New record cash rate 1.75

I doubt they would have been worried either way, tbh.

The last two sentences from the Westpac Economics commentary which I referenced in yesterday's thread before the cut.

However we do not believe that the timing of the Federal Budget; the upcoming Federal election; or the imminent retirement of the Governor will affect this decision. The Governor has shown himself to be indifferent to political events while I have no doubt that, being the professional he is, he will remain in total control until the day he retires.

There was a time (Keating era) when the RBA was very much beholden to the government. A lot less so, now though.

 

Yes...great for resi...but I see massive clouds in the horizon.....if this not managed.

By what they did ....they might be letting the inflation genie out of the bottle. In any case serious money to be made in the next 12-24 months in OZ! Particularly if the Libs win.....with the no event budget with pretty much offends very few people...labor's chances of winning have reduced.

 

soooo.....they're now a second tier lender?

 

I'm with cba. When will the cut be passed on to me?

 

20th May.

 

I think interest rate cut was a bit premature.
Alan Kohler pointed out that the CPI decline was not due to decline in demand but primarily due to oil.
RBA could have kept some gas in tank for Global events like Brexit, China/Europe/Japan slowdown, President Trump etc.

 

Ahh well. This helps folks like me who have borrowed to our eyeballs.....
I'm not stressed by any of my borrowings... tempted to go out and buy more...

 

I'm so dirty, I went and checked if there was any news with P&N bank.They have increased there interest rate from 4.4% to 4.54% on the 30th April.

That is an extra approx. $500 a month for the next 6 months until my construction is finished!!!!

What's the deal can I ring them up and try and get a discount (it is the EasyPay Plus 750k product)... It's not like I can walk away to another bank with 6 months left in on a build I would imagine.

Everyone is all happy and I'm devastated

 

Dont stress cruskits, they are working on their next move!

We will be assessing recent market interest rate changes and making a decision as soon as possible. Any changes will be communicated with those members impacted.

 

Thank you @HD_ACE

Hopefully something comes of it....

 

Hi sash. What do you think the impact on the property market will be like depending on who wins the election?

 

Aaron, I believe they sold off their actual second tier lender, Esanda (or it's loan book, but same difference) to Macquarie Bank recently for a bunch of coin, so maybe everybody with an ANZ loan should front up to 3 or more of the others, and just say:-

1. "What can you do for me? Here's the money numbers", and

2. "Here's the contact phone numbers".

It really isn't that difficult, as, when push comes to shove, all these businesses, and they ARE businesses, do is rent money, and all their money is the same.

And everybody on this forum, who are many, know that there are 3 rules to banking:-

1. Banks are fair weather friends, and

2. When it's raining they want their umbrellas back, and

3. See Rule # 1.

 

yeh but a fair portion prob dont meet servicing reqs so can't move anyhow

 

Better to be early than too late....
Also have to remember that IF needed there are still 7 more possible cuts available.... That is heaps left in the tank for the RBA compared to the rest of most countries.

 

RAMS dropped their rate last night (I am guessing they do everything in line with Westpac due to affiliation). Low rate home loan down to 4.40%.

 

I was being sarcastic but your response is actually quite funny!

My point was more they're bleating about wholesale lending costs like a wanna-be second tier lender, while enjoying the 'four pillars' protection and having a large market share.

 

I'm interested to see how the next 3 months play out. Election, budget implementation, Brexit Referendum etc.

I agree with @sash there will be opportunities post-election, whether the libs are re-elected or not.

I don't know about it being an artificial buying frenzy though.. money may be cheap but it certainly ain't easy, right now..

 

Any news on Macquarie bank, will they be dropping their rates and by how much?

 

Yes C-Mac....the way you play it will also depend on a couple of factors:

1. Who wins the election
2. Impact of the Super changes on property
3. The performance of share market
4. Performance of the Australian economy over the next 6 months
5. If another rate cut eventuates over the next 6 months

May you live interesting times.........a confucious curse!