Bunch of tightwads. I thought they would have done better or at least waited longer. I can see a compeditor making a liar of their, "Lowest SVR", promise.
RBA Reduces rates by 0.50%
- Thread starter buzzlightyear
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Bunch of tightwads. I thought they would have done better or at least waited longer. I can see a compeditor making a liar of their, "Lowest SVR", promise.
They must be confident that the others will not decrease by an amount which takes over their mantle as the lowest SVR.....
CBA is currently at 7.41%, WBC is at 7.46% and ANZ at 7.42%.
Yesterday on a news channel I saw an interview with CBA CEO about what CBA intends on doing about their SVR. He said something like they have X no of depositors, Y no of shareholders and Z no of mortgage holders. They have the difficult task of making sure they maintain the delicate balance of right interest rates so all parties are happy.
When I heard that I had a bit of chuckle. The truth is the only party they care about keeping happy is their shareholders. Depositors and Mortgage holders are to be kept happy only to the extent that enable them to keep satisfying their duty to keeping their shareholders happy. That is the bitter truth!
Cheers,
Oracle.
Good observation. These others would have to go very hard this time to touch NAB's rate.
But that does assume that they are really, really competing. While I certainly hope they are, the cynic in me keeps thinking 'cartel ala Columbia'.
What still gets me on that promotion is that they appear to have admitted they were in bed together....colluding, one could infer, before the break up.
Now isnt that illegal...?
No chance Westpac will do 47 points, they've been the most expensive with the lowest discounts for years now. CBA might but it's unlikely. Given ANZ was the only one to make a move of 6 points last month, they might feel they can pass on more than the others. They could certainly use positive news coverage at the moment. It wouldn't supprise me if Bank of Melbourne came out with another 'special promotion'.
Standard Variable Rate I believe
Standard Variable Rate. It's the rates that major banks use as a reference point for their discounting.
But what's the point complaining, eh?
Either the banks are strong and our country leads the developed world in economic wellbeing, or we PIs get a better deal and the economy is that much more vulnerable for it. Or so I'm told.
Always look on the bright side . . . .
. . . Swan's only got another 18 months to finish screwing up our economy?
Thanks PT Bear and Hados, and see, you all thought I was worth listening to
Peter
Peter
Thanks PT Bear and Hados, and see, you all thought I was worth listening to
Peter
I should have seen that coming.
Interesting as NAB has said, we will be cheapest of the 4 majors. Going first means they must assume the others will be higher? or will pull a stunt and drop again.
However, for professional investors like us (even the dumb one who now know what SVR is
) with you probable 1% off discount you are looking at 5.99%. Very tasty except, poor me fixed for another 1.5 years at 7.1%
Are we seeing a pattern here, Peter 14.7 not so bright!Wrong on both counts in my estimation, Pete. I'd say Swan is doing an okay job (well, Treasury and the RBA are actually - Do you think Swan wouldn't prefer to run a deficit to win votes?), but Swan won't be in the job for 18 months more. No way! The Independents will see this government falls before the year is out, for sure I reckon.
BIG CALL there. And knowing you lean Labor, even BIGGER.
What do you think will make them pull out?
Peter 14.7
When JG is replaced the indies will revolt as their deal was with JG and no one else.
Unlikely the independents will force an election since at least 2 of em won't get a vote for to captain the local the local lawn bowls team let alone to be a MP
Ta
rolf
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