Anz Bank reduce standard variable rate by 25 Bhps

Viewing 6 posts - 1 through 6 (of 6 total)

Richard Taylor
Participant
@qlds007
Join Date: 2003
Post Count: 12,024
October 17, 2008 - 6:50 am
Good to hear that Anz Bank has announced this afternoon as a result of an easing in credit markets they have reduced their variable interest rate by a further 0.25% with effect from 28th October 2008.
No doubt the other majors will follow suit over the weekend.
Richard Taylor | Australia's leading private lender
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
October 17, 2008 - 9:07 am
Ah, you beat me to it Richard!
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Richard Taylor
Participant
@qlds007
Join Date: 2003
Post Count: 12,024
October 17, 2008 - 12:19 pm
Terry heard it on the 4pm news otherwise with daylight savings you miight have got there first lol
Richard Taylor | Australia's leading private lender
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
October 17, 2008 - 12:37 pm
A client told me earlier on, but i didn't believe it until i got the email.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
elkam
Member
@elkam
Join Date: 2006
Post Count: 722
October 17, 2008 - 12:39 pm
Hello Richard
You must have a crystal ball somewhere.
I don't know which thread it was on but I remember reading that you predicted that the banks will do away with the rates discount for larger loans on the pro packages.
Just got advised that ANZ will not be offering the 0.7% discount for new lo doc loans with the pro package.
I guess that's just the beginning as less competition means less incentives needed?
Cheers
Elka

Richard Taylor
Participant
@qlds007
Join Date: 2003
Post Count: 12,024
October 17, 2008 - 10:58 pm
Hi Elka
Anz actually cut their discount around 6 months ago on lodoc and CBA followed suit.
Not so much of a crystal ball but a reality check from the majors that they have no need to offer such a product as their non bank competitors are even in the ball game.
When i started in the industry in the UK some 20+ years ago every deal was rated on risk i.e if you were first home buyer maybe an extra 0.1% a refinance for cash out extra 0.5%, no income proof maybe an extra 1%. I just have a feeling we are going to start to go down that track again. Rating for risk it just makes so much sense.
Richard Taylor | Australia's leading private lender