The Interest Rate Cut List – From the February 3 Announcement

Many of our loyal readers know how much we love keeping up with all the new announcements on what we are starting to refer to it as “Rate Day” and I have to say that our most read topic on Rate Day is without a doubt “The List”.

Another 100 basis point drop was announced today (don’t need to look further than our other posts for more information) and of course, we love our lists!  So read on to see who’s passing it on this time!

We’ll keep the list updated as we go, so if you hear more than what we have, don’t be afraid to tell us!

In no particular order, so far we have:

  • Westpac Bank – 100bps! Effective Date: February 9th 2009
  • Keystart – 100bps!
  • ANZ – 100bps! Effective Date: February 13th 2009
  • CBA – 100bps! Effective Date: February 13th 2009
  • NAB – 100bps! Effective Date: February 13th 2009
  • St George – 100bps! Effective Date: February 13th 2009
  • BankSA – 100bps! Effective Date: February 13th 2009
  • RAMS Home Loans – 100bps! Effective Date: February 9th 2009
  • Aussie Home Loans – 100bps! Effective Date: February 13th 2009
  • Suncorp-Metway – 100bps! Effective Date: February 23rd 2009
  • AMP Banking – 100bps! Effective Date: February 13th (New), February 15th (Existing)
  • HomeStart Finance – 100bps! Effective Date: February 19th 2009
  • GE Money – ??? – Announcement to be made on February 20th 2009 (Thanks H Schryver for the Tip). Click here to read more about GE’s Latest Announcement
  • MyRate.com.au – 100bps! Effective Date: February 16th, 2009
  • ABNAMRO – 100bps! Effective Date: February 9th, 2009
  • Challenger – 100bps! Effective Date: February 10th (New), February 23rd (Existing)
  • BankWest – 100bps! Effective Date: February 20th 2009

Please note that this is correct as we hear about them and you really should check with your lender as to whether or not these rate cuts are being passed on to you and the type of loan that you have (as not all loan types may attract these great interest rate cuts!)

In the meantime, let us know who else is passing on the rate cuts and how much as we compile and keep updating the list of interest rate cuts.

Keep checking back here as we update list!

The list above relates to the Interest Rate Cut announced on the 3rd February, 2009.

*Note Last Update done: February 10, 2009

47 Comments

PeterM February 3, 2009

I know it sounds crazy, but I think if they government wanted to energize the economy, maybe 1.5% should have been the amount. I think everybody expected 1%, markets need to be shocked into action, not sure this will increase spending.

Jack February 3, 2009

Is there any point Westpac passing on the full 1% if they can’t process applications in time to meet contract deadlines?

Ant February 4, 2009

does anyone know if st george is followings its owners, and passin the full cut

LC Team February 4, 2009

Hi Everyone,

New updates to the List!

Enjoy!

Scott.

Ian February 4, 2009

Good point Jack, I expect that when their market share starts to drop such that they “catchup” with their processing, the BDM’s will resurface begging for business.

RS February 4, 2009

Westpac can beg for all the buisness they like – Wont be getting it from me !

Tanya February 4, 2009

Lets see if Wizard pass on the cut quicker than they did the last one. The reason for the last slow announcement was that they were not meeting till a week or so after the reserve had met – how stupid when they knew that they were meeting and that they were without no doubt going to drop rates. When they finally met and dropped the rate, it was effective some 4 weeks after all the other banks etc for existing customers.

If it was easy to swap loans I would as their service the past 6-12 mths has been terrible!

Rach February 4, 2009

I agree with Jack, it doesn’t matter how good the rates are at Westpac. They can never process a loan to meet settlement deadline and how unproductive do they make your job so you don’t have to spend 47 minutes on hold to call centre and speak to 5 different people on 5 different days and get more than 25 different answers!! And try and get help from your BDM who never answers your calls and takes too long to return emails. What’s the point of them having a blackberry!!

Ian February 4, 2009

The email I received from the ANZ today shows a rate drop of 1% except for the Equity Manager were the rate drop is only 0.85%. Maybe it costs the ANZ more for the money the lend in an equity account versus a P & I Loan :) Or maybe they are just trying to increase their margins by hitting the customers instead of the brokers this time around.

Ian February 4, 2009

Tanya, At least this time Big John was at the reserve bank the day of the announcement (at the same time as a film crew luckily) so they cant plead the same excuse as last time. A bigger question for Wizard (before they disappear in a puff of smoke) is now that the CBA has Big John tied up nice and tight who is “going to keep the bastards honest” or now that one of them provides his meal ticket isn’t that line peddled anymore?

