Interest Rates drop again but my mortgage
 

is variable and still stuck at 6.09! Who, who knows more than me, can share some insight for me? When will me variable rate fall?

Re: Interest Rates drop again but my mortgage
 

I dunno. Heard about it when I got home. Don't own a house here yet. :)

Re: Interest Rates drop again but my mortgage
 

When was it announced by the RBA? The banks generally take their time in advising how much of the cut they will pass onto customers (if any).

Re: Interest Rates drop again but my mortgage
 

The banks are still paying depositors 5.x% until the end of the term, so don't expect an immediate rate fall.

Re: Interest Rates drop again but my mortgage
 

That sucks. The rate is almost twice the rate of the RBA!

Re: Interest Rates drop again but my mortgage
 

Banks haven't announced how much of the cut they're passing on yet, when yours does your variable should drop by that amount, as far as I know anyway, I expect mine to. 6.09% variable is not bad BTW.

Re: Interest Rates drop again but my mortgage
 

Yeah pretty sure mine is at 6.49% - so quit complaining!

Re: Interest Rates drop again but my mortgage
 

Yup. They all cry funding pressure, yet across the Tasman in NZ, the same banks, suffering the same alleged funding pressures, are offering significantly better rates...

I am beginning to suspect that the funding pressures line is actually a big fat lie.

I predict a 0.15% pass on this time, if we're lucky...


S

Re: Interest Rates drop again but my mortgage
 

You can bet that when the rates go up again, the banks will pass on the full increase making the 'gap' between RBA and their rates permanent. It's about time the Government Treasury stepped in and set a maximum 'gap' limit.

Re: Interest Rates drop again but my mortgage
 

6.09% is a great rate!!! even after this next rate drop many will still not be as cheap as that.

All banks take their time, and ANZ only announces their decision Friday week after RBA decision.

Re: Interest Rates drop again but my mortgage
 

Wish ours was 6.09% - we are around 7.3% and fixed in for the next two years :( Ah well, it could have gone the other way I suppose...