I've reached the conclusion that when it comes to the banks and mortgage rates, the only option you've got left is to hustle.

You're on your own here.

It has been 2 days since the Reserve Bank cut the official cash rate, and by how much do you think the big banks have cut their fixed rates?

No, not a jot.

Not, not a single basis point.

Absolutely nothing has come off their fixed rates.

It's not particularly helpful from the banks cause, you know, we're trying to get the country out of recession and the point of cutting the OCR is that the mortgage rates come down and then when you refix, you've got more disposable cash and the more cash you have, the more you're gonna spend and the faster we're gonna get out of this recession.

So thumbs up and thanks very much to the big banks for not helping.

Obviously, it's smart business for them.

They need to make as much money as they can.

The prediction is they will eventually cut the OCR cut their mortgage rates, but it'll be next year.

It won't be this side of Christmas, and no one's going to be able to force them.

There is, everybody has fired all their bullets at this stage.

The Reserve Bank's cut as much out of the OCR as it can.

The critics have written their columns, have given their interviews.

Nothing's happened.

The government's accepted all the recommendations of the select Committee inquiry, and I think we all know that that's a damp squib.

And to be honest, when it comes to the government, for them to do anything meaningful to the banks, it would have to be.

Something as massive as breaking up ANZ and ASB and the horror that that would send through the investment community would potentially be worse than us paying too much in mortgage interest rates at the moment.

So, The only conclusion you're gonna reach is that you're on your own.

No one is coming to save you from the banks.

No one's gonna force them to pass on the OCR cuts if they don't want to.

You're gonna have to hustle.

So when you refix, demand a better rate.

Look at what the advertised rate is and then tell them to shave 50 basis points off and if they don't cross the road to another bank that will.

That is competition.

You're on your own.

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