Happy Canberra Day,
For those of you with a public holiday in the nation’s capital enjoy 😊
I’m not sure about you, it would seem from the way that this week has panned out, that most of the world has gone to crazy town.
Brawls and high security around toilet paper, COVID-19 skirting on the edges on pandemic so that insurers can get out of jail. The RBA running around screaming the sky is falling while Scomo and the boys breathe a sigh of relief that the sports rorts is no longer front page news.
I’m tired just writing it hahahah
There are several key factors here though...
Yes the RBA did cut again bringing us closer to zero. Banks in turn have mostly cut or are on their way to cutting the full 0.25%
The most surprising turn in Bank land was the slashing frenzy that happened afterwards to fixed rates.
We have seen fixed rates fall with banks like ING going to a 3yr fixed at 2.49% Principal and interest owner occupied loans under their orange advantage package, likewise AMP at the same rate for under 90% + LMI.
Investment loans with ING at 2.89% Interest Only and 2.99% IO with AMP
Teachers Mutual/Uni Bank and Firefighters bank along with Plan lend still have the best basic variable rate at 2.80%
These will be the first of many cuts in the next few weeks as the rest of bank world follow suit.
As always I am here if you have questions about what is on offer or to keep your current lender honest.
JC
Scenarios and interest rates quoted above are suggestions and constitute general advice only.
Justin
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