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The reasons my colleagues have mentioned above. You get locked in with a cheap fixed rate. A bit later you've got some equity but BWs limited serviceability means they won't fund the next purchase or even an equity release on the existing property. You have to break the fixed rate to access...

Fixed rate with BankWest = very quick way to paint yourself into a corner.

NAB's passed it on in full. It'll take weeks for fixed rates to trickle through.

In the ANZ's announcement, they did take a snipe at the other banks by saying they're passing the cut on 8 days before the rest. It's been so long since rates have gone up, I've forgotten how quickly they apply increases, but I suspect it's the following Monday (less than a week).

There's probably going to be more people running to the property market, making hasty decisions, paying too much. Great for my bottom line but not so good for consumers. Some people will take the opportunity to pay off their loans a little faster. This reduces the brokers trail income, but...

I like a rate cut on my mortgage as much as the next guy. I agree with Corey though, I don't think this was necessary. Rates are already extremely low and this has fuels some fairly irrational buying/lending decisions in some sectors. It's also not going to help the AUD (good for our exports...