Small banks among those quick to pass on Melbourne Cup day rate cut
Reported ."While the Big Four Banks decide whether to follow the RBA's decision, QT Mutual Bank's Rate Tracker home loan has already moved to give certainty and relief to our members," said Brisbane-based QT Mutual Bank chief executive Mike Murphy.
Mortgage broker Loan Market chief operating officer Dean Rushton said if lender's passed on the RBA's rate cut it should save someone with an average mortgage of $300,000 around $50 a month.
"We certainly welcome and appreciate the RBA's move today after 12 months of rates staying on hold," Mr Rushton said.
"The extra savings will help many families struggling with the increased cost of living and should result in retailers enjoying a better Christmas than they may have envisaged a few months ago."
He said home loan approvals had fallen 5.2 per cent for the year to August, 2011, according to the latest Australian Bureau of Statistics (ABS) data.
"The last 12 months have been the most challenging the home finance sector has experienced in the past decade," he said.
"But it has been encouraging to see some growth in the number of finance commitments in recent months and we're certainly starting to see some activity return to the market which an interest rate cut should boost."
Financial comparison site RateCity chief executive Damian Smith said the reduction in rates would have an immediate and welcome impact on homeowners with variable rate mortgages.
"With the property market still very slow, lenders really have no excuse not to pass on the rate cut in full and quickly - it's the best way to help get first home buyers and investors back into the market" he said.
"In fact, with the ban on excessive exit fees, if your lender doesn't pass the interest rate reduction on in full, you should be shopping around for a new lender immediately".
Mr Smith said most borrowers would be better off not reducing monthly repayments if possible.
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AUSTRALIA'S newest bank, QT Mutual Bank, has thrown down the gauntlet to other lenders by immediately mirroring the Reserve Bank of Australia's decision to cut the official cash rate. QT Mutual, whose Rate Tracker home loan rate has gone from 7.35 per
The economists polled, from retail banks, investment banks and fund managers, expect the Reserve Bank of Australia to keep the cash rate on hold at 4.5 per cent in December. However, they expect rates to be at least 25 basis points lower by June.
Demand for Australia's abundant natural resources remains strong, employment figures are holding up well and last week's 25 basis-point cut in the official cash rate to 4.5 per cent should prop up retail sales and also attract more capital into the
It also operates in Australia. The free app for iPhones lets anyone sign up and they are then pushed jobs in their vicinity, which they decide whether to take and that pay between $3 and $8. Agents decide within what distance range they'd be available
Earlier this month, Pimco rolled out the first of the three of what we've called “strong” country bond ETFs, the Pimco Australia Bond Index Fund (NYSEArca: AUD). The Aussie bond ETF invests in various types of investment-grade Australian debt,
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