G'day all..
Now I have my mortgage with wizard home loans, and although they announced the big cut sunday morning, I am still waiting for it to take affect on my loan account that i access on the net, Now with interest calculated on a daily basis, why would they announce the cut and not make it immediate…any help would be appreciated. Cheers
tugger
Tugger
It is called marketing.
All Wizard did was try and make polictical mileage over the anticipated RBA cut in the official cash rate which is anticpated to be announced tomorrow afternoon.
From what i can make out the initial cut is only for new applications which they now will not get drawn down for 30 days at the earliest. For existing clients it will probably take effect within the week or 30 days time when the short term cost of funds will have been reduced anyway.
All in all clever marketing for a day or two but no real benefit to the borrower.
Richard Taylor | Australia's leading private lender
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