The CBA reduces rates immediately by 100bps

[Jamie_D]

The CBA has announced they are reducing current variable rates across the board by the full 100bps effective 12/12/08.

They did not waste any time and emailed their 3rd party brokers within 5 minutes of the RBA's decision.

WOW....talk about taking the bull by the horns...

Thanks CBA

 

[Alex P Keaton]

Hopefully this puts pressure on the other big banks to do the same!!

 

[zayne]

Woo hoo! Bring on the positive cashflow!

 

[Buzz]

RBA cuts rates by 1% and CBA passes it all on

Well they were quick off the mark - especially compared to other months.

Their Std variable now is 6.74% ie 6.04% under their professional package with a 0.7% discount for lending over $250k. Look forward to seeing what fixed rates do.

Lets hope the rest follow suit.

Hope this makes your day

Jane

 

[BoatBoy]

Well they were quick off the mark - especially compared to other months.

Their Std variable now is 6.74% ie 6.04% under their professional package with a 0.7% discount for lending over $250k. Look forward to seeing what fixed rates do.

Lets hope the rest follow suit.

Hope this makes your day

Jane

Where did you see that so fast?

Dave

 

[Buzz]

CBA sent an email to brokers an email with a few minutes of the announcement. Their marketing department must of had a few options ready to send out.

NAB I believe is doing the same, at this stage Westpac looks not to be passing on the full amount.

Stay tuned.

Jane

 

[BoatBoy]

CBA sent an email to brokers an email with a few minutes of the announcement. Their marketing department must of had a few options ready to send out.

Jane

Cool, hope the others are as generous

Will you post the others as you get them please?

Dave

 

[Jimmy255]

Oh YEAH! Am in the middle of my settlement period so it looks like by the time my first payment is due I'll be paying hundreds less than I thought hahaha!

 

[lenovo]

CBA sent an email to brokers an email with a few minutes of the announcement. Their marketing department must of had a few options ready to send out.

NAB I believe is doing the same, at this stage Westpac looks not to be passing on the full amount.

Stay tuned.

Jane

Westpac is passing only 0.8%. I'm not impressed...

 

[Lyne]

The Commonwealth and NAB cuts take effect on Dec. 12 and Westpac on Dec. 8

 

[Buzz]

Now the sale is through I wonder how separate the St G business really is - or maybe they will surprise us and pass on the full 1%.

Jane

 

[tdh78au]

anyone heard from ANZ yet?

hoping that they follow CBA & NAB with the full rate cut ..... *fingers crossed*

 

[Peter 14.7]

The Commonwealth and NAB cuts take effect on Dec. 12 and Westpac on Dec. 8

1% and within 10 days. Which Bank?!?!?! Could it be they are actually going back to providing service???

Or does the Cynic in me think the IT staff are on leave form that Friday the 12th so it got rushed. Nooooo

Peter

 

[kissfan]

anyone heard from ANZ yet?

0.83% apparently.

A bit better than W/Pac but not as good as CBA & National.

Regards
Marty

 

[Peter_Tersteeg]

Just got the ANZ notice and can confirm it. Here's the product summary:

Loan Type
ANZ Standard Variable 6.91%
ANZ Simplicity PLUS 6.21%
ANZ Equity Manager 6.91%

I suspect both ANZ and WPB will pass on the rest in a few weeks, but keep in mind neither of them is really coping with the current volumes they've got right now anyway. They may be waiting until they get their houses in order before hunting for more business.

 

[urban cowboy]

cheers Peter...

any idea on their fixed rates??

 

[Peter_Tersteeg]

No word yet on fixed. It'll probably take them a week to figure that out, but in the current market they're changing almost weekly anyway