New record cash rate 1.75

Discussion in 'Property Market Economics' started by dabbler, 3rd May, 2016.

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  1. sash

    sash Well-Known Member

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  2. Bender12

    Bender12 Well-Known Member

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    Oops that was also in May. Ok here's to hoping they pass the full 0.25

    Edit: They have passed on full 0.25 :) Correct Link below

    Media Releases | St.George Bank
     
  3. C-mac

    C-mac Well-Known Member

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    Apologies if I misread some people's comments in this thread but just so I am 100% clear - are these rate pass-ons reserved exclusively for owner-occupier mortgages?

    Or have ANY of the lenders (big or small) mentioned if they'll be passing on cuts to investment-mortgages?
     
  4. RM1827

    RM1827 Well-Known Member

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    Yes my mistake... It might be an old news
     
  5. Bender12

    Bender12 Well-Known Member

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    Yes they are for both investor and o/occ loans
     
  6. dabbler

    dabbler Well-Known Member

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    Should be all variable loans. So should be for both.

    Let's see what the next few days bring.

    I think they are a bit on edge, and NAB, well maybe they run the show announcing so quick, they must have had an inside run, or had a release ready just in case.

    I want to see what the smaller ones do too, as they are not under threat really like the bigger banks. Someone must have threatened them possibly, like....erm, maybe we will let a Royal Commision get up if you grubs try and steal any more money from customers.
     
  7. willair

    willair Well-Known Member Premium Member

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    Sometimes it always obvious after the facts,most of the smaller banks who in some ways are statistically insignificant are all trending up wards from the lows they have been in ..
     
  8. sash

    sash Well-Known Member

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    You had me for a moment.....:D
     
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  9. kierank

    kierank Well-Known Member

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    Even my 19 months old granddaughter knew that the RBA was either going to leave rates as they are or drop them by say 0.25%. Given the low inflation rate, the RBA was never going to put up rates today.

    If the rate remained unchanged, the banks had to say and do nothing.

    If the rate dropped, all the banks would have known what their approach was - no need to have an inside run. Just release it in a couple of minutes after the announcement.
     
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  10. C-mac

    C-mac Well-Known Member

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    That is one clever 19 month old :p
     
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  11. dabbler

    dabbler Well-Known Member

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    Well, you may think the response time was normal, but when I look, they usually drag the chain, especially when it comes to cuts.
     
  12. kierank

    kierank Well-Known Member

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    Takes after her grandmother.
     
  13. big max

    big max Well-Known Member

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    Not sure if swearing is allowed here. But seriously Fxxx ANZ!

    I don't bank with them but if I did I would be moving out of principle.
     
  14. Arashi87

    Arashi87 Well-Known Member

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    its not really what the % they drop, I guess its what the "net rate" that matters. For example ANZ has got fixed for 2 years for 3.75 o/o rate now.
     
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  15. dabbler

    dabbler Well-Known Member

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    Well, don't forget, NAB wanted to look all straight up, but they hit investors 3 separate times recently, one in the guts, an upper cut, then a low blow.....then they pull this stunt....look at us, look how nice we are, we look after our customers... :)
     
  16. Sonamic

    Sonamic Well-Known Member

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    I did.
     
  17. C-mac

    C-mac Well-Known Member

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    Is NAB not passing anything on for investment-mortgages?
     
  18. SouthBoy

    SouthBoy Well-Known Member

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    This article says, its for OO and IP. IP rates will still sit slightly high though.

    NAB passes on rate cut
     
  19. MTR

    MTR Well-Known Member

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    And it’s the reason why ANZ decided not to pass yesterday’s rate cut on in full. This is what Group Executive Fred Ohlsson had to say -

    "The background is that wholesale funding costs have again been rising in recent months. While we’ve absorbed this for some time and taken steps to reduce costs in our own business, higher funding costs mean we are only in a position to pass on a portion of the reduction in the cash rate to our customers.”
     
  20. MTR

    MTR Well-Known Member

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    If they did not cut the rates yesterday the next chance would have been just a few weeks before the election – that would possibly have not been a good move???
     

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