With interest rates at record low levels, debt is probably more manageable now than it has been in decades.

But not all borrowers felt the same amount of  “LOVE”; some banks have not passed on the rate cut in full and others have delayed implementing it.

If you are a CBA, Westpac or NAB customer your hip-pocket will be feeling better as all these banks said they would pass the rate cut on in full. However, ANZ said that it would only reduce rates by 0.19 per cent.

Other household names that did not pass the cuts on in full include; AMP, Bankwest and Suncorp.

And some banks are being tardy in handing over the money; Mortgage House passed the cut on within days. Most have announced that their cuts will come into force this month – although Bendigo’s drop only comes on 30 May.  And, one specialised lender is only passing on the cuts on 27 June!

So, what do you do if you are feeling unappreciated and unloved by your bank? Ask an expert.

With a cooling market, the banks are fighting each other tooth and nail to win your business. If you arrange a mortgage through a broker, NAB will give you enough frequent flyer points for two return flights to London.

And, for the right client the banks are offering ultra-sharp rates. We are now seeing variable loans with a percentage that begins with the number 3.

The best advice is to get some advice.

Steve Daley    0413 619 824   Steve@HealthcareFinance.com.au