challenger and rate reduction

A

artemis

does anyone know if challenger has passed down the rate reduction? and if so, by how much?

contacting my broker is a source of stress for me, she ran away with my solicitor (actually my solicitor's wife) and thus caused a great deal of stress during settlement!

if anyone could be so gracious and inform me, i would be greatly appreciative :)
 
They did pass on the last one, will make the call now and will update when I know!

OK, they are going to pass the rate cut on; they dont know by how much yet but will do on Friday!
 
Nothing from Challenger at present. They are "in discussions". My contact seemed suprised when i stated that they were a bit slow. 'The RBA only announced the cut on Tuesday" was the reply.


Regards
Steve
 
how on earth does this company operate if it still is in 'discussion'?
surely they weren't so stunned about the interest rate drop that they have been paralysed?

it really irks me that such incompetent people run companies and make so much more money than me :mad:

admittedly they are just as slow as increasing the interest rate..

still mad though :mad:
 
I didnt have a chance to call the broker today (they are very helpful!) but I see that Challenger Shares are up 12% today on a day the share market is down around 2%!
 
I'm with Resi Mortgages not sure how they work with Challenger. Challenger is the name on my bank statement for my loan repayments.

Dad and I have a few loans with them and my dad got a phone call Friday saying they will drop 0.67%. Got the 0.80% but seems they have ignored the 0.20% after that one.

Cheers

Dan
 
Well, the letter arrived today and they have dropped the interest rate by .62% but one loan wont kick in until 16 January! So it will be 7.62%. Still, I guess they are also slow in when they increase them too.
 
.62 or .67??
much of a muchness really.. whatever happened to the full rate cut?

seems that the big four are now cheaper :(

thanks pushka and red baron
 
You need to remember that Challenger and co are not Banks; not covered by the Govt guarantee and therefore it would be harder for them to obtain money; so they would be offering their depositers higher rates of interest for the extra risk. But yes, maybe the Banks are worth looking to now. But no Bank offered the full cut anyway.
 
received a letter last night..
the rate has been reduced by .67% effective from november 24th..

even with all the rate cuts, my interest rate is still higher than it was when i bought this house a year ago.. challenger gave a few additional interest rate rises..
 
artemis said:
received a letter last night..
the rate has been reduced by .67% effective from november 24th..

even with all the rate cuts, my interest rate is still higher than it was when i bought this house a year ago.. challenger gave a few additional interest rate rises..
Click to expand...

I heard from someone saying that further .3% deduction has been passed on to new customers, and they're still deciding whether to pass on .3% to the existing customers as well. That would make their rate competitive again if it's indeed the case. Does anyone have any idea?
 
really?
i know they did a drop of .20% for new customers when some of the other banks dropped their rates last month..
hopefully they will think of their established clients this time around and give us the .3%
 
artemis said:
really?
i know they did a drop of .20% for new customers when some of the other banks dropped their rates last month..
hopefully they will think of their established clients this time around and give us the .3%
Click to expand...

haven't heard anything yet.. Anyone with updated news? :(
 
I've heard nothing confirmed since the last 0.67% effective 24 November.

I was told they were still reviewing the 0.2 or 0.3% for existing loans, can see them not bothering if rates fall the next few months.

Annoying cause while I was away in Europe last year came back and had 3 letters on my desk, all non RBA rises.
 
The Red Baron said:
I was told they were still reviewing the 0.2 or 0.3% for existing loans, can see them not bothering if rates fall the next few months.

Annoying cause while I was away in Europe last year came back and had 3 letters on my desk, all non RBA rises.
Click to expand...

Yeah, I noticed that too.:mad:
 
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