Interest Rate Changes - June Rate Cut

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

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  1. euro73

    euro73 Well-Known Member Business Member

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    The beautiful Hills District, Sydney Australia
    From AMP this evening ...

    Screenshot 2019-06-16 20.35.07.png
     
    euro73, 16th Jun, 2019
    #101
    ChrisP73 and spludgey like this.
  2. Dean Collins

    Dean Collins Well-Known Member

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    Macquarie is now offering 5 year fixed IP, P+I, <LVR70% for 3.99% - seems to be the bext 5 year fixed I've seen so far.

    If anyone has a better rate feel free to get in touch as I have an IP from St George im looking to move.
     
    Dean Collins, 17th Jun, 2019
    #102
  3. spludgey

    spludgey Well-Known Member

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    They're also offering 3.44% variable. Usually I like fixing rates for certainty, but in this economic climate, I would be very surprised if the variable offering wasn't a better deal!
     
    spludgey, 17th Jun, 2019
    #103
  4. Bender12

    Bender12 Well-Known Member

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    Anyone know how existing customers can get this rate? I'm on close to 5% on Investor interest only. Would happily switch to P & I for this rate.
     
    Bender12, 17th Jun, 2019
    #104
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  5. Dean Collins

    Dean Collins Well-Known Member

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    Nope, I only do fixed. Not interested in honeymoon variables that can be changed on a dime.
     
    Dean Collins, 17th Jun, 2019
    #105
  6. Morgs

    Morgs Well-Known Member Business Member

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    That is good as you'll get at the moment on 5 year fixed INV P&I

    The 3.44% rate is <70% LVR owner occupier P&I so won't be that sharp - new INV IO variable prices from 3.94% so worth giving them a call to see what they can do.
     
    Morgs, 17th Jun, 2019
    #106
  7. spludgey

    spludgey Well-Known Member

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    Sorry, I was going off this post: Variable interest rates - what are you paying?

    I didn't realise that he was talking about OO.
     
    spludgey, 17th Jun, 2019
    #107
  8. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    I expect an important qualifier for you Dean would be that the lender also does expat income, most lenders dont, or do it poorly.

    For some reason they see them as risky which is so anti reality

    ta
    rolf
     
    Rolf Latham, 17th Jun, 2019
    #108
  9. Shahin_Afarin

    Shahin_Afarin Residential and Commercial Broker Business Member

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    Rolf is right but Macquarie does have some quirks that you need to be aware of when it comes to expats.

    1. Expat's can only have the Basic Home Loan
    2. Max LVR is 70%
    3. No offset is available
    4. Must of a net asset more than $500,000
    5. Must have a POA
     
    Shahin_Afarin, 17th Jun, 2019
    #109
  10. Chill2205

    Chill2205 Well-Known Member

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    Is there a thread tracking the July cuts?
     
    Chill2205, 3rd Jul, 2019
    #110
  11. Arcticfire

    Arcticfire Well-Known Member

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    Arcticfire, 3rd Jul, 2019
    #111
    Bender12, Chill2205 and sqe like this.
  12. mickyyyy

    mickyyyy Well-Known Member

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    AMP were 4.24% in April and there has been two rate reductions since, they passed on the first in full and now second only 10 points dodgy f#$%ers
     
    mickyyyy, 7th Jul, 2019
    #112
  13. ChrisP73

    ChrisP73 Well-Known Member

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    I think you may be misinterpreting that post. Pretty sure AMP have announced they are passing on 0.2% of the latest RBA cut

    Rates changes - AMP
     
    ChrisP73, 7th Jul, 2019
    #113
  14. mickyyyy

    mickyyyy Well-Known Member

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    I'm certain last month reduction brought down IO variable 80% LVR rate down to 3.99% from the 4.24% confirmed by my broker, so the latest RBA drop is in question
     
    mickyyyy, 7th Jul, 2019
    #114
  15. ChrisP73

    ChrisP73 Well-Known Member

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    Hmm, and another 0.2% effective 22nd July per the AMP announcement in the link above.
     
    ChrisP73, 7th Jul, 2019
    #115
  16. Manic

    Manic Well-Known Member

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    When do fixed rates change on the back of the July announcement? Looking at CBA.
     
    Manic, 8th Jul, 2019
    #116
  17. Redom

    Redom Mortgage Broker Business Plus Member

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    ANZ moved their fixed rates on Friday, so I assume the other majors won't be too far behind in terms of timing.
     
    Redom, 8th Jul, 2019
    #117
  18. Skinman

    Skinman Well-Known Member

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    Perth
    Think I jumped the gun and fixed too soon. Fixed a number of Inv IO loans from variable to fixed with Westpac a couple of months ago. Went from 4.75 var to 4.19 fixed and was pretty pleased with myself (limited refinance options due to serviceability). With the last 2 drops by Westpac of .35% and .3% would now have been at 4.1% var IO with another potential cut to come!!!!

    Anyone got any pearls of wisdom to help me feel better :(
     
    Skinman, 9th Jul, 2019
    #118
  19. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    It was the right decision with the data at the time, so be pleased with yourself

    NO one knows the future

    ta

    rolf
     
    Rolf Latham, 9th Jul, 2019
    #119
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  20. Scyth

    Scyth Active Member

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    Melbourne
    My IO with CBA expired and they slugging me with 5.54%. :(. Interested to find what others are paying on IO variable with CBA @ 90% LVR.
     
    Scyth, 9th Jul, 2019
    #120
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