Big Banks keep us waiting

Writen by: on May 3, 2012



Two days after the RBA rate cut we are still awaiting the interest rate decision from both Westpac and ANZ. CBA announced a 40 basis point cut to it’s standard variable rate. ING was not able to match this with an announcement of 30 basis points.

Westpac is set to announce it’s rate cut tomorrow, with a lot of pressure being put on the bank to pass on the full cut to assist its current borrowers.

ANZ is sticking to it’s rate announcement timetable of the 2nd Friday of every month, so customers will be left hanging for another week.

The four major banks have posted profits of almost 12 billion in the last 6 months alone, their interest rate arguments are getting tired and unacceptable.

One thing is for sure, this interest rate market will be seeing many specials and deals in the coming months in favour of customers.

Written by

A qualified tax accountant and business specialist, Barbara brings a unique skill set to her clients as a finance broker. Barbara’s desire to work with people and help them achieve their goals is what initially led her to the finance industry over eight years ago. She has a genuine desire to share her expertise and experience with clients while simultaneously supporting charitable organizations and community events. Barbara’s favorite saying is: “The real secret of happiness is not what you have or what you receive; it’s what you share.” You can find her on Google+ and facebook or write to her at barbara@financinghope.com.au.