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3 yr futures trading implied 3.5%, add around 110bps minimum to get any issuances away plus their profit margins so circa 6.5% sounds about right. To get another 150bps off, we'd really need to see a capitulation in the economy. ie. cash rates sub 2% mark. Bring it on!
Well I've seen 4.99% for one year, and 5.49% for 2 years.
I hope its not a hoax...i was getting excited.....
Its too late, already on realestate.com.au.
Its so slow at the moment...maybe thats a good sign.
OK,
Not to be a downer or anything, but 4.99% isn't that special...
I'm on the WBC Pro Pack, and following the latest 80bp variable rate cut I'm now at 6.11%. So, 1.1% worse than this fixed rate. BUT, in Feb the RBA looks set to go another 75bp, and WBC were 20bp behind the other majors in passing on the most recent 1% cut. So, theoretically, they could move another 95bp by Feb to fall in line. The cynic in me thinks that maybe they didn't move the full 100bp like some of the majors so that they could entice more of their existing lending base onto their good short dated fixed rates. If they closed the gap too much then the desire to move to fixed would be reduced.
If they do move on the full 95bp reductions outstanding then this would bring their variable rate to 5.16% odd in just a couple of months time!
I'm happy to wait and ride the interest rate roller coaster down. I'll be looking at their 5 and 7 year fixed rates around March next year and trying to fix to 2015 if I can.
Cheers,
Michael
I'm happy to wait and ride the interest rate roller coaster down. I'll be looking at their 5 and 7 year fixed rates around March next year and trying to fix to 2015 if I can.
anyhow, we are currently with stg but notice that their rates haven't dropped in line with westpac. i wonder if that is going to happen because then we wouldn't need to refinance elsewhere for a better deal.