questions about interest rate

[cancan]

hi,

my broker is ICC (International Credit Corporation).
my mortgage is from Perpetual Trustees Victoria Ltd.

when the RBA lower their rate, who would get to decide to lower the rate as well, ICC or Perpetual Trustees?

also, are you able to negotiate your rate with your broker?

sorry if i haven't used the right terms above, as i am a total noob.

 

[Rolf Latham]

Hiya Can Can

Your loan looks more like its a mortgage managed loan than a "broker" loan.

ICC manages the loan on behalf of the trustee.

The trustee has the disgression to lower the rate, and then ICC usually has the disgression as to if they pass all of it on.

This applies to rates going up and rates going down

ta
rolf

 

[sparky23]

Rolf did I just learn a lovely new word or is this a wonderful spelling of discretion?

 

[Propertunity]

I think I'm going to start a thread on all the new words that do turn up on this forum. There have been lots lately.

disgression: where a lender exercises their discretion to digress from the standard interest rate

 

[Rolf Latham]

bah

Engris is not my mother tongue

ta

rolf

 

[cancan]

Hiya Can Can

Your loan looks more like its a mortgage managed loan than a "broker" loan.

ICC manages the loan on behalf of the trustee.

The trustee has the disgression to lower the rate, and then ICC usually has the disgression as to if they pass all of it on.

This applies to rates going up and rates going down

ta
rolf

oh, ok.
thanx for the explanation.