Proves again all the rates even out over time. CBA and NAB drop 0.2 while everyone else 0.25. Rates should be least of your concern.
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Proves again all the rates even out over time. CBA and NAB drop 0.2 while everyone else 0.25. Rates should be least of your concern.
https://www.amp.com.au/amp/info/loans/variable-home-loan-rates-changeAMP Bank reduces variable rate home loans by 0.20% pa
We will be reducing the interest rates for all our variable rate home loans by 0.20% pa. The change is effective from 25 May 2015 for all existing variable rate home loans.
Why have AMP Bank decreased the interest rates on their variable rate loan products less than the Reserve Bank's decrease of the Cash Rate Target?
The Reserve Bank's Cash Rate Target is only one of a number of factors that we must consider when reviewing our pricing position on interest rates.
Other factors include:
the cost of wholesale funding that we obtain from both the local and overseas markets, and
the price of raising deposits from retail customers, and
the current market conditions and our competitive position.
In setting the new price we have considered the factors noted above, plus the impact of changing rates on our shareholder and our customers. Accordingly we are decreasing the interest rates for our variable rate loans by 0.20% pa.
When will these changes take effect?
If you have a variable rate loan or line of credit with us, the interest rate will decrease by 0.20% pa on Monday 25 May 2015.
ANZ has been the only Big Bank to pass on the RBA's full 0.25% interest rate cut this month. Westpac have passed on 0.22%, while NAB and Commonwealth have only passed on 0.20%. Even some smaller banks such as CUA and Non-banks like Firstmac passed on the full rate cut for existing mortgages.
The Big Four will no doubt be sure to pass on the interest rate cut for new borrowers, therefore penalising their existing mortgage customers.
While the snub may not seem like much to begin with, it could add up to thousands of dollars in interest over the term of the loan. However, despite some lenders choosing to turn their back on loyal mortgage customers, it may not be the end of the world. It just may be the catalyst that makes you decide to look at your options.
Is it a fixed rate loan?I asked nab to put my loan back to p&i and they won't cause they said I have a heap of flexibilty
I'm with BankWest at approx. 87% LVR w/ P&I rpayments. A bit disappointed with the .17 rate cut.
Been wanting to get onto an IO loan for a while now - I guess there is no scenario where that is viable though with the extra LMI costs that I would occur? EDIT: If I refinanced away from BW.
Whats the problem? PPOR not IP?
I don't think your position is bad;PPOR.
A couple of problems:
- Should not have gone with BankWest in the first place given my goals
- Loan is P&I when I should have gone IO (lesson learned too late)
- Additional LMI costs if a refinance away from them
I'm with BankWest at approx. 87% LVR w/ P&I rpayments. A bit disappointed with the .17 rate cut.
Been wanting to get onto an IO loan for a while now - I guess there is no scenario where that is viable though with the extra LMI costs that I would occur? EDIT: If I refinanced away from BW.
20 points, effective 8/5/15 (a week before most others).
Hi Peter, I'm with Macquarie and for the life of me can't find any announcement on MY mortgage to say the rates dropped.
Do you know if it's (0.20% drop) across the board for all existing loans?
And how come they tell you guys (brokers), but not the actual customers!?
I wish us mortals were special too!The tell us because we're special
Macquarie have confirmed a 20 point drop.
Technically I think lenders meet the legal requirements of informing you by posting something in your internet banking.