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The Forum > General Discussion > Lower interest rates good or bad?

Lower interest rates good or bad?

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http://www.smh.com.au/politics/federal/seven-graphs-which-reveal-the-australian-economy-is-not-going-well-20190606-p51v7o.html
Nothing like the truth/reality following a rant
Australia,under both sides of government has an outstanding record of growth and finacial stability
We seem to be in strife now, or should I say soon, but so too are our trading partners
Link is interesting and we all, should be prepared for a slowdown
Posted by Belly, Saturday, 8 June 2019 6:10:10 PM
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Dear Belly,

According to an article I read in The Guardian
recently - the Reserve Bank has cut interest
rates to their lowest point ever. We're told
that it's now at 1.25% down from 1.5%.

That's good news for those with variable-rate
mortgages, who'll be paying less interest on
their loans. But it's bad news for people looking
to put their money into savings accounts.

We're also told those with a mortgage, the actual money
they'll save depends on whether their bank passes
on that cut to their customers, and on what kind
of deal the customers have with their bank.

Of the big 4 banks, Commonwealth and NAB have passed
on the full rate cut of 0.25% to their borrowers.
Westpac has passed on 0.20% and ANZ has passed on 0.18%.

Some small banks have passed on the full rate cut.
Others haven't.

It is expected that the Reserve Bank of Australia will cut
once again this year and potentially as much two times
in 2020.

Economists are predicting that either way, it's good news
for borrowers. Growth in home lending is slowing down
and banks are keen for new business. What we're seeing at
the moment is bigger banks are forced to be more
competitive than they used to be.

If you don't have a loan but do have a savings account -
it's generally bad news for you. It's a tough time for
people trying to save when interest rates are cut.
They tend to be cut on term deposits
and savings accounts. But there are still differences in the
interest rates you can get. CEO of Choice - Alan
Kirkland advises that it is definitely worth shopping around.

He advises that customers should do their research and
shop around and also directly ask their bank for a new
deal. It would be worth it.
Posted by Foxy, Saturday, 8 June 2019 7:18:16 PM
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Foxy indeed and the infamous action of the ANZ stands out
IF lower interest rates brings new investors to the housing market, then a GFC comes about what are the implications
After we emerge from such an even, what if interest rates return to say 4 percent on housing, implectations?
With pay rise stagnation but rising interest rates how many will not be able to pay the debt
We live in interesting times
Posted by Belly, Sunday, 9 June 2019 6:24:39 AM
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Altrav- Good to hear from you again.
Posted by Canem Malum, Sunday, 9 June 2019 12:26:56 PM
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Dear Belly,

We certainly live in interesting times indeed.
Look what's going on around us.
Posted by Foxy, Sunday, 9 June 2019 1:40:42 PM
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Thanks CM, been away but still kept an eye on OLO, even so the topics have been a little routine and somewhat irrelevant or mundane.
I usually step-up if I find the topics affect us and our health and wealth.
I am back now and waiting for some interesting and engaging topics.
Thank you.
Posted by ALTRAV, Sunday, 9 June 2019 1:54:49 PM
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