Massive Interest Rate Cut
Wednesday November 5, 2008
Another massive interest rate cut by the RBA has again been followed with a partial cut by some of the banks with a mortgage company division. The RBA reduced rates by 75 basis points so that the current target cash rate is 5.25% p.a. Mortgage companies, such as the Commonwealth Bank mortgage company, have not announced a full cut of 75 basis points to their own rates. The Commonwealth Bank mortgage company, for example, is intending to cut their rate by 58 basis points rather than the full 75 basis points. Other mortgage companies have been less forthcoming with their plans, possibly due to warnings from Treasurer Wayne Swan that there may be a price to pay if they do not pass on rate cuts quickly and fully.
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