According to an infographics released by Mozo, the 4 big banks take on average 10.1 days to pass on a rate cut.
For the last rate cut announced on 07th December 2011, it took ANZ and NAB 10 days to pass on the RBA cut while Westpac and Commonwealth bank waited 13 days.
It took MyRate 7 days to pass on the rate cut and this is another good reason to choose Myrate Home Loans.
If you were with one of the 4 big banks, you will have waited an extra 3 to 6 days to start paying the new interest rate.
Another advantage of going with MyRate home loans is that MyRate reviews its overheads on a regular basis and is able to pass on savings to the consumer by providing home loans significantly lower than the 4 big banks.
For example, if your current home loan is with Commonwealth bank on a Complete Home Loan at 7.31% ($300,000 over 25 years), you can save over 50K by switching to MyRate Home Loans with a 6.35% standard variable rate.
If you are thinking about refinancing your home loan, have a look at our mortgage refinance calculator.
The MyRate team (Celine.C)