NAB rate cut

i noticed NAB reduced my IP loan by 31bps effective 22 August. This is on top of the 2 x cuts in June and July following the cash rate reductions.

I didn’t see any announcement on this. Anyone else get this nice present or hear anything about it?

 

Sounds more like someone renegotiated the rates for you. Have you recently spoken to a broker or banker?

 

so what rate you on now? Is it variable?

 

As Pete said - might have been your broker organising rate discounts.

We do it routinely for our clients - usually we let them know the good news via email.

Cheers

Jamie

 

I imagine if the NAB just randomly cut their rates by 0.31%, it would on the front page of every newspaper!

 

3.84% variable

I do use a broker but not for my NAB loans which I set up myself. I do have a good relationship with the branch manager who has done some things for me before with rates and package fees but I haven’t heard from him

 

Yeah I’m at a loss. Is it possible it’s a system error?

 

It's not a fixed rate or interest only expiry? A system error is possible, but it doesn't happen often and not really randomly like this.

 

Definitely on the variable tranche of a split loan. No recent maturity or anything. Fixed rate is unchanged.

 

I’ll just assume it’s an outcome of theRC and banks are so awesome now, everyone’s best friend and get on with life

 

Thanks for everyone’s thoughts. I’ll let you know if I do get to the bottom of it

 

Don't rush...take...your ...time in getting back to us. If at all.