Interest Rate Changes - June Rate Cut

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

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  1. Waterboy

    Waterboy Well-Known Member

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    Non-major banks pass on full rate cut - The Adviser

    "Likewise, Pepper Money has said that it will reduce interest rates on its residential home loans by 0.25 percentage point per annum to new and existing Pepper customers with SVR loans from 24 June."
     
    Waterboy, 7th Jun, 2019
    #81
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  2. tattoo

    tattoo Well-Known Member

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    ^ thats good to hear. Except that Pepper raised their rates 0.2 about 6 months ago - so they guessed right
     
    tattoo, 7th Jun, 2019
    #82
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  3. Skinman

    Skinman Well-Known Member

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    Still better than a 0.17% raise 2 months ago and then not passing on the full cut...those of us with Pepper don’t have many other options so every little helps :)
     
    Skinman, 8th Jun, 2019
    #83
  4. Waterboy

    Waterboy Well-Known Member

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    All the lenders including the Big 4 banks raised their rates a few months ago. The cost of funding actually rose during that time when the US Federal Reserve were raising rates which had a global effect.
     
    Waterboy, 8th Jun, 2019
    #84
  5. captainredbeard

    captainredbeard Member

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    Just because they're owned by them doesn't mean they always make the same decisions on rate movements.
     
    captainredbeard, 11th Jun, 2019
    #85
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  6. smallbuyer

    smallbuyer Well-Known Member

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    any word on firstmac?
     
    smallbuyer, 11th Jun, 2019
    #86
  7. boeman

    boeman Well-Known Member

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    RAMS (Westpac) just emailed me. I will receive a 0.20% interest rate cut on my OO loan.

    In the email however, investment loans paying interest only will receive a 0.35% interest rate cut...?
     
    boeman, 11th Jun, 2019
    #87
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  8. spludgey

    spludgey Well-Known Member

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    Loans.com.au just dropped it .2%, so it may or may not be the same.
     
    spludgey, 11th Jun, 2019
    #88
  9. tobe

    tobe Well-Known Member

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    .2 for new and existing variable rate customers.
     
    tobe, 11th Jun, 2019
    #89
  10. TMNT

    TMNT Well-Known Member

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    So today I went to NAB to see what the latest rates were,
    got told NAB and one other bank were the only ones that passed on the full rate cut

    got offered 3.99% fixed for 3 years,

    does this mean that 2 weeks ago NAB were 4.24%?
    I know for a fact that a few other lenders offered me 3.99 fixed for 3 years a few weeks ago
     
    TMNT, 11th Jun, 2019
    #90
  11. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    so take the lower offers...................

    U can even have 3.69

    but availability isnt the same as qualifying

    ta
    rlf
     
    Rolf Latham, 11th Jun, 2019
    #91
  12. spludgey

    spludgey Well-Known Member

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    They passed it on for variable rates, not for fixed rates!
     
    spludgey, 11th Jun, 2019
    #92
  13. Mcube

    Mcube Well-Known Member

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    Hi @Rolf Latham , what would be the 2 years P&I fixed for Investment loan with CBA? I know their online rate is 3.89% but can they do better? Thank you!
     
    Mcube, 11th Jun, 2019
    #93
  14. TMNT

    TMNT Well-Known Member

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    im sure someone in your profession should know that its not about just getting the lowest rate

    im not buying a loaf of bread

    that I did not know! makes sense
     
    TMNT, 11th Jun, 2019
    #94
  15. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    but thats what NAB do, they bake bread......... usually only white thin sliced bread to boot

    there is NIL benefit in the nab product arsenal expect for rate that I am aware of, yes there are some policy niches, but then thats not a rate discussion, thats a poverty of availability of finance chat.

    ta
    rolf
     
    Rolf Latham, 11th Jun, 2019
    #95
  16. Undervalued

    Undervalued Member

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    Resimac cutting by 18bp from 26/6.
     
    Undervalued, 14th Jun, 2019
    #96
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  17. Lucki

    Lucki Well-Known Member

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    Hi Undervalued,

    Can you please share the source for the Resimac cut?

    Thanks,
    Lucki
     
    Lucki, 16th Jun, 2019
    #97
  18. Lucki

    Lucki Well-Known Member

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    Ok just looked up Resimac’s announcement and looks like the rate cut is not across the board. Rather only applies to a couple of their products, and excludes other products including some of the ones they moved over from Homeloans. Such a shame this lender!
     
    Lucki, 16th Jun, 2019
    #98
  19. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    Resimac have a bunch of different funding sources, 7 or more I recall, including Pepper, Adelaide Bank wholesale, NAB warehouse funded product ( advantedge ) and others, and of course their own Prime Product.

    As each funder advises the core underlying cost, Resimac will advise accordingly I expect

    ta
    rolf
     
    Rolf Latham, 16th Jun, 2019
    #99
  20. David Shih

    David Shih Mortgage Broker Business Member

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    Here's a snapshot of what I've consolidated so far - hope it saves people from having to troll through various pages:
    upload_2019-6-16_19-2-56.png

    Cheers,
    David
     
    David Shih, 16th Jun, 2019
    #100
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