Gabrielle Parr February 5, 2009

What about GE Money? Speedy as ever…

Brian February 5, 2009

Aussie John has joned the party and my rate is now a pleasing 5.16%. Surely before too long its going to be time to fix for as long as possible as these are the lowest rates in decades.

Tanya February 5, 2009

Well I have just heard from my mortgage man, and apparently he was advised via an email this morning and that they (Wizard) are having a meeting on 18th February to discuss! Well there they go again meeting some 2 weeks after the Reserve have met. You watch they will then make it effective for all existing customers 4 weeks after that, making it approximately 6 weeks.

Terrible, terrible service – Not happy Jan……………

BBB February 6, 2009

If BankWest are now owned by The CBA and the CBA have passed on the full 1% , what are BankWest doing ???????

Jas73 February 6, 2009

I saw an email this morning that looks like Bankwest have dropped their rates by the full amount – good on them!

richard lynch February 9, 2009

On stimulating the economy, they (the Government) should consider reducing the income tax rates for individuals, trusts and companies to a flat 20 cents the dollar (with concomitant increases in the GST – which at 10% is virtually unnoticed). Abolishing state government(s) would be a good idea as well. Just look at the factional and fiscal mess NSW is in at the moment.

LC Team February 10, 2009

Hi everyone,

Posted a few new updates for everyone’s reference!

Enjoy!

Scott.

Sandy February 10, 2009

As an independant mortgage broker, they are all missing their deadlines, they have sqeezed out the competition with Mr Rudd’s help by only supporting the big four, and now they can’t keep up with the influx. CBA advertises 60 minute home loans, more like 2 weeks. To assist the economy the government should waiver all fixed loan break costs, then you will see spending increase.

ed February 10, 2009

Citibank is passing on 80bp on their basic variable from 16 Feb. Shame on them.

Aaron Abala February 10, 2009

ING – 100bps Effective 16/02/09

Rob February 10, 2009

I just experienced a WORLD SPEED RECORD….Westpac took just 8 weeks to approve a $20,000 increase for an existing borrower (i.e. mortgage already in place and a 75% LVR). “Premier Broker” deals will get assessed within 3 days, “Cattle Class……we’ll get to you when we get around to it”

Stephen February 11, 2009

Pepper Home loans are still waiting on a decision as to whether our rates will be cut…directors still havent decided….thats just ridiculous..they know the RBA will reduce rates so why no decision over 1 week later?

Jason Priddle February 14, 2009

GE Money will announce their decision on rate cuts on Feb 19.

sharmaine February 17, 2009

just wondering i use to be with rams till they sold everthing to RHG so if rams has cut there interest rates what about RHG

Simon February 18, 2009

How about a list of those banks that have still NOT passed on the rate cut – Name and Shame!

Self employed February 18, 2009

Pepper home loans are reducing my rate by 0.5% only…what a joke!!

Tanya February 19, 2009

Well Wizard were meant to be announcing by 19/2/09 – TODAY, but I have tried calling them all morning and keep getting a message saying that they cannot take calls as there is an emergency!!!!Tried calling a different number and get another message saying they are having technical difficulties!!!!! Seems a coincidence to me, as they should of announced their rate decrease and now they are having issues.

NOT GOOD ENOUGH, WIZARD GET YOUR ACT TOGETHER, OR I WILL GO ELSEWHERE…

Greg February 19, 2009

Wizard still have not announced their rate cut more than 2 weeks after the RBA announced the last rate cut. It is extremely disappointing that it is taking this long. To add insult to injury, they have also started charging a fee for BPAY, which had previously been free.

Wizard has gone from excellent to pathetic. I would not recommend them to anyone.

Tris February 19, 2009

I just phone Wizard customer service and was informed that they would not be dropping their current rate at all. This is outrageous. I intend to complain to the ombudsman and change my mortgage provider as soon as I can feasibly do it.

Tanya February 19, 2009

Just spoke with the receptionist at my branch and she said an anouncement would be made on Monday and they have heard nothing. I said the announcement was due prior to today and that I had spoken with cust. service ( I hadn’t) and they told me no reductions were being made, she put me on hold for a short time and came back and said that customer service were correct and there would be no reduction. I think they knew all along but were just holding off telling their customers. I have asked the prinicpal of my branch to call or email me ASAP in regards to this.

This is terrible, seeing that just this morning the radio was saying that they were going to come down hard on banks (not sure if Wizard are in the same class) that do not pass on the decreased rates.

Well I think its time to look around, secure a great rate with another lender and maybe lock in.

Maybe all this hassle with Wizard is due to the take over, and I wonder who made the decision was is Aussie – I actually changed from them some 6 years ago as their service was terrible.

