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Banks under pressure to cut rates


Pressure is mounting on banks to start cutting variable home loan rates regardless of what the Reserve Bank does.

Banks no longer have to pay as much for the money they lend. In the past month, some banks have hinted at rate cuts later this year. Other bankers say the need to offer generous deposit rates is reducing.

"There's public pressure and there's also competitive pressure,” says AMP Capital chief economist Shane Oliver.
“I think there's a good chance that we will see, sometime in the next few months, the banks starting to shave a little bit off,” he says.

However, the cuts are likely to be small perhaps as little as 0.05-0.1 percentage points.

Source: Herald Sun

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^Standard rate for a $250,000 standard loan. The 3 year table shows loans that are fixed for 3 years.
*Comparison rates shown are based on a home loan of $150,000 for 25 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
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