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Just about to bite the bullet on 3 years at St George's 5.39% for a refinance on a PPOR>IP
First time going fixed, but I'm pretty confident we are at/close to the bottom.
Hopefully, haha.
Just about to bite the bullet on 3 years at St George's 5.39% for a refinance on a PPOR>IP
First time going fixed, but I'm pretty confident we are at/close to the bottom.
Hopefully, haha.
Doesn't matter if it's the bottom yet or not. 5.39% is very decent compared to the variable...your saving on interest from day 1!!!
+ if 5.39% fits into your budget and lifestyle, that's a great 3 years insurance policy you have just bought- good work
Regards
Michael
Thought....the lower the variable rates go the more the banks get squeezed on their net interest margin (NIM). All those funds sitting in everyones everyday accounts that they don't pay interest on must add a decent whack to their NIM...the lower rates are in general the less benefit they get from these slush funds floating around.
So following this through the rba is going to have to cut harder to get the actual bank rates down. What's the ceiling rate where the banks would just not pass on any cuts? 4% / 4.5%. / 5%? We are not too far off.
At 5.39% will CBA be the market leader amongst the Big 4? If so, the 0.1% price beat is only useful once the other 3 respond with an even lower reduction???
I don't remember 5yr rates getting down as far as 5.69% during the GFC - anyone? That's not a bad deal either...
I don't remember 5yr rates getting down as far as 5.69% during the GFC - anyone? That's not a bad deal either...
Can anyone confirm, that Bankwest is dropping its 2 yr fixed rate to 5.29%, and 3 yr fixed rate to 5.39%, as of Monday 15th October?
from BDM
We have dropped our fixed rates effective 15/10/2012
1 year rate to 5.39%
2 year rate to 5.29%
3 year rate to 5.39%
4 year rate to 5.69%
5 year rate to 5.79%