All Topics / Finance / RBA drops rates 50 basis points

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  • Profile photo of DWolfeDWolfe
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    @dwolfe
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    May 3, 2012 - 7:33 am

    I'm waiting for Westpac and ANZ to do their thing. Imagine how many extra dollars a delay in dropping the rate brings in ;)

    D

    DWolfe | www.homestagers.com.au
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    Profile photo of Jamie MooreJamie Moore
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    May 3, 2012 - 9:07 am
    Jpcashflow wrote:
    Also news just in banks just dropped their service levels

    AMP have notified brokers that some deals will take up to 23 days to be assessed at present.

    Certainly not the lender of choice for purchases right now.

    Makes you wonder why some of these lenders come out with certain promo's (ie. competitive fixed rates) but don't have the resources to meet the demand. Citibank does this all the time as well.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
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    Profile photo of Jamie MooreJamie Moore
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    May 3, 2012 - 9:30 am
    DWolfe wrote:
    I almost cracked $100 for a tank the other day………..

    I just got into a bit of trouble for buying a two seater car that cost $107 to fill up this morning…..probably not the most practical purchase I've ever made.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
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    Profile photo of Richard TaylorRichard Taylor
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    May 3, 2012 - 11:05 am

    Jamie

    Would make you cry if i told you what i costs me to fill up our Z4 we bought last year in the UK at $2.35 / litre +.

    Convinced my wife that buying it and garaging for 11 months and year and only using it for the weeks we are in Europe was somehow an investment.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of NHGNHG
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    @nhg
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    May 3, 2012 - 12:44 pm

    Any word on what BankWest is doing for existing customers? Watching it like a hawk, tho only seen mention on drop to 6.98%.

    Haha Dwolfe… was thinking the same thing myself this morning.

    Profile photo of DWolfeDWolfe
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    May 3, 2012 - 10:13 pm

    :)

    Yeah my V8 guzzler loves that petrol!

    But this makes me think that higher fuel costs will fuel (scuse the pun) market demand for residential property that is close to amenity. Rate drops might encourage a few who have been diddling around to get in to the market and lock in a fixed rate.

    But cars are a good investment …… right ;P

    Cheers

    D

    DWolfe | www.homestagers.com.au
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    Profile photo of Andrew_AAndrew_A
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    May 4, 2012 - 3:32 am
    Qlds007 wrote:
    Jamie

    Would make you cry if i told you what i costs me to fill up our Z4 we bought last year in the UK at $2.35 / litre +.

    Convinced my wife that buying it and garaging for 11 months and year and only using it for the weeks we are in Europe was somehow an investment.

    Cheers

    Yours in Finance

    Awesome depreciation :)

    Profile photo of NHGNHG
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    May 4, 2012 - 5:18 am

    BankWest down 32 basis boints it seems.

    That puts me at 6.23% and 6.15% for each property. Think they are both automatically positive geared now (after all expenses, pre-granny flat construction yet after 10/20% deposits respectively – wohoo…)

    Profile photo of DerekDerek
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    @derek
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    May 5, 2012 - 12:02 am

    Seems RBA/ABS haven't got the resources to measure monthly CPI and still rely on quarterly results.

    http://www.watoday.com.au/business/rba-hurt-by-lack-of-funds-20120504-1y4g0.html

    Could explain, in part, why they seemed a little slow to move this time. Certainly an annual inflation rate of only 1.6% seemed to catch a lot of learned people and organisations out.

    Profile photo of CatalystCatalyst
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    May 5, 2012 - 12:38 am
    DWolfe wrote:
    Cut back on groceries to pay mortgages – what a great idea.

    Hear me out, firstly, obesity epidemic, might reduce that. Secondly food wastage. We've cut back on junk, basically quit drinking alcohol, and make sure we use up all the food in the fridge. I'm happily cutting back on the food bill, fresh fruit and veg is cheaper and better for you! Supposedly Aussies throw out heaps of food, so maybe it'll cut that down.
    D

    Have you heard of the $21 a week grocery challenge. For one week you are allowed to only spend $21 (for perishables). You only do it occasionally (or monthly). It;'s great in that it makes you use the stuff in your cupboards that tends to sit there. I buy a lot of fresh fruit and veges so it's a bit difficult but I like the concept.

    So my pantry is now half empty because I would look in the cupboard first and plan dinner around what's there rather than but what I want. Surprising what's hiding at the back.

    Profile photo of gatsbygatsby
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    May 6, 2012 - 4:12 pm

    Will be interesting to see what happens if the latest rate cuts don't have the desired affect (one of them anyway) to stimulate property prices. If they don't and we receive another cut down the track (well the cash rate at least – don't have much faith with the banks the further any cuts may occur) I'd be wondering if there is any truth about a further property correction install for us?????
    Cheers,
    Gats! 

    Profile photo of Jamie MooreJamie Moore
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    May 6, 2012 - 11:18 pm
    Catalyst wrote:
    Have you heard of the $21 a week grocery challenge. For one week you are allowed to only spend $21 (for perishables). You only do it occasionally (or monthly). It;'s great in that it makes you use the stuff in your cupboards that tends to sit there. I buy a lot of fresh fruit and veges so it's a bit difficult but I like the concept.

    It's not a bad idea. We're moving into a new PPOR next month so would be a good way to get rid of all the stuff that's build up in the cupboards over time…..but then again, I like food way too much so probably wouldn't last two days.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
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    Mortgage Broker assisting clients Australia wide Email: [email protected]

    Profile photo of DWolfeDWolfe
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    May 8, 2012 - 12:36 am

    :)

    I have also heard of no spend months etc where you try not to spend money for a month!

    I went to the supermarket yesterday and broccoli was $6 kg. Inflation? Price gouging? Supply and demand?

    My opinion is that the correction is still a little way off (for Melbourne) maybe in the next year. I think the government issues are keeping anything from happening for the next 6 months, whether up or down. And I'll call it for another rate drop in the coming coming months, the RBA will want to show the banks who is the boss.

    D

    DWolfe | www.homestagers.com.au
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    Profile photo of gnggng
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    @gng
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    May 8, 2012 - 12:47 am

    CBA cut their fix rate, hopefully the rest will follow
    http://www.theage.com.au/business/cba-cuts-rates-on-fixedterm-home-loans-20120508-1y9vn.html

    Profile photo of Andrew_AAndrew_A
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    May 8, 2012 - 2:15 am

    Early days yet but just like the last time there was some rate movement (from a raising to lowering stance from the RBA) there has been a significant boost in buyer enquiry this last week, will see what it translates into over the coming months.

    Profile photo of Richard TaylorRichard Taylor
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    May 11, 2012 - 5:14 am

    Anz just announced 37bps reduction.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Jamie MooreJamie Moore
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    May 11, 2012 - 9:59 am

    Here's a copy and paste from somersoft

    Lender Change  and New SVR
    ________________________________________
    ANZ -.37% 7.05%
    BOM -.41% 6.99%
    CBA -.40% 7.01%
    ING -.30% 7.02%
    NAB -.32% 6.99%
    Westpac -.40% 7.06%

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
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    Mortgage Broker assisting clients Australia wide Email: [email protected]

    Profile photo of DWolfeDWolfe
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    @dwolfe
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    May 11, 2012 - 10:10 am

    Cool,

    Thanks for going to "Beartown" aka somersoft, Jamie. I'm doing in the .40% dance right now…. makes a big difference ;).

    Cheers

    D

    DWolfe | www.homestagers.com.au
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