Interest Rate Changes - June Rate Cut

Discussion in 'Loans & Mortgage Brokers' started by Redom, 4th Jun, 2019.

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  1. Redom

    Redom Mortgage Broker Business Plus Member

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    Thought a thread tracking all rate changes is appropriate given the rate cut just announced:

    So far:

    ANZ: 0.18% cut on all variable rate mortgages, cut effective 14/06/2019. SVR rate of 5.18% on P&I OO home loans.

    CBA: 0.25% cut on all variable rate mortgages, cut effective 25/06/2019. SVR rate of 5.12% on P&I OO home loans.

    NAB: 0.25% cut on all variable rate mortgages, cut effective 14/06/2019. SVR rate of 5.11% on P&I OO home loans.

    Westpac: 0.20% cut on all variable rate mortgages, 0.35% cut on INV IO variable mortgages, effective 18/06/2019. SVR rate of 5.13% on P&I OO home loans.

    Macquarie: 0.25% cut on all variable rate mortgages, effective 21/06/2019.

    St G/BoM: 0.20% cut on all variable rate mortgages, 0.35% cut on INV IO variable mortgages, effective 18/06/2019.

    Suncorp: 0.20% cut on all variable rate mortgages, effective 21/06/2019.

    ING: 0.25% cut on all variable rate mortgages, cut effective 25/06/2019.
     
    Last edited: 5th Jun, 2019
    Redom, 4th Jun, 2019
    #1
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  2. Peter_Tersteeg

    Peter_Tersteeg Mortgage Broker Business Member

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    Add the date the change becomes effective.

    ANZ: 0.18% cut effective 14/06/2019.
     
    Peter_Tersteeg, 4th Jun, 2019
    #2
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  3. spludgey

    spludgey Well-Known Member

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    Would be interesting to see how many rate increases have been passed on in full historically, compared to rate cuts.
     
    spludgey, 4th Jun, 2019
    #3
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  4. Redom

    Redom Mortgage Broker Business Plus Member

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    Breaking - CBA passes on full rate cut.
     
    Redom, 4th Jun, 2019
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  5. Peter_Tersteeg

    Peter_Tersteeg Mortgage Broker Business Member

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    This is anecdotal, but I started watching rates around 2000. Until the GFC I recall that all the rate cuts were passed on in full.
     
    Peter_Tersteeg, 4th Jun, 2019
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  6. Blueskies

    Blueskies Well-Known Member

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    C'mon Westpac, help a brother out, follow the lead from CBA, not those tightwads over at ANZ!
     
    Blueskies, 4th Jun, 2019
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  7. Peter_Tersteeg

    Peter_Tersteeg Mortgage Broker Business Member

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    Until lenders adjust their assessment rates, this actually hurts investors serviceability. Not that anyone really cares about investors. :rolleyes:
     
    Peter_Tersteeg, 4th Jun, 2019
    #7
  8. MRO

    MRO Well-Known Member

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    Great marketing move to pass on full rate cut. Banks should still be trying to buy back some goodwill after the Royal Commission. I may have a vested interested here
     
    MRO, 4th Jun, 2019
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  9. Hockey Monkey

    Hockey Monkey Well-Known Member

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    BOQ? HSBC?
     
    Hockey Monkey, 4th Jun, 2019
    #9
  10. Redom

    Redom Mortgage Broker Business Plus Member

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    What did NAB, Commonwealth Bank, ANZ and Westpac pass on last time the RBA cut rates (2 August, 2016)?
    [​IMG]
     
    Redom, 4th Jun, 2019
    #10
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  11. PandS

    PandS Well-Known Member

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    CBA full cut alright am with CBA bring it way below 4% :)
     
    PandS, 4th Jun, 2019
    #11
  12. PandS

    PandS Well-Known Member

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    Seriously doubt it what people going to do?, we have 4 banks that control the market
    they just taking turn to be the bad guy, where ever you move you face the same heat sooner or later :) get even and have some banks share
     
    PandS, 4th Jun, 2019
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  13. oracle

    oracle Well-Known Member

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    Me thinks since the banks already know there will be atleast 2 if not 3 rate cuts from the RBA over coming few months they will each take their turns in either passing the full rate cut or keeping some citing additional costs of doing business.

    This time around ANZ decided not to pass full rate cut while CBA decided to pass full rate cut. I won't be surprised to see a role reversal next time around when RBA cuts.

    Cheers,
    Oracle.
     
    oracle, 4th Jun, 2019
    #13
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  14. Chill2205

    Chill2205 Well-Known Member

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    Is this insider knowledge? Their website states the following
    "As the official cash rate is only one factor in the Bank’s cost of funds, we will review the interest rate on all products and make an announcement in due course."
     
    Chill2205, 4th Jun, 2019
    #14
  15. Simon Hampel

    Simon Hampel Founder Staff Member

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    I already received notification from the CBA that the full 0.25% will be passed on.

    EDIT: https://www.facebook.com/commonwealthbank/posts/2509930122353619
     
    Simon Hampel, 4th Jun, 2019
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  16. PandS

    PandS Well-Known Member

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    not insider but paid service on AFR :) or you are brokers or has business with CBA you may get some notes on it
     
    PandS, 4th Jun, 2019
    #16
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  17. Chill2205

    Chill2205 Well-Known Member

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    ah nice, thanks :)
     
    Chill2205, 4th Jun, 2019
    #17
  18. Redom

    Redom Mortgage Broker Business Plus Member

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    NAB passes on full rate cut!
     
    Redom, 4th Jun, 2019
    #18
  19. Propagate

    Propagate Well-Known Member

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    C'mon BOM!
     
    Propagate, 4th Jun, 2019
    #19
  20. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    wll be interesting to see a lender pass MORE :)

    even just .26

    think of the free ads :)

    ta
    rolf
     
    Rolf Latham, 4th Jun, 2019
    #20
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