Times have changed in the mortgage market
Lenders engaged in a rate cutting frenzy after the Reserve Bank of Australia cut official interest rates by 0.25 percentage points in February 2015.
In the past, when the RBA cut rates, many banks and lenders spent days and weeks delaying their rate announcements, often holding back some of the cut to protect their margins.
Now competition is fierce and the February RBA rate cut was followed by many lenders announcing cuts on the day and some cutting by more than the RBA’s 0.25 per cent.
Source: Mortgage Business