Jason Priddle February 19, 2009

Tanya,

GE have just announced that they won’t be dropping their rates at all, for the moment. However, they are offering a 3 month window where they will waive their DEF. As Wizard were a related entity, they may offer you the same if you want to refinance.

I say “may”. It would be worth asking about anyway.

Good Luck.

LC Team February 19, 2009

Hi all,

New post regarding GE for everyone to read through!

http://www.lendingcentral.com/2009/02/19/ge-money-encourages-mortgage-customers-move-to-aussie/

Regards,

Scott.

duncthescot February 20, 2009

GE & Wizard are not passing the rate on. I think that this is a poor decision on GE & Wizard’s behalf! I am now going to take up the exit offer that they are passing and will move to Aussie. See today’s Herald Sun. I doubt that Wizard will change their mind on this one… I do expect that they will get a lot of angry calls today…

Tanya February 20, 2009

I have just spoken with my mortgage man (Wizard) and he is also confused/in the dark, they as a franchisee have not been told which loans are going to CBA and which are going to Aussie, he is hoping to know by first week in March. Either way who ever now has my loan, can apply their rate to mine!
I think I wil sit still till he advises me of where my loan is now located and ecide then what I will do. He is not becoming a Aussie man, he actually was one some time ago but got out due to internal issues and procedures.

All still seems like its a huge mess and a huge guessing game being played in the dark.

Tris February 20, 2009

I have spoken with both Aussie and Wizard since yesterday. If we do nothing, our mortgages will default into GE loans, and I quote: “Your loan will become a GE Loan (AMS MS) it will not be going to Aussie unless you choice to refinance through to Aussie”. This implies our interest rates will remain as GE rates unless we take an active role and apply for refinancing.

The thing I found most interesting is that the emails have stopped being signed ‘Wizard Loans Services’ and are now being signed as ‘GE Money Customer Service’.

The other thought I had is that whether the wholesale cost of funding is overly high or not, GE are clearly not trying to keep any of us at Wizard. I believe this decision not to reduce rates is nothing more than an incentive to offload account holders into Aussie’s waiting hands. This implies an active desire on the part of GE to disencumber itself, so now I’m wondering what it would do if we did nothing?

A February 25, 2009

Just received the letter from St George announcing the cut in interest rates. Interested to see that it won’t come into effect until 11 April 2009. Why does it take so long to pass on the interest rate cut (apart from profiteering)? Is this the same with all the major banks?

Tanya February 26, 2009

Hi A,

Amazing isnt it – when the rates were going up they were quick smart to make the adjustments, but when its the other way round, they seem to take their own sweet time.

At least they have passed it on, I am with Wizard, so no rate cut for me.

Tanya

Tanya February 26, 2009

I have just spoken with my reliable Wizard man and my loan now belongs to the CBA, which in effect means that with the 1% reduction from Feb 3rd, my rate is now 5.14%.

Tanya March 3, 2009

Just recd a letter from the CBA, saying that they are reviewing the rates applicable to my Wizard loan!!!!! What does this mean exactly?????

Tris March 3, 2009

Hi Tanya – it means that you will not be considered a CBA “client” until and unless you formally migrate across to them – in effect a refinancing of your mortgage. It’s what I have to do with Aussie to get out of Wizard.

Tanya March 4, 2009

Hi Tris,

I am not su sure about that as the letter says ” that my loan is now funded by the CBA and that the interest rate will be determined by them and that the rates are currently under review and they will continue to offer a competitive rate after that date (being 28th Feb)

Tris March 4, 2009

Well, good luck with that – I hope you can simply transfer across. I enquired at Wizard and was advised I would formally have to apply to refinance my loan through Aussie. Which is a total and absolute pain, even given the deferral of tha DAF. Argh!

Tanya March 5, 2009

Well just received a letter today and it says my Wizard loan will be funded by the CBA but will remain serviced by Wizard (who knows what this means).

They have also dropped my rate by 1% to %.14% as of March 9th.

Tanya March 6, 2009

Whoops that down to 5.14%

Gareth March 6, 2009

Hunter United Credit Union only passed on 0.3% rate cute

Mrs Jones Williams September 9, 2009

I am Mrs.Jones.I am widow with 3 kids and was stuck in a financial situation that i was fixed and needed refinace behind bills.I tried seeking loan from various loan firms both private and corporate but couldnt but as God would have it,i was introduced to a man of God a private loan lender,by the name Travis Harrop,who gave me a loan of $28,000 USD and today am a business owner and my kids are doing well the last in college.So dear,if you must contact any firm with reference to securing a loan with low interest rate and better repayment plans and schedule,please contact Travis Harrop via his private email: travislendingfirm@gmail.com

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