Tried a quick google but couldn't find anything. I presume this is the knowledge of mortgage brokers, but any of this data published online to inform how a bank could react in the future?
Also any feedback on Unloan? They look to be cheapest on Rate City.
I can tell you - when there's a rate rise, the banks will increase their rates real fast. If there's a drop in rates, they drag their feet and may eventually pass on the lower rate to customers.
I can confirm.
they drag their feet
Sometimes they never pass the drop, which create a gap as slack tax, where you need to talk to them to reduce.
and often they increase their rates even if the cash rate hasn't increased :)
12:00 PM - RBA - "interest rates will rise .25%"
12:01 PM - banks increase home loan rates
There seems to be very little competition among Australian banks which means that interest rates all seem to go up quickly and down slowly.
The make up currently is:
CommBank who own Bankwest
Westpac who own St George, BoM, BankSA, RAMS
NAB who own UBank
ANZ who want to buy the banking arm of Suncorp.
Bendigo Bank who own Adelaide , Rural, Community, Up, Delphi and Alliance Banks
BOQ who owns Virgin and ME
So thats 6 banks with 4 having the majority market share. Probably why they are cutting incentives to get customers.
Then add Macquarie, AMP, ING, Beyond Bank, Bank of Australia, Better Bank, Mystate Bank, Great Southern Bank and others I can't think of right now but I know they're out there.
Then you have the non-banks / credit unions and the pure non bank plays like Pepper, Liberty, La Trobe, Firstmac and on it goes.
So many banks competing for a slice of the same small pie.
I have found this actually
https://www.finspo.com.au/learn/interest-rate-tracker/