Rate update

Writen by: on May 11, 2012

ANZ has today played their hand in the interest rate game. They have decreased interest rates by 0.37%. This is average across the majors and smaller lenders. It is understandable to note that customers, both existing and those searching in the market place are disappointed that the full 0.5% cut was not passed on.

Lenders have highlighted the volatility in the wholesale funding market and general uncertainty for not passing on the full cut. It will be interesting to read the RBA’s minutes next week to see their comments and future forecasts.

The important thing for customers to do is to have their current rates, product and fees reviewed. There are many great specials that are in the marketplace today that could make a significant difference to your household budget.

Current standard variable rates of the four major banks as at the 11/5/12 are –

NAB – 6.99%

CBA – 7.01%

ANZ – 7.05%

Westpac – 7.09%

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.