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7th April 2009 - RBA cuts Interest rates by 0.25%

7th April 2009 - RBA cuts Interest rates by 0.25%

Old Apr 7th 2009, 9:10 am
  #1  
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Default 7th April 2009 - RBA cuts Interest rates by 0.25%

The RBA has again cut interest rates by another 0.25% on the 7th April 2009

This brings the official Interest rate down to 3%

BUT... Mortgage Interest rates may NOT be reduced this time...

The CBA has said it will cut Mortgage rates by 0.1%
NAB has indicated no change to its rates.
 
Old Apr 7th 2009, 9:20 am
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Default Re: 7th April 2009 - RBA cuts Interest rates by 0.25%

Willing to bet they will cut savings rates though instantly like they always do. It's almost not worth having savings at the moment because the returns are so pathetic.
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Old Apr 7th 2009, 10:12 am
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Default Re: 7th April 2009 - RBA cuts Interest rates by 0.25%

Originally Posted by quoll
Willing to bet they will cut savings rates though instantly like they always do. It's almost not worth having savings at the moment because the returns are so pathetic.
Yeah, I have had to go on a spending spree to get rid of my savings...
 
Old Apr 7th 2009, 10:59 am
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Default Re: 7th April 2009 - RBA cuts Interest rates by 0.25%

Originally Posted by ABCDiamond
Yeah, I have had to go on a spending spree to get rid of my savings...


We dont have savings, we have an offset mortgage, makes more sense to us.

Disapointing the banks wont pass it on in full, havent heard what ANZ are doing.

Greedy buggers
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Old Apr 7th 2009, 9:04 pm
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Default Re: 7th April 2009 - RBA cuts Interest rates by 0.25%

Originally Posted by bridie


We dont have savings, we have an offset mortgage, makes more sense to us.

Disapointing the banks wont pass it on in full, havent heard what ANZ are doing.

Greedy buggers

or making sure they have enough money to pay their staff
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Old Apr 7th 2009, 9:09 pm
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Default Re: 7th April 2009 - RBA cuts Interest rates by 0.25%

Originally Posted by quoll
Willing to bet they will cut savings rates though instantly like they always do. It's almost not worth having savings at the moment because the returns are so pathetic.
Yep, grim for savers.

We have a rental house, the rent returns are now far better than money in the bank. Area is 2 mins walk from beach so dont have too many concerns about price dips there, houses rarely come up and if they do still sell in days. Of course tenants are not always predictable behaviour wise!!, weve been fairly lucky though.
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Old Apr 8th 2009, 8:22 am
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Default Re: 7th April 2009 - RBA cuts Interest rates by 0.25%

Revised Standard Variable Mortgage interest rates by the big four banks, after revealing what changes they will make:

CBA is cutting its rate by 0.10% down to 5.64%
NAB is NOT cutting its rate and staying at 5.74%
Westpac is cutting its rate by 0.10% down to 5.81%
ANZ is cutting its rate by 0.1% down to 5.81%


Note that NAB, even with no reduction, still has the 2nd lowest rate.

and don't forget... most banks can discount the above rates by about 0.7% to selected borrowers, it always pays to ask.
 
Old Apr 8th 2009, 9:31 am
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Default Re: 7th April 2009 - RBA cuts Interest rates by 0.25%

Originally Posted by Siren & Brian
or making sure they have enough money to pay their staff
i hope when they record enormous profits they'll be passing them on then?
or when the rates start going back up they wont be jumping up more % than the RBA sets it?


Probably not on both counts
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Old Apr 8th 2009, 9:45 am
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Default Re: 7th April 2009 - RBA cuts Interest rates by 0.25%

i thought cartels/monopolies were illegal....?
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