Home Loan Repayment
$
%
years

Former prime minister and treasurer Paul Keating, designer of Australia's four pillars policy, has hit out at the government for allowing too much power to be concentrated in the big banks.

In an interview with The Age, Keating criticised the $2.1bn acquisition of BankWest by CBA and warned that wealth management companies like AMP must be protected against bank takeovers.

The Australian Bankers' Association has long advocated the dismantling of the four pillars policy, which it says unfairly restricts growth in the industry.

Keating said that maintaining diversity and preventing massive growth were precisely what had kept Australian banks safe through the GFC. "In other words, you have discrete manageable units and you do not have contagion, you limit potential contagion [of bad loans]," he said.

Since the beginning of the GFC, the big four banks have increased their grip on the Australian mortgage market.

With interest rates at their lowest for more than 50 years, there are some great rates available. The best thing to do is to compare rates from all the lenders. Let us help take the leg work out of doing this - Compare Home Loans now