Finance & Fury Podcast

Welcome to FF – RBA cash Rates are lower now – talk about flow on effects Today – Will you get mortgage cuts, how your savings will be affected, effects on the job market and wages.   Mortgage cuts Don’t expect the banks to pass on the Reserve Bank’s rate cuts in full don’t assume your mortgage won’t become more expensive outside any official rate movements. That’s the lesson to be learned from a “fascinating” graph that compares how the big four banks have manipulated variable rates against the official interest rate over the last three years. ANZ and Westpac refused demands from both sides of politics to pass on the full 0.25 per cent cut announced by RBA governor Philip Lowe last week. NAB and Commonwealth Bank customers will get the full reduction in their mortgage interest payments but the comparison shouldn’t expect further savings if another expected cut comes later this year. when the Reserve Bank moves down so do the banks but not always by the full amount – the gap is getting wider each