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THE major banks are making $450 a year more from each average home mortgage today than before the global financial crisis as they exploit weaker competition from non-bank lenders.
The cash grab by big banks, revealed in an analysis conducted for The Australian, threatens to further increase tensions between the banks and the Rudd Government.
The banks have cried poor, declaring they cannot afford to pass on the full benefit of the Reserve Bank's latest 0.25 percentage point interest rate cut because they are suffering from increased costs.