise home loan interest rates - again!
New Zealand's mainstream banks are 'raping and pillaging' their home loan customers for every cent they can squeeze out of their mortgage interest rate charges - and under false pretences!
Did I just hear the sound of a thousand bankers' jaws dropping? Do I care? No!
THIS time the banks in this country of ours have gone tooooooooooooo far! On March 8th this year the Reserve Bank of New Zealand raised the Official Cash Rate (OCR) to it's highest level in years - 7.50%. They fed us all sorts of excuses as to "why" this had to happen. Everything from 'trying to lower our high-flying dollar' so as to aid the export sector, through to 'putting the disc brakes on the rampant property boom……
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Chilling memories of the day an armed gunman burst into my bank!
April 7 2006 started off like any other day… Yep, I was late for work at the bank on that day, too. But hey, I was ALWAYS late for work. It was 'who I was'. Trust me - working as a mortgage manager for one of New Zealand's leading banking institutions day and night was exhausting to say the least - and I really needed those sleep-ins!
But you know something? If I could've known what was going to happen later that day……
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Reserve Bank Governor attempts to stop New Zealand property boom in its tracks - and fails!
"My God and saviour! How Great Thou Art!"… I'm sure that's what the Governor of the Reserve Bank sings to himself when looking in the mirror 
Well, at least it would've been… if it hadn't been for the latest spectatcular rise in New Zealand property prices dealing Mr Bollard a swift and deadly kick to the groin!
Only last week, I was bleating on (in this blog) about how totally insane it was that politicians and treasury officials in this country continually do their damndest to thwart any hopes we 'mere mortals' may have for a financially free retirement……
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Why an early death is preferable to the lingering agony of a bleak, penniless retirement!
Years ago, living comfortably in retirement was something most New Zealanders looked forward to. Today, however, that aspiration is confined to the 'chosen few' - the less than one percent of the population who will retire wealthy.
For the rest of us, death at age 65 seems more and more the preferred option!
After all, we probably won't be able to afford to stay alive anyway!
Lets look at the reasons why:……
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