Of course 32/50 by NAB constitutes "most". Whats interesting to me is that their SVR is no 6.99%. So they've taken to retail-like pricing models... next time RBA cuts 25, they'll move it to 6.89% :-)
The RBA medicine has been seriously watered down and this of itself is the BIG deal.
Not many may have noticed this, but in the UK a bunch of mortgage providers just jacked their rates, totally independent of the BoE. The model is changing and banks are increasingly going to have to charge more not less for lending, irrespective of what the central banks do.
The real test is their discounted borrowing rate. They all stagger rates according to loan size, and some according to LVR.
Within those segments they will target a select group of borrowers who cause them less problems than other segments.
Absolutely no one actually borrows at the SVR anymore, it's just their starting point and it's used for PR purposes. they could all drop their SVR by 20 points but reduce their discount by 20 points to keep Swan happy if they chose, but it would have zero effect on the market.
Rate City will have the rates when they filter through.
Any expressed market opinion is my own and is not to be taken as financial advice
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