cup day rate cut

it's not showing in the data yet but the tide is really turning, well in the suburbs I watch anyway. The good buys have been disappearing over the last few weeks and the main area I watch now has nothing particularly cheap left. stock levels have been dropping quite rapdily and this rate cut will give the market a little kick up. the time to buy in hindsight I think was 3-9 months ago. there was a screamer that went near me, started asking at $1.75m and sold for $1.2m, new owner is a professional renovator that is going completely over the place, probably spend $200-300k and go back on at $1.95m?
 
I hope ANZ pass this on, will save me $2,500 per year and will put one of my properties into positive gear mode
 
Given where the economy is heading not one of them wants customers exiting as credit growth for housing has slowed to a snails pace!!

Also they don't want uncle Swannie brow beating them...the negative publicity given to Ralph Norris was horrendous...thankly he is gone!!

Don't tempt fate.

The timeliness of some of the banks to announce cuts to their SVR is pretty amazing. Can't recall them announcing so quickly after a decision.
 
Any news so far on fixed rates for new loans from Westpac and CBA?

Have delayed fixing for 5 years (2 weeks ago) to see if CBA would cut 5 year fixed rates.

I understand it would be quite consistent to cut the variable rate and leave 3 and 5 year fixed rates unchanged (assuming a normal yield curve).
 
I've been quoted as saying rates to go down too...but it has taken awhile.
This is only the grab back from the banks last Nov.

Any takers on a cut in Dec too...? If there is I would say the banks will keep some...maybe 0.1 or something....it would be typical of them.
 
Could there by the ole Aussie Tall Poppy Syndrome somewhere in that statement??

I think most of us are happy....lighten up and have a few drinks...isn't it a holiday over in Vic??...or haven't you had enough drinks yet??:D

"This rate cut will save me" (insert dollar amount here................... for p.iss.in' contest). :rolleyes:
 
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