ANZ finally decreased rates by 25 basis points which is the full cut presented by the Reserve Bank of Australia earlier this week. So now eveyone will forgive them for not passing on the other cuts in full in the past 18 months.
Well we don’t think so, as we see it more as a PR move and an economic stance as well. Firstly ANZ must be worried they will have customers leave in droves. Money Pages is about to release a free service called Deal Chaser that will help you leave your bank. They are not like your wife or husband it’s actually easy to switch lenders.
We keep banging on about it so we’ve decided to offer a Deal Chaser service in case you have changing bank anxiety. The Deal Chaser service will be offered from our team with over 65 years combined broking experience and we will help you get the best deal from your current bank by asking the questions on your behalf.
Secondly we think these economic numbers from around the globe and within our now three speed economy this week has made the bank realise if they don’t cut the rate by .25% there may not be any Australians on the East Coast with a small business in retail to lend to.
Are they worried? Yes and so they should be a declining lending base and businesses going bust left right and centre. It’s the interesting thing about economic numbers but they are always numbers from the past quarter at the very least. It’s Economics 101 folks because what we’re hearing now doesn’t reflect what we’re feeling now. Grab your tin hat on the East Coast and let’s see where we are in six months.
It’s your money your way so if you know anyone who wants a lower rate on their mortgage with their current lender drop us an email.
Filed under: Deals & Coupons
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