Banks might not pass on interest rate cuts
02/08/08 07:43 AM
THE Reserve Bank is
expected to consider cutting interest rates at its
board meeting next week, but bankers are warning
that reductions may not be passed on to consumers.
Financial markets have put the chance of rates being cut in September at 70 per cent in the wake of falling retail sales and reduced consumer and business borrowing. They expect a second reduction before Christmas, The Australian reports.
However, bank funding costs are still rising, and bankers warn that there will be no automatic flow-through to consumer rates.
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Financial markets have put the chance of rates being cut in September at 70 per cent in the wake of falling retail sales and reduced consumer and business borrowing. They expect a second reduction before Christmas, The Australian reports.
However, bank funding costs are still rising, and bankers warn that there will be no automatic flow-through to consumer rates.
Click here for full story
Get yourself pre-approved for a home loan in just 60 seconds using My Home Loan Approvals exclusive software. Be sure to check out the fantastic range of Oasis . Answer that question:- “How much can I borrow” and “What will my repayments be”.