Commbank cutting 0

Discussion in 'Loans & Mortgage Brokers' started by smallbuyer, 19th Mar, 2020.

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  1. smallbuyer

    smallbuyer Well-Known Member

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    Seems a bit greedy hope others cut
     
    smallbuyer, 19th Mar, 2020
    #1
  2. smallbuyer

    smallbuyer Well-Known Member

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    smallbuyer, 19th Mar, 2020
    #2
  3. Christina46

    Christina46 Well-Known Member

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    But cutting 1% from business loans. (Per ScoMo's speech)
     
    Christina46, 19th Mar, 2020
    #3
  4. Christina46

    Christina46 Well-Known Member

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    And 0.7% from fixed rates. Maybe not quite so greedy. :)
     
    Christina46, 19th Mar, 2020
    #4
  5. Hetty

    Hetty Well-Known Member

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    0.7 cut from fixed investment loans too?
     
    Hetty, 19th Mar, 2020
    #5
  6. Christina46

    Christina46 Well-Known Member

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    Not sure @Hetty. Was just from the link @smallbuyer posted. It wouldn't be for existing fixed loans though.
     
    Christina46, 19th Mar, 2020
    #6
  7. MangoMadness

    MangoMadness Well-Known Member

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    Surely it is prudent for banks to go into self preservation mode?

    Reduce dividends, keep as much margain as they think they can get away with and if people are going to be losing jobs then they dont have the ability to change lenders.

    If people need further reductions due to hardship they can talk 1 to 1 and discuss it.

    My home loan is with CBA and last months reduction hasn't even been implemented yet.
     
    MangoMadness, 19th Mar, 2020
    #7
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  8. James Bond

    James Bond Well-Known Member

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    It is also prudent for investors to go into self-preservation mode. If the CBA isn't embarrassed into changing this position people will shop around out of principle.
     
    James Bond, 19th Mar, 2020
    #8
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  9. Hetty

    Hetty Well-Known Member

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    I know :) My CBA IP loan is all variable. Looks like the 0.7% cut is for investor too and it should be 2.49% now. I’m paying over 4% with our variable so I think I will fix.
     
    Hetty, 19th Mar, 2020
    #9
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  10. smallbuyer

    smallbuyer Well-Known Member

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    Can't shop around if u fix
     
    smallbuyer, 19th Mar, 2020
    #10
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  11. Lindsay_W

    Lindsay_W Well-Known Member

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    Now is the time to shop around for a better lender/deal
     
    Lindsay_W, 19th Mar, 2020
    #11
  12. Morgs

    Morgs Well-Known Member Business Member

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    I think they're relying on people not being well informed enough to shop around; or it being too hard to refinance. They're probably also signalling the market by going out first with this approach hoping that others follow and everyone maintains margin.

    So far may have worked. Just noticed Bluestone put their rates UP for new applications. No rate cut either.

    Interesting times!
     
    Morgs, 19th Mar, 2020
    #12
  13. Hetty

    Hetty Well-Known Member

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    Everyone’s situation is different. I can’t shop around on that particular loan because I’d have to pay LMI.
     
    Hetty, 19th Mar, 2020
    #13
  14. mikey7

    mikey7 Well-Known Member

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    Is it for investor too? I've read its only for PPOR..
     
    mikey7, 19th Mar, 2020
    #14
  15. Hetty

    Hetty Well-Known Member

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    Thought I saw it on their website but I can’t see it now.
     
    Hetty, 19th Mar, 2020
    #15
  16. MangoMadness

    MangoMadness Well-Known Member

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    If people are losing jobs then they will start finding it difficult to change. Maybe that 'forced retention' is one of the factors in play here.
     
    MangoMadness, 20th Mar, 2020
    #16
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  17. bob shovel

    bob shovel Well-Known Member

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    The house always wins
     
    bob shovel, 20th Mar, 2020
    #17
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  18. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    Tip : The Banks are making a joint announcement today on loans. The difference between some banks and non bank lenders may start to appear over the next few weeks.

    I believe CBAs announcement today will reflect why there has been no change to variable rates and all other lenders have also been silent on rate reductions. Its not a coincidence.
     
    Paul@PAS, 20th Mar, 2020
    #18
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  19. smallbuyer

    smallbuyer Well-Known Member

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    Nab 0 as well I suppose ppl are distracted. Be good to get some .25% money from scomobank
     
    smallbuyer, 20th Mar, 2020
    #19
  20. Hetty

    Hetty Well-Known Member

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    My broker said 0.5% cut for investment fixed loans
     
    Hetty, 20th Mar, 2020
    #20
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