December 18, 2012 in Insider Tips
, Latest News
Aussie Home Loans sells out to Commonwealth Bank …
Who will “SAVE YOU” now ???
Looks like Aussie’s customers may need to look elsewhere if they are seeking “Independent Advice” following CBA’s purchase of the majority share of Aussie Home Loans.
Thank you to John Symonds for your years of service challenging the dominance of the Big Banks … However surely Aussie families are entitled to be confused & concerned that you chose to sell out to Australia’s Largest “Big Bank”.
On the 4th of December the Reserve Bank of Australia announced that the Official Cash Rate would be reduced by 25 basis points (0.25%) to the lowest level since the peak of the Global Financial Crisis (3.00%).
Attached below is the summary of the Interest Rate cuts announced by the Banks following the RBA announcement (updated daily). Read more
The Reserve Bank of Australia has provided an early Christmas present for Australian Families and the struggling Retail Industry by reducing the Official Cash Rate by 0.25 basis points to 3.00% The lower Interest Rates will provide borrowers with several options as to how to benefit most from these savings…
- Paying off their Home Loan in “Greater Chunks” by retaining their repayments at their current level whilst paying less in interest
- Use the savings to make extra payments to reduce their high interest Credit Card debts
- Replenish their savings which have taken a flogging throughout the GFC
- Spend, Spend, Spend … (This is what the Retail Industry is hoping for)
The one additional gift that borrowers will be hoping to receive this Christmas is for the Banks to pass on the 0.25%p.a. Interest Rate reduction in full.