Browse Forums Home Finance 1 Feb 03, 2009 2:10 pm Now that RBA cut the cash rate by 1% to lower it to 3.25% in February, which lenders do you think will pass on the cut to its new and old customers?
The lenders that passed on variable rate cuts since the (December 2008) 1 % rate cut by Reserve Bank of Australia. Top effort by; ING Direct 100bps (1%) Commonwealth Bank 100bps (1%) NAB to pass 100bps (1%) Adelaide Bank 100 bps (1%) Police & Nurses Credit Union 100 bps (1 %) Reasonable Effort by; Citibank Basic home loan interest rate reduced by 96bps 0.96% Suncorp 90bps (0.9%) And........ AMP Banking 88 bps 0.88%p.a. ANZ 83bps 0.83% Westpac 80bps 0.8% St George 85bps 0.85% Bankwest 85bps 0.85% Re: Which Lenders Pass on February 09 Rate Cut? 3Feb 03, 2009 2:30 pm id hedge my bets to say the same banks as last time will give the full cut Blog - http://snakedr.blogspot.com/ Build Thread - viewtopic.php?f=31&t=12084&p=307406#p307406 Status - PCI 15/10. Things nearly done. Re: Which Lenders Pass on February 09 Rate Cut? 4Feb 03, 2009 2:54 pm billdsl id hedge my bets to say the same banks as last time will give the full cut I'd say the opposite, the banks that didn't pass it on last time will do it this time and the ones who did it last time will only do around 0.85 this time. Stevep79 & Principessa Finished building Wisdom Homes Impression 33mkII in The Ponds, Sydney http://lilypadintheponds.blogspot.com Re: Which Lenders Pass on February 09 Rate Cut? 5Feb 03, 2009 3:05 pm I'd agree on the ones who didn't pass it on in full last time - they will prob pass it on in full this time.
Edit - In fact Westpac have announced that they are passing it on if full this time around. No news from others yet. Re: Which Lenders Pass on February 09 Rate Cut? 6Feb 03, 2009 3:52 pm I expect all banks to pass on the full 1%.
They should pass on more considering CBA's recent increased profit and lack of passing on previous cuts in full, but they won't! Demolition August 2009, Construction Started September 2009, Completed December 2010 Re: Which Lenders Pass on February 09 Rate Cut? 7Feb 03, 2009 4:46 pm ANZ will also cut its its standard variable mortgage rate by 100 basis points to 5.91%.
http://business.smh.com.au/business/wes ... -7whm.html Re: Which Lenders Pass on February 09 Rate Cut? 8Feb 03, 2009 9:12 pm thlo, I think you mean '09' in your title not '08'
Im not sure who will and who wont, but Im tending to think along the same lines as Steve Custom European Cabinets - Melbourne Kitchen Specialist PM for business details as website currently being updated! Our Crazy Owner Builder Journey! Banks ripping us off. 10Feb 04, 2009 1:27 am Has anyone done the maths to see how much the banks are ripping off home borrowers now?
There were a number of RBA rate rises last year where they used the opportunity to jack up the rates more than necessary crying poor. And they haven't been passing on the full rate cuts as we all know. Extra 20% profit for CBA this year just from home lending alone! It really makes them credible when they say they need to keep a fatter margin just to survive, doesn't it? Not to be confused with Harold Re: Banks ripping us off. 11Feb 04, 2009 7:49 am kumar There were a number of RBA rate rises last year where they used the opportunity to jack up the rates more than necessary crying poor. And they haven't been passing on the full rate cuts as we all know. Reality check...in the current economic crisis I'd rather have my bank walking around with a fat surplus then going to the wall. As yet - apart from the guarantee, which may or not be used - the Federal Government has not had to bail out a financial institution because of the their strong balance sheets. If you are going to cry poor look at commercial borrowing were finance loans are between 8% to 10% and they haven't had a decrease in rates (well not much as I recall)...it could be argued that they are subsidising residential mortgages. I'm all for bank bashing but look at all the parameters. Just another note...it's also worth checking the lag on the reduction in rate (you can find that info in the media release for your bank)...the ANZ will make the change effective from the 13th Feb...the last one was about four weeks. mmm....donuts Homer Simpson 1956- Links: Site Costs Ready Reckoner | H1 Addiction Medical Advice | Château TDL: The Backyard Re: Which Lenders Pass on February 09 Rate Cut? 12Feb 04, 2009 10:06 am Ok i'm happy CBA have also ammounced they are passing the full 1% onto customers that takes my rate to 5.06%!!! 2nd build here we come in Whittlesea! https://forum.homeone.com.au/viewtopic.php?f=31&t=92617 1st Build - Henley - Cooper in Doreen! (2009) https://forum.homeone.com.au/viewtopic.php?f=31&t=17354 ING Direct home loan rates cut 1% 13Feb 04, 2009 3:10 pm ING Direct: Effective from 16 February 2009, all residential variable rates will reduce by 1.00% pa. Re: Which Lenders Pass on February 09 Rate Cut? 14Feb 04, 2009 7:04 pm Bankwest are stingy, not passing the cut until 20th Feb. Other banks begin on 9th Feb, Others on 13th Feb.
The buggers are always quick to put up the rates the next day when they were going up! Always seem to be bent forward at the waist grabbing your toes with a sharp pain in the rear end with the banks! Re: Which Lenders Pass on February 09 Rate Cut? 15Feb 04, 2009 8:24 pm If NAB drop their rates does that mean Homeside will too? Custom European Cabinets - Melbourne Kitchen Specialist PM for business details as website currently being updated! Our Crazy Owner Builder Journey! Re: Which Lenders Pass on February 09 Rate Cut? 16Feb 04, 2009 10:18 pm Homeside is a division of NAB so I would say so. We'll know soon. Re: Which Lenders Pass on February 09 Rate Cut? 17Feb 05, 2009 11:05 am Homeside variable rates will reduce by 1% p.a. effective 13 February 2009
Custom European Cabinets - Melbourne Kitchen Specialist PM for business details as website currently being updated! Our Crazy Owner Builder Journey! AMP Banking 1% rate cut 18Feb 05, 2009 12:31 pm AMP Banking
- All variable rate loans are decreasing by 1.00% pa - standard variable now 5.99% p.a. and Basic Variable Rate now 5.34% p.a. - Effective Friday 13 February 2009 for new business - Effective Sunday 15 February 2009 for existing business - Payment change effective date Monday 16 February 2009 - Changes impact all variable rate loans and lines of credit Suncorp cuts interest rate by 1% 20Feb 05, 2009 1:20 pm I've been advised that Suncorp has handed over the full 1% decrease. PM me your email. I have a build excavation calculator you can use based on your plans to double check what your builder is telling you. Cheers Simeon 1 10205 Fine with me... just let 'em step in with some affordable (but good) gear... 12 5474 2 5468 |