The Commonwealth Bank of Australia was the first of the big four banks to pass on the Reserve Bank of Australia’s rate cut. CBA is now offering its lowest-ever fixed mortgage rates by passing on the RBA’s rate cut in full.
CBA said its standard variable rate mortgage will be cut by 0.25 per cent to 5.65 per cent, and its five-year fixed rate mortgage will be reduced by 0.30 per cent to 4.69 per cent, while its three year fixed rate mortgage reduced by 0.25 per cent to 4.69 per cent. The new [variable] rate of 5.65 per cent is the lowest since April 2009. The new standard variable rate will take place effect from February 20.
Westpac has also announced it will reduce its floating interest rate, by 0.28 per cent to 5.7 per cent per annum, exceeding the RBA cut. Westpac’s new rate will effective from February 20. Westpac said the reduction will save homeowners $52 a month, or $624 a year, in repayments on an average $300,000 mortgage.
Bank of Queensland cut its variable home loan rate by 25 basis points immediately after the RBA announcement. ME Bank and ING Direct also moved on Tuesday.
This morning, Treasurer Joe Hockey told ABC Radio the banks should immediately pass on the interest rate cut. “The flow-through to the Australian economy is significant, and importantly it must be immediate,” he said. “I say again to the Australian banks pass it on in full now, not just to home owners, but importantly small business and credit cards as well.”
Supportive information source: The Real Estate Conversation in association with REIA – published February 2015
Posted by: Mark
FOR VENDOR’S ADVOCACY SERVICES IN MELBOURNE – MASTER ADVOCATES HAVE THE ANSWERS YOU NEED:
SELLING YOUR PROPERTY CAN BE A STRESSFUL TIME. WHETHER IT IS IN INVESTMENT YOU’VE DECIDED TO MOVE FORWARD FROM, OR A MUCH-LOVED FAMILY HOME, WHEN YOU SELL YOUR PROPERTY, IT’S IMPORTANT TO KNOW YOU’RE DOING THINGS RIGHT.
WHEN THE SALE OF YOUR PROPERTY IS HANDLED PROFESSIONALLY, YOU INCREASE YOUR CHANCES OF INCREASED COMPETITION – AND A HIGHER PRICE.
AT MASTER ADVOCATES, WE ARE YOUR VENDOR ADVOCACY EXPERTS AND WE ARE HAPPY TO ANSWER ANY OF YOUR QUESTIONS.
What should I do to prepare my property for sale?
You probably have a strong attachment to your property. To receive the best possible price, whether auction or private sale, we recommend you look at your property with fresh eyes.
Although you might find the fern-like pattern of cracks in the paintwork charming, potential buyers will just see the cracks.
Spending money on basic repairs can make a huge difference to your asking price. But there’s no need to go overboard. By speaking to a professional vendor’s advocate at Master Advocates, you’ll receive honest advice about your individual property so you know you are using your maintenance budget in the most effective way.
What will it cost for Master Advocates to take care of everything for me?
Service fees for Vendors Advocacy:
Plus any agreed marketing fees and disbursements relating to the sale of the property and campaign
Is your vendor advocacy service only for people who are selling properties in Melbourne?
Our Vendors Advocates will service people who are selling not just in Melbourne, though Greater Melbourne areas and Victoria wide.
How many Real Estate Agents will you speak with on my behalf?
As many as you like. As experts in our industry, our database of experienced real estate agents is large and we have great relationships with a wide network of relevant parties to help promote your property to a broad range of interested and active potential buyers.
Do all Real Estate Agents like working with vendor advocates?
Real estate agents who are professional and experienced have no issues about working with a professional vendor advocacy service.
Agents who are not comfortable with the process of accountability that we demand are not the right agent to trust your property with.
At Master Advocates we have a large network of reliable and professional real estate agents around Victoria, who work well together with our Vendor’s Advocates to achieve the best possible results when selling your property.