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List of lenders responses to May 2016 RBA cut

Discussion in 'Property Finance' started by Marty McDonald, 6th May, 2016.

  1. Marty McDonald

    Marty McDonald Mortgage broker

    Joined:
    22nd Jun, 2015
    Posts:
    228
    Location:
    Sydney North Shore and Norther beaches
    O.O | INV

    CBA -0.25 | -0.25
    WBC -0.25 | -0.25
    Nab -0.25 | -0.25
    STG -0.25 | -0.25
    ING -0.25 | -0.25
    NPBS -0.25 | -0.25 (Newcastle permanent building society)

    ANZ -0.19 | -0.19
    SUN -0.20 | -0.15
    BkW -0.20 | -0.20
    AMP -0.20 | -0.20

    (Most reductions are effective around 20th may)
     
  2. Blacky

    Blacky Well-Known Member

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    Location:
    Bali
    Marty
    Any news on commercial rates
     
  3. Marty McDonald

    Marty McDonald Mortgage broker

    Joined:
    22nd Jun, 2015
    Posts:
    228
    Location:
    Sydney North Shore and Norther beaches
    I don t really follow that market.
     
  4. chylld

    chylld Well-Known Member

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    Location:
    Sydney
    Now if only Macq would 1) lower their rates and 2) apply the new lower rate for existing customers!

    They raised me to 4.69% thanks to apra, but then lowered their advertised rate to 4.54% which they refuse to give me even after I called and asked nicely.
     
    Elives likes this.
  5. Peter_Tersteeg

    Peter_Tersteeg Finance broker and strategist Business Member

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    Location:
    Melbourne, Nationwide
    Talk to your broker about it.

    Macquarie are still a little wierd at the moment. For some clients they've been trying to encourage us to move them elsewhere, for others there willing to bend over backwards. What they'll do really depends on how they view your risk profile.
     
  6. D.T.

    D.T. Adelaide Property Manager Business Member

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    Location:
    Adelaide, SA
    Yay, monthly cost savings to make properties easier to hold onto :)
     
    KayTea likes this.
  7. sash

    sash Well-Known Member

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    And one of the reasons..why I avoud MGL at all costs....they are unreliable at bet...look at what they did with their lending armp ost the GFC...
     
    Blacky likes this.
  8. Sonamic

    Sonamic Well-Known Member

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    Location:
    Sunny QLD
    Yay the one I have with NAB will come down to 4.8. :oops: With negotiation 4.5% maybe.
     
  9. albanga

    albanga Well-Known Member

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    19th Jun, 2015
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    Location:
    Melbourne
    Question. I have a loan loan with CBA after this cut will bring it into 3.99%.

    Within the next fortnight (given rates not moving again) I will be applying for my construction loan. Can I assume when they top up my loan I will be given the same rate?
     
  10. DaveM

    DaveM Adelaide Buyers Agent & KFC Strategist Business Member

    Joined:
    14th Jun, 2015
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    2,102
    Location:
    Sydney & Adelaide
    Any info on Adelaide Bank?
     
  11. S1mon

    S1mon Well-Known Member

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    Location:
    canberra
    or choicelend :/
     
  12. DaveM

    DaveM Adelaide Buyers Agent & KFC Strategist Business Member

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    Location:
    Sydney & Adelaide
    Choicelend follows NAB iirc
     
  13. Jess Peletier

    Jess Peletier Mortgage Broker - Australia Wide Business Member

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    Location:
    Perth WA
    You can't assume anything. Get your broker to apply for new pricing and you may get even better rate with new lending.
     
  14. dan2101

    dan2101 Well-Known Member

    Joined:
    8th Jul, 2015
    Posts:
    331
    Location:
    NSW
    Loans.com.au is passing on full 0.25%.
     
  15. Peter_Tersteeg

    Peter_Tersteeg Finance broker and strategist Business Member

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    Location:
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    The CBA aren't quite as generous today as they were a few months ago.

    NAB Broker are currently pricing 80% investment loans around 4.5% before the rate cut. Aim for about 4.3%.

    Reasonably certain they're passing on 0.25%.

    Definitely passing on 0.25%.
     
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  16. MTR

    MTR Well-Known Member Premium Member

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    Location:
    Perth, Melbourne, USA

    thanks for sharing
    I was not expecting any of the banks to pass these on.

    My lowest IR now is with AMP at 3.92%, makes me want to go out and buy property again, money is so cheap at the moment....wow
     
  17. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    Canberra and Sydney
    Down 25 bps my friend :)
     
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  18. euro73

    euro73 Well-Known Member Business Member

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    Location:
    Sydney
    Election time RBA cut.... I think if it had been after the election we may not have seen the banks being so obliging. This may have been a "you better pass it on or face a royal commission.... " kind of message from Malcolm and Scott. Shorten would likely have really turned the screws on them during the campaign if the banks had failed to come to the party. It would have really put pressure on the coalition to agree to a royal commission into banking.

    Don't worry, they're playing the long game, not the short game... they will take their pound of flesh back on I/O lending in 2017, as they go through more capital raising for BASEL IV. The margin between the cash rate and the retail rate ( rate to borrower) will widen further - for interest only especially .... but only by 30-40bpts, so this cut ( and the next if we have one) will soften the impact to nil effectively.

    That all being said...P&I will see huge benefits and is still where the cracking deals can be had, and this is exactly what I eluded to a few months back when I said that if you approaching the end of your I/O terms and are forced to move to P&I because you dont re-qualify for what you have already, the RBA cuts will be the thing that saves your bacon. P&I in the mid 3%'s ( which is where we appear to be heading) is going to be manageable for most

    The RBA cuts will go a long way to saving the property markets from the "I cant get an extension to my I/O " cliff that several here had been worried about ....
     
    Last edited: 7th May, 2016
  19. MTR

    MTR Well-Known Member Premium Member

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    Perth, Melbourne, USA
    very interesting

    also can de very difficult to finance when markets start to fall and valuations come in short
     
  20. DanW

    DanW Well-Known Member

    Joined:
    26th Jun, 2015
    Posts:
    400
    Location:
    Sydney
    Anyone know did Macquarie cut the full. 25 for investors or not announced yet?