Has anyone passed on a rate cut?

Discussion in 'Loans & Mortgage Brokers' started by Jmillar, 6th Nov, 2020.

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  1. Jmillar

    Jmillar Well-Known Member

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    I was about to fix some loans with CBA last week but thought I would wait until this week's RBA meeting.

    Has CBA or any other bank passed on the rate cut yet? Are they expected to?
     
  2. JasonC

    JasonC Well-Known Member

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  3. inertia

    inertia Well-Known Member

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    Looks like the big 4 are passing on the rate cut for new fixed rate loans, nothing for existing customers.
     
  4. Lindsay_W

    Lindsay_W Well-Known Member

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    Existing customers can get access to the fixed rates, eg. if you're currently on a variable rate you can fix your loan at the new fixed rates.
    If you have an existing Fixed rate loan already in place well it's already fixed (the definition of a fixed rate, does not move in line with rate increases or decreases) - when it comes off the existing fixed period you can re-fix at the new rate.
     
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  5. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    cost of fund has increased **** ****
     
  6. Gen-Y

    Gen-Y Well-Known Member

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    Is that the porky white lies the banks will spin to the media?
     
  7. Yson

    Yson Well-Known Member

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    I was planning to fix but the investment fixed rates remains unchanged, so sad about it
     
  8. Lindsay_W

    Lindsay_W Well-Known Member

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    Current fixed rates are the lowest we've ever seen in this country, it's no reason to be sad IMO :)
     
  9. David_SYD

    David_SYD Well-Known Member

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    Suncorp did for me on my variable portion
     
  10. Lindsay_W

    Lindsay_W Well-Known Member

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    CBA has reduced interest rates for their Owner Occupied fixed rate loans effective 11th of November, no announcement for the investment loans (variable or fixed) at this stage.
     
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  11. Lindsay_W

    Lindsay_W Well-Known Member

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    AMP Owner Occupied Fixed Rate Announcement, effective 11/11/2020
    2 & 3 Year Fixed Rates 1.97% p.a.
    5 Year Fixed Rate 2.29% p.a.
    All up to 90% LVR + LMI
     
  12. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    Like they arent busy enough already :)

    doesnt surprise me though, suspect they are buying bonds from their own wealth business

    ta
    rolf
     
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