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07-10-2009, 12:03 PM
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FF.Com.Au Hardcore
Join Date: Mar 2005
Location: Filling up
Posts: 1,459
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The RBA raised interest rates by 0.25% the first reserve bank in the developed world to do so. Previously banks said they were unable to reduce their interest rates when the RBA cut rates as they cited that the majority of their funds are bought in from offshore (independently of the RBA) Therefore in the past when the RBA cut rates the banks were not able to pass the reduction on to its customers.
Now that the RBA has put its rates up, it will be interesting to see what the banks do in coming days (the four major banks have all said that rates are up for review) In theory given what they have told us in the past they have no need to raise their rates. However I suspect this will not be the case.
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VIXEN MK II GT 0238 with Sunroof and tinted windows with out all the go fast bits I actually need  :
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07-10-2009, 12:17 PM
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B-Series Powered!
Join Date: Feb 2005
Location: Northern Suburbs - Melbourne
Posts: 582
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They will raise them for sure. Banks are incredibly greedy.
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2003 BA Futura Pacemaker 4490's, 2.5" metal cat, 2.5" mandrel bent exhaust, hi-flow air filter, more to come! |
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07-10-2009, 12:22 PM
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FF.Com.Au Hardcore
Join Date: Jan 2005
Location: ACT
Posts: 11,647
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Of course they will. It's like dangling a carrot in front of a donkey. RBA raises the carrot, the donkey's eat it.
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07-10-2009, 12:26 PM
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XY Driv3r
Join Date: Jul 2005
Location: Melbourne
Posts: 3,004
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Quote:
 The best explanation ever!
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07-10-2009, 12:27 PM
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Join Date: Mar 2006
Location: Brisbane
Posts: 6,197
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The banks have [for the most part] already put up their Fixed Rates and to some degree are already trading at a premium on their Variable Rates.
I agree that they will likely screw us over - look out for another one in November. |
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07-10-2009, 12:34 PM
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Red is nice Mark.
Join Date: Apr 2006
Location: Brisvegas
Posts: 1,385
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There are some certainties in Life,some of which are;
Death, Taxes and Banks will screw you.
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Twin T3's TE 50 #72 Blueprint & TS 50 #105 Blueprint  :
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07-10-2009, 12:35 PM
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B-Series Powered!
Join Date: Feb 2005
Location: Northern Suburbs - Melbourne
Posts: 582
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Quote:
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2003 BA Futura Pacemaker 4490's, 2.5" metal cat, 2.5" mandrel bent exhaust, hi-flow air filter, more to come! |
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07-10-2009, 12:41 PM
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Where to next??
Join Date: Oct 2006
Location: Sydney
Posts: 8,893
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Wonder how long it will take em?
My lender always took 3-4 weeks to "review" rate cuts. Lets see if it takes them a month to "review" an increase? There are still a lot of lenders in the discount mortgage market, not as many as prior to the GFC, but enough to encourage competition IMO. |
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07-10-2009, 12:56 PM
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Bring back Ambrose!
Join Date: Dec 2004
Location: Eau Rouge
Posts: 1,248
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Quote:
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07-10-2009, 03:11 PM
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FF.Com.Au Hardcore
Join Date: Oct 2005
Posts: 1,094
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Quote:
I am in banking and we havent been told when or by how much our rates will increase by though on our loans. Though we have announced our rate increases on our deposits. |
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RBA raises interest rates
Linear Mode
