Hi All,
I have been with Bank of Sydney for a few years now. Every time a rate cut is made, and they adjust their advertised rates. They NEVER pass them onto existing customers, and getting them to adjust your rate to the advertised rate is a HUGE hassle. They keep saying they can't and will give any random reason why, but they can and if your VERY luck they will.
Then when the RBA rates started to go up, they are VERY quick to increase your rates, and they increase to be above their advertised rates.
Is this normal for every bank? From what i can see, some are like this. But some like to keep their customers happy and loyal and actually adjust rates on home loans to be the same as their advertised rate.
The whole, introductory rate, seem very dodgy and a quick way to lose your customers.
Can anyone recommend a bank that is good with rates, passing them onto customers and giving advertised rates without jumping through hoops?
Most banks will pass the rates increases and decreases to their borrowers.
If your bank does not do it upon a drop, vote with your feet.